Interesting Statistics from Zillow, Galileo, thanks! .
A couple quick quetions I have about Zillow's claim is 1) the sample size for their survey and 2) when those samples are selected and compared - meaning Zillow said that they used their historical estimate to compare, what date did they pick as historical and how many houses did they count for each area? We all know the more recent sample the more accurate the estimates are.
My clients were just making comments about how the propertieson their block of four homes (all very similar, not unique homes) are differnt in prices from $630Ks to $1.4M+. (said Zestimate was $1.8M and sold for $1.4M).
Of course, the $1.4M property is a pure error in this case, human or computer, probably both.
I do agree though that as time goes on and more sales are on board, the data may be more accurate - only if Zillow bothers to program their data to include and consider all the manually updated details, such as granite counters, limestone tiles, SS appliances, brand of appliances, ..etc.
Because unless there is a huge amount of turn over every year in a certain area so Zillow can account for , without human intervention - Realtors coming in and actually evaluate and compare the houses - the data will soon be outdated.