Price per square foot (psf) is a simple calculation:
price of home divided by square feet eg. $250000/2000sqft = $125 psf
The complexity is in how the square footage is calculated. The local MLS (Metrolist) defines the square footage parameters as follows:
In order to correctly report square footage, the following three required square footage fields must be accurately calculated and entered :
1. Square Feet
2. Finished Sq Ft Total
3. Total Sq Ft.
Basement square footage is prohibited from inclusion in the Square Feet field, including standard and traditional basements, cellars, walk-outs and garden levels.
Square Footage Fields Defined:
1. Square Feet: A required field that includes all partially or completely above grade square footage. This includes the finished and unfinished square footage of the main, upper and lower levels. Basement square footage (including walk-out and garden levels) is prohibited from inclusion in the Square Feet field.
2. Total Square Feet (Total Sq Ft): A required MLS field that represents the finished and unfinished square footage of all levels, including the main, upper, lower and basement.
3. Finished Square Feet (Finished Sq Ft Total): A required MLS field that represents all finished main, upper, lower and basement square footage.
4. Main Level: The level at front grade or partially above front grade.
5. Upper Level: All levels above main level (e.g., 2nd floor, 3rd floor, etc.).
6. Lower Level: A level below main level that includes partially below grade living space (e.g., bi-level, tri-level, 4-level and raised ranch).
7. Basement: The lowest level of a building that rests on a below grade foundation (e.g., standard, traditional, cellar, walk-out and garden level). Basement square footage is prohibited from inclusion in the Square Feet field.
The large fluctuations are typically a combination of two factors:
1. square footage numbers being mis-represented
2. in the Highlands, Berkeley, West Highlands, Regis, etc areas there is a huge variety of homes. many have been completely gutted, remodeled with modern amenities, additions, etc.
I have lived and worked in those neighborhoods for the past 12 years. Working with an agent that is intimately familiar with the peculiarities of those neighborhoods should be able to shed some light on the varying values in your zip code, but more specifically your neighborhood.
Let me know how I can help you with any/all of this!
keller williams realty, dtc