Asked by Phillip Rosen, 11210 • Wed Jun 25, 2008
(1) Why is Trulia's reported average price per square foot for this neighborhood $450, but all the listings are $700?
(2) Why is it that the median sales price has been dropping for several months now, but the average listing price and average price per squarefoot for what has been sold going up?
My understanding regarding the new developments is that the developers generally refuse to take bids below list as it would drop the price for the other units; however the market is definitely softening (look at units sold for June versus 1 year ago) and meanwhile the price per square foot manages to rise? I am having a hard time understanding the dynamics of this.
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