Hi Tom, Mark Twain summed it up pretty well if you are looking for an explanation, "There are lies, damn lies - and statistics.â€™
The chart you are referring to is based on Median pricing data. DO NOT rely on median and average-based statistics, these measures are meaningless for targeted selling/purchasing as they have no regard for any of the specifics you may be searching for and can be skewed by segments of market activity not matching your individual situation. A â€œmedianâ€ is described as â€œthe number separating the higher half of a sample from the lower half.â€
Whether a buyer or seller, one should look specifically at the targeted segment of properties that match their search criteria for the information to be meaningful. Generalized stats "cloud" the information that you should be looking at to be fully informed. Generalized stats are easier to come by, but that doesnâ€™t mean they should be used to make one of the most important financial decisions of your life.
A Comparative Market Analysis (CMA) that targets exactly what you are seeking in a new home, or matches the home you are selling, gives you THE best representation of market price/activity/trend direction - for the specific property details you search on.
Please let me know if you would like me to generate a custom CMA for you.