Your question strikes at the heart of "median resale price" information, Kelsey.
The median resale price (sometimes called "median price" or "median home price") refers to the price at which half the homes in a given area for a certain time period sold for more and half sold for less. If the sampling of sales isn't large enough (say for instance it's for a small geographic area or short time period) then that number can be skewed and vary dramatically.
In May of 2006, Sierra Oaks (95864) had an unusually high number of homes selling for over $1 Million. While million-dollar homes aren't unusual in the area, there were four homes that sold in that price range in one month compared to the 1-3 that sold other months.
If you look at a larger area or longer period, you'll get a truer picture of things--but median resale price is an imperfect number and is a "snapshot" of what types of homes are selling at any given time, not necessarily of actual home values. This is why Sacramento's median resale price has dropped dramatically in the last several months as investors and first-time homebuyers have flooded the market but the number of move-up buyers has been low (note: banks and short-sellers don't fuel the move-up market because banks don't buy a property after selling and short-sellers are typically exiting the ownership market).
Hope this info helps...
Rob McQuade, ABR, REALTORÂ®
McMartin Realty | 2031 K St Ste 100 | Sacramento, CA 95811-4253
Tel (916) 444-7577 or Toll Free (866) 720-CITY (2489)
Fax (916) 444-7977
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