Tuesday, May 13, 2008

Victoria Meadows, Oswego - Market Report 1st Quarter of 2008

Victoria Meadows in Oswego is located just north of Rt. 34 and West of Orchard Rd. So far this year, only 1 home has sold in the first quarter. That isn't much data to go on when comparing quarters- but if the trend continues, we are in for much longer market times.

Average market time for the first quarter of 2007 was 72 days (only two homes sold) - while average market time this year (only 1 listing sold) is approching 200 days. It's hard to make comparisons when so few homes have sold - but if you compare the price of 4 bedroom homes - you can see that the sales price is down almost 8% this year. This value seems inline with the 8.8% drop in Oswego home values being reported by Zillow.

Click here to view a copy of the market report


Anonymous said...

Depending on the location of property, ZILLOW isn't always the authority on comps Bo. I have noticed that over the last year. I rely more on the comps given by a realtor familiar with my neighborhood.

Bo Buchanan said...

Absolutely- Zillow.com is not the expert on Comparable sales. As Realtors, we are in the "Trenches" so to speak...every day. And when I pull comps for a client - I am looking at neighborhood, schools, # of bedrooms, bathrooms, garage, basement, etc. So it's more detailed and accurate! I only mentioned the Computer generated Zillow market 8.8% drop in home values to compare it to the 8% drop I was calculating manually off actual MLS data. Thanks for echoing my sentiments - Ask a Realtor for more accurate Comps!