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June 16, 2008

How-to Monday: Price ranges

NewPriceAP.jpg

Photo by the Associated Press

If you're thinking of buying, it's useful to know what's in your price range. Once you have a clear idea which neighborhoods have homes you can afford -- or which homes you can afford in the neighborhoods you like -- then you can start seriously looking.

Have no idea what areas are in your price range? Here, let me help.

Below you'll see the average sales price in ZIP codes in our metro area during the last half of 2007, as measured by Metropolitan Regional Information Systems. This is just a starting point, of course -- averages hide a ton of variation in some ZIP codes, and you may find that neighborhoods that were too expensive for you last year are now right on the money.

I've included all ZIP codes that had at least 10 sales in those six months and 10 sales in the last six months of 2006. That's my usual attempt to toss out apples-to-oranges comparisons. Even so, be wary of reading too much into big price swings -- a few mansions selling in just one of the years can really skew things.

Read this document on Scribd: SecondHalfScribd

Remember, you can click on the magnifying glass to make the information larger.

A few factoids:

Number of ZIP codes with average prices ...

... under $100,000: 4

... in the $100,000s: 9

... in the $200,000s: 27

... in the $300,000s: 31

... in the $400,000: 15

... in the $500,000s: 14

... in the $600,000s: 4

... at $700,000 and above: 5

Number of ZIP codes that saw ...

... a gain in price: 42

... a loss in price: 58

... no change: 9

Number of ZIP codes that saw ...

... a gain in sales: 8

... a loss in sales: 97

... no change: 4

You can get more information about homes for sale in your price range by researching online listings or talking to an agent. Or, once you know what areas you're interested in, you can look at Metropolitan Regional Information Systems' statistics by ZIP code. There you can see the number of homes sold -- and listed -- in various price ranges.

Posted by Jamie Smith Hopkins at 4:00 AM | | Comments (3)
Categories: How-to Mondays
        

Comments

Are these average or median prices? Big difference.

Average. It says that. (Median is much, much more time-consuming to put together for all the ZIP codes because -- short of getting into programming on Microsoft Access -- it can't be done in one fell swoop.)

The only stuff that matters is "loss/gain in sales". The rest is science fiction.

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
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