What is the average price of a Pullman Washington Home? Averages have to do with the mean or average. And if you remember from your days at school, if you have a high number or a low number it often throws the averages off considerably.
Your best indicator is the median which simply put is the middle of a sorted sample set. The median is typically a better representation.
So for example, look at the following sets of numbers. These are all listings that sold in Pullman Washington from January 1, 2010 to February 4, 2011. There are a total of 179 Listings that SOLD that include Single Family Homes, Condos and Townhouses.
As you can see the extreme High Sold Price of 609,000 and the extreme Low Sold Price of 65,000 certainly paints a bit of a different picture on the Average Scale versus the Median Scale. As I was actively selling in this price range in 2010, I can tell you firsthand that the Median Scale was the more reflective one. 200,000 and a bit under was the sweet spot in the market at the time.
Interestingly, I looked at the same stats after the First Time Home Buyer and Existing Buyer Tax Credited Ended June 30, 2010. I ran these number from July 1, 2010 to February 4, 2010. There are total of 77 Listings SOLD that once again include Single Family Homes, Condos and Townhouses.
Notice a few interesting facts. The Average looks like we increased. This is because one expensive home closed 07/02/2010. In reality the Median dropped about 10,000 both in List Price and Sold Price.
Now, there are lots of reasons why this occurred. One, the tax credit was over. Two, the seller's of the home that needed to sell that went into Fall either lowered their price, or were willing to be more negotiable. There is a myriad of reasons why, and to best understand the figures, you have to know the inventory and look at the comparables that are truly the best fit to get the clearest picture.
It is a bit too early to tell where the sweet spot in the market is at this time, but with my buyers I have an idea and will see if the numbers bear that out as we see some SOLD stats in the next few months.
Nonetheless, this gives at least a bit clearer feeling for our home values here in Pullman Washington. And to make it clearer, I would be happy to run the numbers for you with your required number of bedrooms, bathrooms and if prefer Military Hill, College Hill, Sunnyside Hill or Pioneer Hill here in Pullman.
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