Napa Valley Address » zillow http://www.napavalleyaddress.com Selling Napa ValleyReal Estate From Its Heart, Yountville Tue, 07 Feb 2012 17:14:25 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Trying to make sense of a Zillow email about the decline in home values for Yountville http://www.napavalleyaddress.com/trying-to-make-sense-of-a-zillow-email-about-the-decline-in-home-values-for-yountville/ http://www.napavalleyaddress.com/trying-to-make-sense-of-a-zillow-email-about-the-decline-in-home-values-for-yountville/#comments Mon, 24 Aug 2009 17:25:46 +0000 Curtis Van Carter http://www.napavalleyaddress.com/?p=1135

Below are some stats I received in an email from Zillow and have copied here.

Real Estate Market Trends in Yountville

According to the latest Zillow Real Estate Market Reports, home values in Yountville decreased 19.3% in the second quarter of 2009, compared to the second quarter of 2008.  Nationally, home values decreased 12.1% during this same period.

 Zillow Home Value Index

 Yountville Home Prices and Home Values
*Includes data and transactions through 06/30/2009
Yountville
-1.0 %
-3.4 %
-19.3 %
$ 510,800
Zillow Home Value Index
Mid-point of Zestimate valuations for 94599. Half the Zestimates are above this number and half are below it.

Seeing these stats for Yountville, I live here and have been selling real estate here for 20+ years, made me think how the stats from BAREIS, my Multiple Listing Service (MLS), would compare. The problem is how to compare apples for apples. My understanding of Zillow Home Value Index is limited and after spending 10+ minutes reading up on “What is a Zestimate Value?”, I decided just to use the solds from BAREIS for the same periods and let the reader make up their own conclusions. Since Zillow uses median prices, I have done the same.

Time Period          # Sold   Median Sales Price   % Change from 2008

3/1/08 – 6/30/08         8                $532,500

3/1/09 – 6/30/09         2                 $532,500                                        0

The obvious question, are the number of solds statistically accurate for comparing them to anything in Zillow? One fact I did find worth noting: the number of solds in BAREIS for these periods was equal to the number of solds in Realist, a First American CoreLogic online data delivery company, except for one foreclosure sale in 2008. It did affect the median price by $10,084 which would make the price drop for 2009 solds 1.9%. All I can say, based on the limited number of sales so far, Yountville seems to be doing ok. If you ask me what my gut tells me based upon my 20+ years experience, I would have to say there has been a price drop for this period and my guess would be 10%.

]]> http://www.napavalleyaddress.com/trying-to-make-sense-of-a-zillow-email-about-the-decline-in-home-values-for-yountville/feed/ 1 Zillow Estimates: Reality or a puff of some type of air???? http://www.napavalleyaddress.com/zillow-estimates-reality-or-a-puff-of-some-type-of-air/ http://www.napavalleyaddress.com/zillow-estimates-reality-or-a-puff-of-some-type-of-air/#comments Wed, 27 Aug 2008 15:36:18 +0000 Curtis Van Carter http://www.napavalleyaddress.com/?p=441

I received this Zillow newsletter today and decided to check it out for accuracy.

 

 

 

Real Estate Market Trends in Yountville

According to the latest Zillow Real Estate Market Report, home values in Yountville decreased 8.10%% in the second quarter of 2008, compared to the second quarter of 2007. Nationally, home values decreased 9.9% during this same period.

 

 

It’s True: Homeowners are in Denial


According to our just-released Q2 Homeowner Confidence Survey, 62% of U.S. homeowners believe their home’s value has increased or stayed the same in the past year. In reality, 77% of U.S. homes have declined in value over the past 12 months!
Consumers Need Your Expertise
Use this Q2 data and other Zillow tools to help market yourself and thrive in this down market. Learn how in this free Webinar (Web-based seminar):
 
 
 
 

 

 

“Use Zillow to Market Yourself in a Down Market”

Sept. 4, 10 a.m. PDT / 1 p.m. EDT


Make the data in the Q2 Real Estate Market Report and Homeowner Confidence Survey work for you. Zillow’s Jorrit Van der Meulen, Vice President of Industry Relations, and Dr. Stan Humphries, Vice President of Data and Analytics, will host a free Webinar covering data trends in 165 U.S. markets down to the neighborhood level.

Register for Free Webinar

 

 
Obviously, Zillow may be using their own “Zestimator” to come up with these values or some other data accumulator such as DataQuick to which I have no access. The only database I have quick access to is my MLS, BAREIS. In Napa Valley, BAREIS listings represent approximately 95% of all residential properties sold here.  Thus I compared the sold properties in Yountville for second quarter 2007 vs 2008:
2007  7 sold     median price  $675,000     average price   $656,286
2008  7 sold     median price  $530,000     average price   $590,537
Comparing the median price, which is what I believe Zillow does, shows a 21.5% drop from 2007 to 2008. Obviously, Yountville being such a limited number of sold properties, it takes only one sale to eskew the numbers but the difference between Zillow’s 8.1% makes me think. Maybe HOT AIR???????
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