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