Skewed Statistics

Photo credit: Michael Connors
Forget those bursting bubbles and start looking at the stats yourself. Many of the statistics that you see floating around are broad market generalizations. These are the numbers that tend to errantly devalue properties and eventually slow the buying and selling of real estate.

Don't give into the hype, and don't give up on real estate. With a little smarts, you can decipher the market statistics and find yourself some good opportunities.

Forbes has put forth some info on places where values are rising and even outlined some of the best and worst housing markets. Places like Salt Lake City (21.9%) and Spokane (10.4%) seem to be booming. But those are median home prices. I'm curious how the averages compare.

Here's what median home price changes look like around us.

• Lewiston, Idaho: +6.1%
• Clarkston, Washington: +9.1%
  

Looks pretty good. And now for averages...

• Lewiston, Idaho: -6.4%
• Clarkston, Washington: +2.2%

Why the difference? It's all in the numbers you choose.

A median price is a smack, dab, in-the-middle price of all homes. If you have 1000 homes that sell for $100,000 and one home that sells for $200,000, your median price will be $150,000. It only considers the lowest and highest prices.

Average price is a calculation based on all prices. In the same scenario above the average price would be about $100,100.

This scenario shows how different statistics can be used to portray a more desirable outlook. The facts actually point out that there is tremendous movement in real estate. Though it's all in the lower price ranges.

This is exactly what is happening in Lewiston. There are many homes on the market, but they tend to be good, but higher priced, homes. The lower-priced homes (sub $150,000) is where all the action is.

Statistics are a great tool to help you to invest wisely. Be sure you know what you're seeing before you jump to an author's conclusion.

Waterfront DVDs For Free

DVDs for the new Bighorn on the River development are now in production. We'll be passing them out at the Lewiston Steelhead Derby that starts this Friday.

Bighorn on the River is a new waterfront community on the Snake River. If you would like one of these DVDs or would like more information about the area, please contact us.

Estates at Canyon Crest, Grand Opening

The Grand Opening, public rollout for Lewiston's newest subdivision was Thursday, November 1st.

Situated on acres of once productive fruit orchards and wheat fields, The Estates at Canyon Crest offers panoramic views of three states and miles of big open sky for residents fortunate enough to be purchasing in an area of all new homes.

Conveniently located in the Eastern Orchards area, off Burrell Avenue and 18th Street, new sewer lines have been installed, curbs and gutters flank the freshly blacktopped streets, and there are two completed homes and several more in the completion process.

It is exciting to couple a new subdivision with the lowest interest rates we may see in several years. Our local economy is supporting the development mainly because it has been over a decade since we have had a new subdivision developed in Lewiston!