|Posted on February 21, 2017 at 11:25 AM|
This article provides information by Jerry Kalman, a realtor® with HomeSmart Legends in Fallbrook, on the marketplace of Fallbrook and Bonsall so far in 2017. Sales of homes appear to be higher than January of 2016, however "several high end homes helped boost prices as three of these properties, all in Fallbrook, closed escrow in January". I wonder if the numbers would still demonstrate an increase in sales price or price per square foot if the high end homes, otherwise called "outliers" in the data set, would be removed. And further, were there similar outliers in the data set from 2016?
While I love to read articles like these, this is one reason my research is based on specific "market segments". From the dictionary of Real Estate Appraisal (Appraisal Institute) the definition of Market Segmentation is: "The process by which submarkets within a larger market are identified and analyzed". For example, when appraising a condominium unit in Fallbrook, the market analysis would include only condominium sales, and no detached single family residences. When appraising a residence on a city sized lot within town, the analysis would include dwellings within a determined size, age, bedroom count and similar lot size in town, and not include acreage properties outside of the main town.
Enjoy the article and take it for what its worth: prices appear to be still increasing, and busy season is coming up soon!