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Market Update

Determining House values around Wickenburg

Median Values
Generally society looks at median price to determine if values have changed.  The problem is that the Wickenburg market is too small and too varied, for that method to be accurate.  If you look at the difference between 2006 and 2007 for instance the median value says the prices were up, when in reality they were clearly down for most houses in Wickenburg.  The median value only indicates if the more expensive homes are selling well.  Given our small size, and huge spread of home values, the median will rarely give a true picture of values.

Home valuations
I frequently revisit a property that I have previously prepared a valuation on to compare with today's value.   Although this only provides a snap shot of the total market, when I combine several of these snapshots a more accurate picture forms.  When I make a statement regarding values on my reports, I am generally basing it a collection of observations I have made over the course of that month.

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