I was reading my daily real estate news from InmanNews.com yesterday (Friday, October 22nd) when I came across an error so ludicrous that I just wrote ZipRealty demanding a correction. In the article: “Divide shrinks between ‘hottest,’ ‘coldest’ markets”, InmanNews summarized ZipRealty’s third quarter “Home Hunter Report” in which ZipRealty lists Lake Norman (Statesville) NC ZIP Code 28677 at the very TOP “of their coldest ZIP codes “with the lowest sales-to-list-ratios”.
Of course, anyone who knows Lake Norman well knows that 28677 is not one of our ZIP codes and that with the exception of a sliver of homes on the northeast corner of Lake Norman’s shoreline, Statesville is not associated with Lake Norman.
I did some research on our MLS, the very MLS that ZipRealty claims to have used for their analysis, and found these numbers:
- In the third quarter of 2010 in ZIP code 28677 there were a total of 58 sales, only THREE of which were in our Charlotte MLS designated Area 13 for Lake Norman. Most of the homes that sold in this ZIP code were actually in Historic Downtown Statesville which is MLS area 12/1.
- The ZipRealty report claims that Lake Norman (Statesville), NC had an 87.4% average List to Sale. They report that the average List Price for this area was $121,829 and the average Sale Price was $111,872. Wouldn’t we love to have Lake Norman homes in this price range????
So, once I had established that ZipRealty’s numbers were totally wrong, I decided to figure out the actual numbers for our Lake Norman real estate market in the third quarter:
- Lake Norman’s Average List Price was: $470,099
- Lake Norman’s Average Sale Price was: $446,630
- Lake Norman’s % of List Price was, in fact, 95.3%…a far cry from $87.4%!
This is yet another example of the risks of using national real estate news sources to evaluate our Lake Norman real estate market. Yes, Case-Shiller and others are good resources for gaining a greater understanding of the big picture real estate trends but if one truly wants to evaluate the Lake Norman real estate market it is important to study our local MLS statistics and not rely on reports like this one by ZipRealty.
Okay, I’ll get off of my soapbox now:)