One of the main things people want to know about the market is what prices are doing.  Prices are important to many buying and selling decisions.  And we get questions on prices:

• What’s a median price?  Why do you use it in Local Housing Data (LHD)?
• What’s the difference between median and average?

The price statistics that get mentioned and displayed most prominently on our site and others are usually the latest average or median price for the month.  These figures are compared with the month before and/or the same month the previous year.  The one-month numbers are used because they are the most current and the simplest to understand and explain.  They are good for starting conversations, but do not tell the whole story.

Let’s start with a little background.  Both average and median statistics are intended to represent the “central” value in a group of numbers.  The average is the sum of the numbers divided by the size of the list.  The median is the middle number on the list when it is in sorted order.

Statistics like average and median work best with data like people’s heights, which is distributed as in the familiar “bell curve” normal distribution (see chart below).  With normally distributed data, the average and median will be equal.  They both coincide with your intuitive idea of where the center is when the data is normally distributed.

However, real estate price data is usually not normally distributed.  The chart below is a breakdown of unit sales by sale price.  Each bar represents the number of sales in a $50,000 range.  The bar at the extreme right represents sales at all prices $5M and above.  As you can see, the number of sales in each price range at first rises quickly to a peak and then declines slowly across the higher price ranges towards the right.  While there are exceptions, this “skew” to the right is pretty common.

So where is the “center” of the price data?  The median statistic tells us that there were an equal number of sales above and below $470,000.  The average is much higher at $779,000, since the very high prices on the right outweigh the low prices at the far left and “pull” it above the median.

On Local Housing Data, we feature the median over the average.  There are two main reasons for this.  First, the median is closer to what most buyers will actually pay.  Second, in most towns most of the time, the median is less subject to distortion then the average.  In most towns, there are relatively few sales in a given month.  So a single transaction at the high end can affect the average disproportionately, making it seem that prices have changed more than they have.

In many towns we cover, there are not enough sales each month to that the averages (or medians) are very stable from month to month.  So you have to look over longer periods of time.  This is why we provide 3-month, year-to-date, and 12-month numbers as well.

Also, most real estate statistics (including prices) vary seasonally.  They tend to be lower in winter and higher in summer.  So it’s most relevant to compare values to the same period in previous years.

So, median price is preferable to average.  But is there an even better way to gauge values?  In a future post, we’ll consider price per square foot … the most under-utilized number in real estate.

“When you have one foot in boiling water and the other in ice water, on average you are comfortable.”

– An old statistics joke

Paul is CEO of REsource Analytix, which provides the charts and statistics on Raveis Local Housing Data and the Local Housing Newsletter.  He holds an MBA in Statistics and Operations Research from New York University and founded REsource after a successful career consulting and developing business intelligence applications for companies including UBS, Georgia-Pacific and Pfizer. 

Comments

Article source: http://blog.raveis.com/2013/05/20/average-or-median-price-which-is-better/

What drives someone to view a home online? Is it price, location, design or a combination of all? We’ve got our weekly round-up of raveis.com’s Top Viewed Homes in each state, from a beautiful colonial-style townhouse in Fairfield to a signature home in Rye. So sit back, relax and enjoy! And, as always, let us know your thoughts on why these homes were the most viewed this week.

Connecticut:

263 Country Road, Fairfield, CT

Listing agent: Elizabeth Kamar

Views: 2372

Massachusetts:

267 Sandwich Rd, Falmouth, MA

Listing agent: Russ Pelletier

Views: 531

New York:

75 Stuyvesant Ave, Rye, NY

Listing agent: Nancy Everett

Views: 434

Rhode Island:

17 Cherry St, Newport, RI

Listing agent: Arthur Chapman

Views: 160

Posted by Samantha Hamilton, Social Media Coordinator, William Raveis Marketing+ in Local Housing Data, Raveis Agents, Raveis.com, Selling Your Home, Technology, Top Viewed Homes

Tags: Connecticut, Massachusetts, New York, Rhode Island

Comments

Article source: http://blog.raveis.com/2013/05/17/top-viewed-homes-may-17-2013/

Earlier this week, we talked all about gardening for the decidedly brown-thumbed. While we’re on the topic of the outdoors, why don’t we discuss ideas for making your backyard an outdoor oasis this summer?

Some of my favorite memories happened in backyards:  from pool parties to barbecues to late nights around the fire. The backyard is a great place to gather with friends and family to relax and recharge, so it only make sense to make the most of the space.

First things first: color. Regardless of the season, adding a splash of color can really bring a space to life. Especially in the summer, when the world is in bloom, your backyard should be in too! There are a lot of ways you can incorporate color in to your décor, from punchy throw pillows to an updated picket fence to a wall of fabric. The possibilities are endless, and you can bring in color in as little or big of a way as you’re comfortable.

Next you’ll definitely need some seating.  Whether you choose go ultramodern or stick to tradition, the type of seating you choose can have a huge impact on the overall feel of your space. Picnic tables are great for family-friendly areas, while metal chairs add a cool, vintage touch.

The rest is in the details. If you want to add an upscale touch, an outdoor kitchen can be a great addition when entertaining. Allowing the chef to socialize while preparing delicious meals. Providing a bit of shade is also important, and this overhead canopy is an elegant alternative to the traditional umbrella. For smaller spaces, little touches, like adding a vase with flowers to the table or putting twinkle lights in the trees, can make a big difference. And last, but not least, a fire pit adds a great focal point for conversation and, of course, allows for s’mores on demand.

Posted by Samantha Hamilton, Social Media Coordinator, William Raveis Marketing+ in DIY, Home Design, Maintaining Your Home, Raveis Agents

Tags: backyard, color, outdoors, patio, porch, seating

Comments

Article source: http://blog.raveis.com/2013/05/16/a-backyard-oasis-to-brag-about/

If you’re a first-time homebuyer, or even if you’ve been through the process before, knowing what to ask a seller or real estate agent can make the process smoother and ensure that you are making a wise investment. As you investigate the real estate market, here are a few questions you should be asking.

How much is the home worth in the current market?

Ethically, real estate agents can’t tell you what you should offer for a home. However, you can find an approximate home value by asking the agent how much similar homes and properties nearby are selling for.

Are there any problems with the house?

When you buy a home, you want to be aware of any potential problems like roof, flooring, window or foundation damage. Sometimes homeowners are willing to make needed repairs for a seller and the right price. Other times you will need to make the repairs yourself, which will mean additional expenses.

How old is the home and its appliances?

Knowing the age of the home and things like the plumbing, roof, air conditioner and any appliances included in the sale can help you determine if there may be maintenance costs to cover in the near future.

Is the home on a flood plain and what is the property tax liability for this home?

If the home is situated on a flood plain, you’ll need to invest in flood insurance. Also ask about the property taxes for the home, since both of these aspects will be determining factors of the cost of living in the home.

What are the average monthly utility costs?

Your monthly utility costs will fluctuate depending on your personal use and family size, but knowing what the seller pays can help you estimate the utility costs you can expect should you purchase the home.

What kind of neighborhood is the home in?

The type of neighborhood you are looking for is a personal decision, so ask the right questions for you and your family. For example, you may ask about nearby schools or the demographics of the neighborhood. Things like access to public transportation, hospitals and shopping may also help you determine if the home is right for you.

Why is the seller moving out of the home?

If a seller says that he or she is moving due to reasons directly related to the home or property, you should carefully consider your investment. Common reasons to move range from outgrowing a home to relocating for work, but if the reason includes problems with the property, you may want to reconsider your offer or even whether or not you are still interested in the home.

These are just some of the questions you should ask as you look at homes and start the buying process. There is a lot to know and consider when investing in a home, and an experienced real estate agent can guide you through the process.

Christine Norcross Partners is a leading team within William Raveis Real Estate. Based out of Wellesley, Mass. their team is comprised of five professionals each with specially targeted backgrounds and talents. Because each member specializes in a particular area, they are able to go above and beyond to accommodate all of your needs and requests. You can find Christine Norcross Partners on Twitter, Facebook, LinkedIn, Google+ and on their blog.

Posted by Christine Norcross, Christine Norcross Partners, William Raveis Real Estate+ in Buying a Home, First Time Home Buyers, Market Trends, Raveis Agents, Raveis.com, Selling Your Home

Tags: Christine Norcross, homebuyer, questions, Wellesley, William Raveis

Comments

Article source: http://blog.raveis.com/2013/05/14/what-to-ask-before-buying-a-home/

Not everyone is blessed with a green thumb. Personally, it feels like plants wilt as soon as I touch them. Luckily, in our technologically-savvy world, there are a host of apps and gadgets to help the horticulturally-challenged, like me, grow a sprawling garden.

Apps

Sprout it: Designed for the green and brown thumbed alike, Sprout it is an app that lets you discover vegetables and herbs best suited for your garden, create customized growing plans and get support with reminders and encouragement to help you grow with more confidence.

Garden Pro!: If you’re looking to learn more while you garden, Garden Pro! will definitely be able to help you out. It acts as a great reference guide for over 7,000 pants, providing information on sun and  water requirements as well as soil and climate recommendations and estimated bloom time.

Gadgets

Botanicalls Kits: If you need a gentle reminder from your plants that they need love, than this might be for you. This DIY kit lets you create a monitoring device that will allow your plants to tweet at you when they’re feeling thirsty.

Koubachi: A Wi-Fi enabled plant sensor, Koubachi measures soil moisture, tem­perature and light intensity. It then uses care models to determine the exact needs of your plants. The device can even be used to care for multiple plants, because once it’s learned about one plant it can be moved to another to gather intelligence.

Click and Grow: For the extremely challenged gardener, Click and Grow will grow you a garden without any watering or fertilizing. Simply add batteries, fill the water reserves and you’ll have a great little garden in no time. Click and Grow measures all the necessary parameters and doses an exact amount of water, fertilizer and air, according to the plant’s needs. Once you’ve had your fill of one plant, you can even replace the cartridge to grow something different.

Posted by Samantha Hamilton, Social Media Coordinator, William Raveis Marketing+ in DIY, Green Living, Home Design, Maintaining Your Home, Raveis Agents

Tags: apps, gadgets, Garden, growing, plants, soil

Comments

Article source: http://blog.raveis.com/2013/05/13/how-does-your-garden-grow/

What drives someone to view a home online? Is it price, location, design or a combination of all? We’ve got our weekly round-up of raveis.com’s Top Viewed Homes in each state, from a beautiful piece of land in Fairfield to a great property in downtown Bristol (Go Hawks!). So sit back, relax and enjoy! And, as always, let us know your thoughts on why these homes were the most viewed this week.

Connecticut:

3297 Congress Street, Fairfield, CT

Listing agent: Al Filippone Associates

Views: 2860

Massachusetts:

1193 Main Street, Hingham, MA

Listing agent: Kathy Foraste

Views: 806

New York:

75 Stuyvesant Ave, Rye, NY

Listing agent: Nancy Everett

Views: 434

Rhode Island:

60 Van Wickle Lane, Bristol, RI

Listing agent: Melinda Birs

Views: 201

Posted by Samantha Hamilton, Social Media Coordinator, William Raveis Marketing+ in Buying a Home, First Time Home Buyers, Market Trends, Raveis Agents, Raveis.com, Selling Your Home, Top Viewed Homes

Tags: Connecticut, listing, Massachusetts, New York, Rhode Island

Comments

Article source: http://blog.raveis.com/2013/05/10/top-viewed-homes-may-10-2013/

Tags: average sale price, Connecticut, Maine, market time, Massachusetts, New Hampshire, New York, Price per Square Foot, Rhode Island, Unit Sales, Vermont

Article source: http://blog.raveis.com/2013/05/09/local-housing-data-april-2013/

Remember that time you accidently spilled an entire bag of flour on your kitchen floor? Or the hundreds of times you broke curfew? Did you ever skip school or draw all over the walls with crayons or break a prized family heirloom? Chances are you’ve done something in your lifetime to add some stress to your Mom’s life. This Sunday, treat your Mom to something special to thank her for putting up with your shenanigans, kissing your boo-boos and being your biggest cheerleader.

Of course, you should start off with the most important meal of the day: breakfast. Your Mom probably spent a lot of years making sure you were well nourished before school. Treat her to breakfast in bed with this Bacon and Egg Breakfast Tart.

While most will be taking Mom out for lunch or dinner this year, be a superstar instead. You can make a delicious meal at home, without have to make a reservation. Try out this menu of Asparagus Caesar Salad, Butter and Parsley Potatoes and Lemon and Lavender Chicken to really impress Mom.

And, of course, no Mother’s Day would be complete without dessert. I think your Mom would love a Chocolate-Peanut Butter Tart. Your Mom isn’t alone, either. I think everyone in your life would love this dessert.

And, even though you’ll be a hero for filling your Mom’s day with delicious food, you should still give her a gift. At the very least, a handmade card will make her melt. This Family Tree Photo Card is an especially nice touch. If you want to take it a step further, check out these DIYs for a lovely Jewelry Box and Hanging Floral Arrangement.

The moral of this blog post: take care of your Mom this Mother’s Day! She deserves it!

Posted by Samantha Hamilton, Social Media Coordinator, William Raveis Marketing+ in DIY, Holidays, Raveis Agents, Social Media

Tags: breakfast, card, dessert, flowers, jewelry box, lunch, Mother’s Day

Comments

Article source: http://blog.raveis.com/2013/05/07/treat-mom-this-mothers-day-she-deserves-it/

What drives someone to view a home online? Is it price, location, design or a combination of all? We’ve got our weekly round-up of raveis.com’s Top Viewed Homes in each state, from a beautiful piece of land in Fairfield to a great property in downtown Bristol (Go Hawks!). So sit back, relax and enjoy! And, as always, let us know your thoughts on why these homes were the most viewed this week.

Connecticut:

3297 Congress Street, Fairfield, CT

Listing agent: Al Filippone Associates

Views: 3159

Massachusetts:

16 Elmwood Avenue, Longmeadow, MA

Listing agent: Suzanne White

Views: 725

New York:

6 Birch Ln, Chappaqua, NY

Listing agent: Barbara Karlen Blitstein

Views: 274

Rhode Island:

60 Van Wickle Lane, Bristol, RI

Listing agent: Melinda Birs

Views: 201

Posted by Samantha Hamilton, Social Media Coordinator, William Raveis Marketing+ in listings, Raveis Agents, Raveis.com, Selling Your Home, Top Viewed Homes

Tags: Connecticut, listing, Massachusetts, New York, Rhode Island, William Raveis

Comments

Article source: http://blog.raveis.com/2013/05/03/top-viewed-homes-may-3-2013/

Shelton, Conn. (May 2, 2013)—Over 1,300 top real estate professionals from across the Northeast gathered last week for William Raveis Real Estate, Mortgage Insurance’s First Convention Expo. From April 23-25, 2013, members of William Raveis Real Estate, Mortgage Insurance networked with top industry thought leaders and vendors, creating a unique group of highly successful professionals.

“After months of planning, seeing the Convention come together in such an effective and professional manner was overwhelming, in the best way,” said William Raveis, president and chief executive officer of William Raveis Real Estate, Mortgage Insurance. “Every piece of feedback I’ve received has been extremely positive, and I’m tremendously proud of everyone involved in the planning and execution of the event.”

Keynote speakers included award-winning speaker and philosopher Matthew Ferrara of Matthew Ferrara and Company, Chief Economist and Senior Vice President of Research at the NATIONAL ASSOCIATION OF REALTORS Dr. Lawrence Yun and Executive Vice President for Luxury Portfolio International^TM Stephanie Pfeffer.

Additionally, the Convention featured sessions with award-winning, bestselling author and social media strategist Kathryn Rose and award-winning real estate coach and trainer Suzanne Getz.

Throughout the Conference, attendees were afforded the opportunity to attend educational breakout sessions on next-generation listing presentations, building a winning team, winning the exceptional properties listing and the power of video marketing, among dozens of other topics.

“Our focus was to create an atmosphere of learning, networking, recognition and fun for all of our William Raveis business family attendees,” said Bill Gamelli, senior vice president of customer services and 2013 Convention chairman.  “Mohegan Sun was a perfect destination and many brought spouses or significant others to join in the celebration.”

Grand Sponsor William Raveis Mortgage lead an extensive list of sponsors and exhibitors including Bigfoot Communications, CoreLogic, Impact Marketing Specialists, People’s United Bank, William Raveis Insurance, The Kelsey Company, SWAT Environmental and Advanced Computer Technologies.

The last night of the Convention was rounded out by the 39^th Annual William Raveis Awards, an event which recognizes the leaders in the company’s real estate, mortgage, insurance, title and administrative divisions. Among the winners for Real Estate, Jean Ruggiero (Greenwich, Conn.) and Al Filippone (Fairfield, Conn.) were named the Top Producers by Volume for an individual and team, respectively, and David Friend (Hingham and Scituate, Mass.) and Rick Dressler (Glastonbury and Simsbury, Conn.) were named the Managers of the Year.  For Mortgage, Pete Fickeisen (Boston, Mass.) was named the Top Producer by Volume, and for Insurance, Heidi Summa (West Hartford, Conn.) was named the Top Sales Director. Lastly, Gail Sweetman, director of career development, was named Entrepreneur of the Year.

William Raveis is currently working to plan 2014’s Convention Expo, which will aim to celebrate the company’s 40^th Anniversary.

About William Raveis Real Estate, Mortgage Insurance

William Raveis Real Estate, Mortgage Insurance is one of the top companies in the nation. It was ranked in 2012 by sales volume in Real Trends 500^® Magazine as the #1 family-owned real estate company in the Northeast, the 3^rd largest family-owned and the 8th largest real estate company in the USA.  The innovative firm is known as an “Award-Winning Team,” being nationally recognized as an industry leader in technology, marketing and REALTOR^® education.  Such recognition includes winning the coveted “Most Innovative Brokerage or Franchise” distinction and placing as a finalist for “Most Innovative Website or Web Service” at Inman News’ 2011 Innovator Awards, held in San Francisco, California. William Raveis’ award-winning website, raveis.com, draws more than 10 million visits annually and includes more than 300,000+ MLS listings in Connecticut, New York, Massachusetts, Rhode Island, New Hampshire and Vermont.

For four consecutive years, William Raveis has been named as “The Best Real Estate Company” by the Commercial Record and was awarded the Banker Tradesman’s Gold Medal Residential Brokerage award from 2008-2011. William Raveis was also named the #1 “Best Place to Work” in 2010 2012 by the prestigious Boston Business Journal.  The Boston Business Journal placed the firm as a finalist “Best Place to Work” in 2011.

William Raveis Real Estate is a household name in its founding state, CT and is the #1 real estate company in world-renowned Fairfield County.  The company entered the Massachusetts marketplace in 2003 and, according to the 2010 closed sales volume in the Multiple Listing Service Pin, is now the largest independent brokerage in that state with 30 offices.  William Raveis recently expanded into New York and presently has offices in Rye, Harrison, Katonah, Chappaqua, Tarrytown and Briarcliff Manor in Westchester County and offices in Nyack, Rockland County. The firm has 3,000 highly trained sales professionals and over 90 company-owned and affiliate offices in New York, Connecticut, Rhode Island, Massachusetts and New Hampshire.  For more information, visit raveis.com or blog.raveis.com.

For details, contact:

Samantha Hamilton

(203)225-2494

samantha.hamilton@raveis.com

Posted by Samantha Hamilton, Social Media Coordinator, William Raveis Marketing+ in Awards, Convention, Raveis Agents, Raveis.com, Social Media, Technology

Tags: Awards, Convention, Matthew Ferrara, Mohegan Sun

Comments

Article source: http://blog.raveis.com/2013/05/02/william-raveis-first-convention-and-expo-is-an-enormous-success/