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Zillow takes public data such as assessor's databases to come up with aggregate market valuations. Judging by the number of people who complain about their Zestimates, this information is only approximate.
I get my information from analyzing the data and refering to reliable sources of others who have done extensive number crunching. So if you look at the Newton data for December 2007 vs December 2008, it breaks down as follows:
December 2007 December 2008
Number of Houses Sold 35 29K
Average List Price 821K 942K
Average Sale Price 787K 878K
List vs Sale Ratio 94.5% 93.5%
Average Market Time 95 days 73 days
So, a few less houses sold at a higher price in a shorter time.
According to Boston magazines analysis, the numbers for Newton are:
Price difference in the past year - 0.13% (that is 1/10th of a percent)
Price difference since the peak of 2005 - 0%
Price difference since this time 10 years ago - 82.5% increase
I hope that answers the question.
| 12:03 | Rick Lipof: Zillow estimates are not very accurate. Zillow works much better in other areas of the country where you have homogeneous housing stock, such as Florida and Texas where you may have 300 homes in an area comprised of 3 different styles. But here in the northeast you have a 1776 home next to a 1950's home next to a brand new home, and Zillow cannot figure it out. |
| :22 | [Comment From Alan] Do you think that Zillow is good at showing the trend and relative change in a given market, even if it isn't good at appraising the value of a specific house? |
| 1:23 | Rick Lipof: Once again. Zillow is dangerous in the northeast. If you use it alot, tell me if you think its good. I hvae tested it and it is vaery randon here in the northeast. |
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Recent home sales in Newton, Massachusetts
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