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Why are Zillow's Zestimates so FAR below current home prices?

Currently I live in one of the hottest area codes in Austin TX. Homes are selling in a day or less and for more that the asking price. There is not enough inventory on the market yet with all of this Zillow tells me that my home price has dropped almost 8%.
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July 02 2012 - Austin
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You cannot trust TX numbers on Zillow because it is a nondisclosure state. I find the numbers to be very off there and your best source for that information in TX is an honest agent with access to the local MLS.
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July 02 2012
Texas is a non-disclosure state, which means that actual sold prices aren't public information. Zillow has to use secondary sources to estimate prices, which limits the accuracy. (Check the Zestimate accuracy stats by clicking the link at the bottom of the page).

Secondly, the Austin area has switched to a sellers' market this spring, with low inventory and high demand creating a very competitive market which is driving prices upward. 

Your best bet for an accurate market analysis is your favorite real estate professional. They have access to MLS data that tracks actual sold prices in real time. 
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July 02 2012
 
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