December 2011Market Update
Last month we had some feedback on the update that the graphs didn’t necessarily paint a fair picture of the market. We agree. If you remember we showed you the stats for the entire city of Chicago and the median sale price. This month we want to show you why when looking at stats in real estate, you need to take it with a grain of salt.
This months example captures why not to get caught up in data sets that are very large (National, State and even big cities like Chicago). In the two graphs below you’ll see the median sales price for condos and single family homes. The graph on top is for the city as a whole and the one below it is for West Town.
Chicago Median Sales Price – Year To Year
West Town Median Sales Price – Year To Year