Median figures can swing wildly sometimes

By J.N. Sbranti

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Looking at monthly home sales statistics for your ZIP code can provide the gist of what houses in your neighborhood are worth.

But beware: The "median" prices can shift dramatically depending on exactly which homes sold. And the fewer the sales in a ZIP code, the more the prices can vary from month to month.

Take the rural commu- nity of Keyes, for example. Last month, the median price for homes sold there was a shockingly low $36,500, according to sales rec-ords compiled by MDA Data-Quick.

PDF: August 2009 home sales by ZIP code

Keyes is a tiny town, however, so a couple of low- or high-priced homes really can skew the median price.

In July, Keyes' median sales price was $190,000, which was more than five times higher than the August median. In June, Keyes' median was $137,500.

So looking at simply the sales price can be deceiving. That's particularly true in communities with a mix of large newer homes and small older homes. Equating the sales price of a big home to a tiny home doesn't make much sense.

Comparing the median sales price per square foot can be more meaningful.

In Riverbank, for instance, homes sold for a median $98 per square foot in August, $99 in July, $96 in June and $100 in May. That's a pretty stable pattern.

Say you own a Riverbank home that must be sold immediately. You could expect it to sell for around $98 per square foot. It could sell for more if the home's in great shape and less if it's in poor condition.

The Modesto Bee runs the home sales price ZIP code chart each month.

Bee staff writer J.N. Sbranti can be reached at jnsbranti@modbee.com or 578-2196.