Que The Iowa State Fair!
It’s official! Summer is sliding away. The Iowa State Fair is a week away and shortly after that, school will be back in session. Home inventory has dropped to just over 4,000 homes for sale. Pending transactions are behind last year by 200 sales. As a result, we are bubbling in and out of an Even Market with 4 Months of Inventory.
This month I am introducing a brand new chart. It is called AVM Comparison Over Time. AVM stands for Automated Valuation Model. Corelogic produces an AVM. An AVM is an automatically calculated analysis of a residential property using public record information and recent comparable home sale information. The National Association of REALTORS produce an AVM that they call RVM, REALTORS Valuation Model. The advantage of an RVM is that actual MLS Sales data is incorporated into the value. Zillow and Trulia both produce their own versions of home values.
To see how the AVM by Corelogic, Zillow Zestimate and NAR RVM compare to an actual CMA, I have been charting these values since the middle of May. I have used my own personal home as an example and update my CMA every 30 days. The three other values adjust on their own schedule. While the data set is still new with only 2 1/2 months of data tracked, I am already beginning to see a trend. I have the most confidence in my CMA. RPR’s RVM is closest in values to the CMA followed by Corelogic’s AVM and lastly the Zillow Zestimate. I will continue to update this chart and it will become a part of my monthly reports. Click on the report below to view the full size report.
Click The Graphic Images Below To Download Full PDF
July 2014 Balance of the Market Report
July 2014 Inventory Breakdown By Type
July 2014 Homes For Sale
July 2014 Pending Transaction Count
July 2014 Home Sales YTD
July 2014 New Construction Inventory
July 2014 Active, Pending, Sale Price Average
SimplyDesMoines.com is your local resource for real estate market conditions and statistics in the Des Moines and central Iowa area.
Les Sulgrove is a licensed REALTOR® with Keller Williams Greater Des Moines and has been licensed to sell real estate in Iowa since 1990. If you are looking to buy or sell your home, contact Les today!