Price Checking Zillow…Sold Real Estate Prices in Lane County

In 2007 when I first heard of Zillow its “zestimates” were almost always wrong, and usually on the high side. This made it hard when I’d tell a seller he should list his house at $xx and zillow told him it was worth $yy.  So I thought I’d try again with several different types of properties, areas, and prices. I used homes that closed in the last few days.

• 90040 VALLEY VISTA DR, Elmira: Country property, 12+ acres, 2100 sq. ft. Zillow says it’s worth $330,000, or a range of $277k-359k.  It just sold for $365k, after 40 days on the market at $385k. Zillow was -35,000.
• 76867 RIDGE DR, Cottage Grove: Also country, but just .74 acres, 1900 sq. ft. Zillow says $263,000, range of $218k-284k. It just sold for $290,000 after 87 days on the market starting at $295,500. Zillow was -27,000.

Lane County Real Estate Year End Market Action Report

Well, as we all knew, prices fell: The average sale price for December 2009 was down 5.6% compared to December 2008, while the median sale price dropped 2.6%.   For the year, the average sale price was down 8.5% compared to the 2008 level. The median sale price fell 9.1%.  

But sales were up: Sales activity this December in Greater Lane County continued to grow when compared to last December. Closed sales rose 38.4% and pending sales were up 24%.  New listings also increased 26.9%.

More here.

 

 

 

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