Thursday, May 21, 2015

Zillow Gets it Wrong | Real Estate Prices | Sarasota FL

I've been tracking the inaccuracy of Zillow values in Sarasota for 5 years and here's an update of the results.  I've also begun tracking Venice.

Zillow's inaccurate Sarasota 2014 median home value
Zillow's inaccurate 2014 Sarasota median home value

Zillow calls Sarasota's housing market "hot", yet it's posted 2014 median housing value of $200,700 is below the $201,700 it reported in 2013.   See the 5 year trend: click here.

If you were a homeowner in Sarasota relying on Zillow to set the price for your for sale by owner property, you probably left money on the table, since MLS reports Sarasota's median 2014 sales price at $205,580.

Sarasota 2014 median home value from the MLS
MLS Sarasota median home value for 2014 was $205,580, higher than Zillow's estimate

The reverse happened in Venice in 2014.  Zillow reported a median home value price of $202,100.  But wait a second.  Every experienced Realtor in our area knows that Sarasota is a more expensive real estate market than Venice.  The story told by the numbers gets even better.

Zillow's inaccurate 2014 Venice median home value
Zillow over-reported Venice's median home value in 2014.

MLS data shows the median sales price of a home in Venice in 2014 was 12% below Zillow's estimate.  If you were buying a for sale by owner as a buyer without the help of a Realtor, you probably paid too much if the seller was relying on Zillow as the basis of their list price.

Venice FL MLS 2014 median sales price
Venice's 2014 median sales price was 12% below Zillow's estimate

Bottom line:  With so much inaccurate information online about real estate values, more than ever you should work with a Realtor.  Please contact me for your Venice or Sarasota real estate needs.

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