Is “average asking price” the best metric for predicting home values?

Anytime I see people reference the “average asking price” or "average list price" of homes in a community, I get concerned. “Asking price” only describes the seller’s perception of what their property is worth. Analyzing “closed sales price” is much more telling when attempting to gain insight into home price trends. Right now, Beverly-Hanks and I are keeping a close eye on the closed sales prices of homes in our area, along with other telling metrics, like the current discrepancy between trends in closed days on market and active days on market. If you are eager to know about home values in your neighborhood, reach out to request our latest Quarterly Market Report, and I'll be happy to review the numbers with you.