What’s up with homes in the Ingleside neighborhood?
As you can see from the above chart, we’ve once again got a data set that doesn’t really tell us much on a year over year basis. Why? Because in November of 2011 there was one home that closed escrow, which means we have an incredibly small data set, so making useful comparison is a bit challenging. We can infer that the median size of homes sold in November 2012 was smaller than the one home that closed in November of 2011, but whether or not that is useful comes down to the specifics of that one home that sold in the Ingleside in November of 2011. Was the 2011 sale an outlier? A “typical” Ingleside home, or a sale of some sort (REO, short sale, tenant-occupied, exceptionally large or small for the neighborhood) that makes it a really bad point of comparison.
Has the median sales price on a price per square foot basis really jumped by over $200/square foot in just one year? According to the statistics, yes. But given our small 2011 data set, that’s a representation that I wouldn’t be comfortable making.
So, just like the Castro/Eureka Valley market stats that I picked apart earlier in the week, I would again say that the only relevant or useful number in this chart is the actual number of sales. So we can safely conclude that sales are up in the Ingleside neighborhood. What the chart doesn’t answer is why sales are up… have more sellers decided to sell? Have we cleared through REO/short sale inventory that was depressing the market and taking a long period of time to sell and returned to equity sales that go more quickly? Have homes that were previously tenant occupied been vacated and are being sold because of market improvements? They are all good questions…
If you’d like the specific house details of what sold in November of 2011 or 2012, just get in touch via an email or comment and I’m happy to share that information.