As we wrote this past October:
Listed for $669,000 in October 2004, the single-family Miraloma Park home at 46 Los Palmos sold for $720,000 that December ($571 per square foot). Back on the market as of today and asking $699,000 ($555 per square), unfortunately the sale pair won’t be perfectly apples-to-apples as the kitchen was recently remodeled.
And for those who like medians, the median price per square foot for single-family homes in the area is currently running $565 in 2010 versus $567 in 2004 and $684 in 2007. At the same time the median sale price is currently running $915,000 in 2010 versus $820,000 in 2004 and $1,031,000 in 2007.
Yes, that means the median sized Miraloma sale is up 16 percent from 2004 which some might call a change in mix while others might (mis)call it “prices are up 12 percent!“
The sale of 46 Los Palmos Drive closed escrow on 11/17 with a reported contract price of $710,000. And while that’s two percent “over asking,” and the area’s median is up 12 percent from 2004, it’s also one percent under its 2004 value not accounting for the value of its remodeled kitchen.
∙ Los Almost Apples (And Medians) In Miraloma Park: 46 Los Palmos [SocketSite]
∙ Medians Are Up, But Don’t Confuse That With Increasing “Prices” [SocketSite]