Dataquick announced their May numbers and the media is starting to report on them. One local media site announced a bold headline that SLO County Home prices have plummeted in May. But, the reporter read the Dataquick numbers wrong and were reporting on New Homes which we had 25 new home sales in the county. They did correct their story to add that it was for new home sales but left the misleading headline. 25 home sales in any category is such a small sample that it makes no sense to base anything from it. It could be 15 next month, or 35 but in a month-to-monthly comparison, it really tells us nothing about what is going on with the rest of the market.
Last week, a local news article had an economist commenting on the “flood of foreclosures” that has happened in SLO County. While other areas in the State and Country have had what I would consider a flood of foreclosures, that’s not what I would call it in SLO County. I plan to blog about this later by comparing the foreclosure history between SLO County and Santa Maria.
The media continues to just report on County-wide statistics, which is lacking a lot of info on what is going on at the city level. To make matters worse, most will add a nationwide statistic which adds nothing to the article and most of the time, it makes the article about our local market even less informative.
The President of a large MLS on the East Coast wrote an article this week on a real estate news site that consumers need timely facts about the local real estate market to help them make an informed decision. This is exactly what I’m doing with our new interactive statistics dashboards!
The problem is that the media is using DataQuick numbers to write their articles about our local real estate market. These numbers don’t include foreclosure data, city-level statistics, Year-to-Date comparisons, days on market, inventory, # of pending sales, # of new sales, or months of inventory. If any local media companies wanted to really give their readers a true picture of our local real estate market, I’d be happy to give them some detailed statistics to use.