Nahant: the highest median home price in Massachusetts?
Here’s one for the “Lies, Damned Lies and Statistics” category.
The median SFH price in Nahant in the first quarter of 2014 was….. $2,620,000. Wow!
No I didn’t write this on April Fool’s Day, because it is actually true. But…..there were just 2 sales in Nahant in the quarter (note to my about to graduate daughter: don’t plan a career selling real estate just in Nahant). One was for $340,000 and the other was $4,900,000 (note to daughter: unless you think you can get the $4.9 million sales).
This is an extreme example, of course, but it illustrates why I am very careful about the statistics I publish and try to explain whether or not they are significant. As a general rule, the larger the sample the more reliable the statistic. And if I quote a statistic it is because I believe it to be meaningful.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 781.631.1223 or andrew@HarborsideRealty.com.
Andrew Oliver is a Realtor with Harborside Realty in Marblehead
Sadly, as I imagine you’ve pointed out before, small-set statistics can have nasty consequences, as when someone suddenly finds they can’t get the mortgage they hoped for due to a nearby bargain sale.
Keep up the great work!
Andy