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Why Square Footage Matters! Larger Homes Indicate Stable Values June 25, 2009

Posted by John Watch in AccuriZ Reports.
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Median Sale Price of Northeastern Queens compared to Queens COunty

Median Sale Price of Northeastern Queens compared to Queens County

A new report by AccuriZ entitled; Why Square Footage Matters! Property Values in Northeast Queens Stable for 2009 indicates that when property data is stratified on a median sale price based on the square footage of the residence, Northeast Queens home values are stable. Here is an excerpt from the report:

A more detailed analysis of the median sale price based on the square footage of the residence indicates an entirely different pattern of price value changes. When the sales data is stratified into the calculated rate per square foot based on sale price, the rate of change for Queens County is -10.58%since 2006 versus -21.3% based on the Median Sale Price. For Northeastern Queens the rate of change is -.37% versus -12.8%. The data clearly indicates that building size represents a significant impact relating to the value of the property.

Yes, overall values are surely down, but based on this report and public records, building size causes a significant difference in the values being presented. What do you think about these conclusions?

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