Some NVAR January 2006 Data is Incorrect

Parts of the January 2006 Northern Virginia Association of Realtors' (NVAR) data is incorrect.

In the Greater Northern Virginia Homes Sales Report it states that the YTD (Year to Date) SALES VOLUME is $1,144,753,710 and that the YTD NUMBER HOMES SOLD is 2,298. Since January is the first month of the year, the year to date numbers will be the same as the numbers for January of that year. Thus, if we take the total sales volume ($1,144,753,710) and divide by the number of homes sold (2,298) we get $498,152 which would be the average sales price. The $498,152 is different then the $480,931 average sales price listed.Something is wrong here. Looking at the other January reports from 2005 and 2004, if one divides the YTD sales volume by the YTD number of homes sold, one get the same number as the YTD average sales price. This is not the case when it come to the January 2006 Greater Northern Virginia numbers.

This new information calls into questions parts(s) of the following webpages:

Northern Virginia Area Home Sales Report (NVAR)
Home Sales Statistics January 2006 (NVAR)
Average Sales Price in Greater Northern Virginia Falls Significantly (Bubble Meter)
Discrepancies in Northern Virginia Association of Realtors' Data (Bubble Meter)

The Bubble Meter Blog will continue to follow this issue as it unfolds. The NVAR needs to release accurate market statistics. Bubble Meter will be following up with my contact over at the NVAR on Monday. If my readers have other information that should be passed along please let me know.