Quick, what’s the average sale price of single family homes in the 12189 zip code of Watervliet, for the entire 2017 calendar year?

If you said $200,175 you are technically right, but this is the wrong information that home buyers and sellers are consuming.

The 12189 zip code of Watervliet, like other areas of our region, pull from multiple school districts.

In this case, the City of Watervliet School District, and the North Colonie School District.

Zip codes have long been the go to when it comes to real estate searches and even data.

To this day, home buyers and sellers rely on Google searches, and even Zillow searches, to find “homes for sale in 12189” and other zip codes of our region.

Sure, you will get many results with these searches, but how do we justify prices when dealing with the general public that may not see the value in a $250,000 “Watervliet home for sale.”

As real estate agents, we need to understand the market, and the supply and demand that comes along with it.

When dissecting the local market, school districts, we have learned, have trumped zip code and other geographical locations, as the core of home buying demand.

In 2017, 127 homes sold within the 12189 zip code of Watervliet.

But just because a home possesses a mailing address within the 12189 zip code, does not mean it is part of the city school district.

I use this example often because it paints an almost even picture of how much a school district factors into the real estate market over the zip code designation.

Let’s get back to this example.

In 2017, 143 homes were listed for sale in the 12189 zip code, and 127 homes sold. The average sale price was $200,175, and took an average of 71 days to go under contract.

However, we must segment these listings and sales to get a true picture of the real estate market.

Of the 143 homes listed in the 12189 zip code in 2017, 66 pulled from the Watervliet School District, and 75 pulled from the North Colonie School District.

60 homes sold within the Watervliet School District and 65 homes sold in the North Colonie School District.

The market within the 12189 zip code was basically split down the middle, and the results of the real estate performance between these two districts tells us a story that all buyers, sellers and real estate agents need to know.

12189 Zip code overall: – 143 Listed – 127 Sold – $200,175 Avg Sale Price – 71 Days on market
12189 + Watervliet School District:  66 Listed – 60 Sold – $130,389 Avg Sale Price – 95 Days on market
12189 + North Colonie School District: 75 Listed 65 Sold – $263,491 Avg Sale Price – 50 Days on market

 

Home sellers that pulled from the popular North Colonie School District averaged $130,000 more in the sale of their homes compared to Watervliet School District sellers.

North Colonie district sellers also saw quicker home sales by 45 days.  These quicker sales and much higher sale prices paints a picture of home buyer demand.

When you consider information such as this, you are better prepared to navigate your real estate goals without frustration.

If we simply used 12189 zip code to price out a home for sale that pulled from North Colonie schools, the result could be a home owner losing money in the sale of their home.

On the flip side, a Watervliet district seller may end up frustrated with their sale process if their home is grossly overpriced and sitting on the market.

What may seem like common sense is rarely practiced among our fellow real estate practitioners.

But this is what leverage looks like, and what consumers need in order to succeed when buying or selling a home.

See active homes for sale in 12189, segmented by school district:

12189 + Watervliet SD


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12189 + North Colonie SD


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