My neighbors and I got interesting letters yesterday from a respected real estate broker in our area. The letter (addressed: Dear Preston Hollow homeowner) boasts how this broker and his team of agents are 'bringing the buyers' in Preston Hollow. It proclaims in bold text these statistics:
- 63% - In the past 4 months, almost two-thirds of the homes SOLD in your neighborhood were listed with ... (this company).
- 246 - The average Days on Market of homes sold in your neighborhood in the past four months by our competitors.
- 81 - The average Days on Market of homes sold in your neighborhood in the past four months by ... (this company).
Wow! Their competitors must really stink. Oh, wait a minute. That's me! I must be with the wrong outfit. I should hightail it over to their offices and see if they'll hire me. But maybe I should check out their statistics first.
For arguments sake, let use the boundaries of Preston Hollow as Royal Lane on the North, Northwest Highway on the South, Hillcrest Road on the East and Midway Road on the West. This would include the area of homes priced over $1 million where this brokerage claims to be "stronger than any other residential real estate firm".
Oh my. A search of all properties in MLS brought up some very different statistics. I even narrowed the search to a smaller area (my neighborhood). But that only made things look worse for this company.
In the past 4 months there have been 46 sales in this area (the larger 'Preston Hollow' area noted above). This brokerage had listed 11 of those sales. While that's an impressive percentage, its not 63%. The average Days on Market for all 46 sales was 164 days. The average Days on Market for this company's 11 sales was 163.5 days. It doesn't take a CPA to figure that one out either.
Like I said earlier, this is letter came from a reputable broker. Which is why it is so disappointing to read such a blatantly misleading solicitation. If you want the real stats in Preston Hollow, come back in a week and I'll have them posted.