New Tool Compares Apartment Prices to Similar Real Estate Deals
Translated & summarized from Mako by baba
The story in 5 lines · by baba
- New Bizportal tool compares apartment prices to similar sales.
- It analyzes deals within building, street, 400m radius, and city.
- The tool uses data from the past 1-2 years.
- It defines similar apartments by room count and size.
- Examples show price variations based on comparison scope.
Bizportal has launched a new online tool designed to help individuals determine the market value of their apartments by comparing them to similar real estate transactions. The tool analyzes sales data within four concentric circles, starting with the specific building, then the street, then a radius of up to 400 meters, and finally the entire city.
The comparison considers apartments sold within the last 12 months, extending to two years if insufficient data is available. A 'similar apartment' is defined as one in the same building with a difference of up to one room and a size variation of no more than 20%. The tool provides a range of actual sale prices, with a larger sample size yielding a more reliable price estimate.
Users input details such as location, street, building number, number of rooms, and size, with an option to include a desired price. The tool then displays the percentage of similar transactions that sold for a lower price per square meter, without explicitly stating if the target price is too high or low. A scatter plot illustrates all prices per square meter, and a separate tab details individual transactions, including addresses and distances.
Examples provided include a 75-square-meter, three-room apartment on Ibn Gabirol 100 in Tel Aviv, which, when compared to 14 similar deals on the same street over two years, ranged from 4.4 to 5.19 million shekels. A broader city-wide comparison yielded a lower range of 3.69 to 4.72 million shekels. In Haifa, on Herzl 20, a similar 75-square-meter apartment was valued between 1.21 and 1.84 million shekels based on 131 transactions, with a caveat that the tool limits each plot to three deals, which affected the median price calculation.
In Jerusalem, a 95-square-meter, four-room apartment on Gaza 10 was assessed between 2.72 and 3.55 million shekels, based on 179 transactions, with an additional 118 deals excluded due to plot limitations. In Kfar Vradim, with only nine similar transactions in the entire locality, a requested price of 2.1 million shekels was flagged as highly volatile, exceeding the median price of approximately 16,300 shekels per square meter. In Rosh Pinah, the tool provided no estimate due to a lack of sufficient comparable sales data within all analyzed circles.
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