The terms lot and tract both describe an area of land. These two terms are not synonyms. Lot is used to discuss a legally defined piece of property or real estate. Every lot is not the same size, but the term is used when discussing a piece of land that is or will be owned and developed by a specific person. A tract of land is a general term, and can define a few acres, square miles or large identifiable area of land. A tract of land is an identifiable expanse of land.
Sales prices have depreciated 37.1% over the last 5 years in Malta. The average listing price for Malta homes for sale on Trulia was $323,574 for the week ending Sep 30, which represents a decline of 0.6%, or $2,075, compared to the prior week and a decline of 4.4%, or $14,937, compared to the week ending Sep 09.
The average construction cost is much higher than the 2011 cost, which was $184,125, and NAHB notes it is the highest itâs been since 1998. The 2013 construction cost per square foot ($95) also jumped in comparison to 2011, where it was $80 per square foot. sold for $399,532. 2  average share of the homeâs sales price which goes to construction cost was 62% (up from 59% in 2011). 3  second largest share of the sales price, which was the finished lot costs, was 19% (lower than the 2011 share of 22%).