20 Years of LOCAL MARKET PRICES

The graph above displays the Average Home Price trend for our area from 1991 to 2010. Note the unusually slow market of the early 1990's when home appreciation was nil for 6 or 7 years. The market heated up dramatically in the early 2000's until the average price peaked at $568,074 in mid 2006. Then the average price started to decline, hitting a low of $359,660 in December of 2008. Most of that decline occurred even though market health (as best measured by Months Supply of Homes) had actually started improving in October of 2007 from its low point of 8.9 months supply. Note that the graph appears to suggest the price decline continued in 2009 but the monthly data clearly show that it was at the end of 2008.