LOCAL MARKET PRICES

The graph above displays the Average Home Price trend for our area from 1991 to 2009. Note the unusually slow market of the early 1990's when home appreciation was nil for 6 or 7 years. Then the market heated up dramatically in the early 2000's until the average price peaked at $568,074 in mid 2006. After this, the average price started to decline even though the market health (as best measured by Months Supply of Homes) was actually improving. A reasonable explanation is that the declines were the result of the large number of foreclosures. The graph appears to suggest that the price decline is continuing. But wait! Is there more to the story? Click here.