July 2008 Average Price
Below are the trends for average price by Maryland County. Over the next three days I'll post on Median Price, Inventory and Months of Supply. Don't miss my post from yesterday on Home Sales.
Tuesday, August 19, 2008
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5 comments:
Is there any way that you could possibly post the spreadsheets/raw data as well as the charts? I find it extremely interesting that average prices appear to be actually rising or holding steady in some areas given the credit crunch and the absolute battering that higher end homes have taken.
@anon,
click here for excel file
Be careful when looking at the average and median price, as you saw yesterday, the homes sales are way down so the pool of homes which are used to calculated average and median are easier skewed. It might be worthwhile to you to stop over at MRIS.com and see their stats which are broken out by number of rooms. I don't have access to the house level data that mris has and I have requested from them access. As you can probably guess the Realtors & Co. have no intentions of helping me. They turned down my request.
I find it fascinating that home sales in Baltimore County can be cut in HALF of what they were around peak, but houses are still selling for the same price...
Supply and Demand sure takes a while it would seem!
I think that the next step down will be big. Right now we are just getting into price reductions by people who can afford to drop the price a little but still get some money out of the sale.
As we have seen especially in California, the real price breakthroughs occur after the foreclosure sales hit. They are jsut beginning to show up in MD now.
Another big factor: are foreclosures specifically/deliberately excluded from this data set? That would be a huge bias, at least until people figure out that yes, you do have to compete against foreclosures as the new comps.
Heh heh I love it.
(I'm shopping foreclosures myself--the contrarian in me can't resist. A good deal is a good deal.)
Bill, you appear to be right on it. You should see a drastic down turn in medium home prices once REO's/ foreclosures are factored in.
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