For the past 12 months, inventory for the number of houses on the market almost tripled from 2841 to 8159. Number of houses sold dropped from 1125 in 2005 to 841 in 2006.
Prices per square feet increased from $ 223 to $ 260 a square foot. The price per square feet peak was reached in November 2006 with $ 265.
The actual average price of property sold increased from 479 000$ to 532 000 $ , while the average price of property for sale declined from 1 022 000 to 880 000. This data indicates that inflated asking prices were scaled down to match the house market's real value.
Conclusion
To summarize, the single family market is still strong, evidenced by a price per square feet that is still at the top of its history. The value of the average house still increased to $ 532 000 much higher than in April 2005 but is a bit shy of the all time high of $564 000 in November 2005. The market is still strong, despite 2 weakening factors, small price erosion and huge offer increase.
-- Contributor, Eric Harari, for MLR Realty
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