I've spent my morning looking at sales data for resale homes in the valley. These statistics confirm what is being said in many real estate news sources - that the quantity of homes being sold in our area has diminished, but that the actual home prices have dipped only slightly. Following are some of the data I was able to pull together.
Peoria - The median home value dropped from $270,000 in the third quarter of 2006 to $260,000 in the fourth quarter. This is only a slight drop. The median home value for Peoria at the end of 2005 was $266,000 so in effect prices have remained relatively level. However I need to point out that the median home values at then end of 2004 was $188,000 so on average homes in Peoria have increased in value $72,000 or 38% (since 2004).
The actual quantity of homes being sold has dropped. In the fourth quarter 2004 there were 1120 homes sold in Peoria. In the fourth quarter 2005 the number dropped to 995 and dropped to 600 in the fourth quarter 2006.
On a higher note, projections are favorable for early 2007. I personally have seen a marked increase in showings and contacts from potential buyers.
Comments (0)Subscribe to CommentsComment