Real Estate Review of Silver Lake
Despite the national trends in the housing marketing, the community of Silver Lake is continuing to show a stable market.
Property values in Silver Lake are more volatile than nearby communities since it is a much smaller community and a single home sale can change the averages significantly. 
The price fluctuated more during the years based on the mix of homes being sold versus the overall market conditions. The average sales price for 2007 was $200,134 and has been above $190,000 since 2000 with the exception of 2001. 
The average sales price peaked in 2005 at $217,869. In 2000, the average sales price was $190,200. It dipped to $169,239 in 2001 and re-bounded to $200,244 in 2002. It then increased to $214,892 in 2003, and dropped to $210,422 in 2004. It then increased to $217,869 in 2005, dropped to $197,442 in 2006 and increased to $200,134 in 2007.
The total number of home sales dipped in 2007 after an increase in 2006 although the overall numbers have remained constant since 2000. 
There were 34 sales closed in 2007, as compared to 40 sales closed in 2006, 36 in 2005, 39 in 2004 and 38 in 2003. The average period of time it took to close escrow decreased to 115 days, from 143 days in 2006. These figures are not precise, as not all sales are reported to the Multiple Listing Service.
If you would like a copy of the complete report, please contact me at 330-990-4236 or email me dawn@dawnsold.com
Copyright ©2008 by Dawn Maloney, All Rights Reserved.
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