As an agent, I get this question all of the time, mostly idle conversation. And most folks want a simple good/bad/it's getting better answer. With that in mind, I've developed (and update as I need to) the short answer.
If it's under $200k, great! If it's over $200k, it has got to be in the right neighborhood and priced aggressively.
Pretty simple I think. Where do I come up with that?
I look almost daily at the overall listings vs. sold data, like a stock broker would look at the ticker tape to see where the stock market is. Same idea really. And it varies according to neighborhood even, nevermind which side of town!
Take today ( 09-15-09) for example. In and around San Antonio, there are 209 NEW listings posted to the market, 153 existing listings went under contract, 287 existing listings underwent Price Changes and 116 exisiting listings were SOLD. Out of the 116 that were SOLD, 82 were under $200,000 which accounts for nearly 71% of the sales for today. Of the 209 NEW listings, 154 were under $200,000 which is 73.6% of all new listings taken in today.
If you have a question about a specific neighborhood, just let me know! I'll be happy to let you know what's going on in YOUR area and be there to help when it's time to buy or sell.
Until then, Have a Great Day!