The final numbers aren't in yet and when they are I will be able to do a more in depth analysis but for those of you who are wondering how real estate fared in Oconomowoc this year, here are a few preliminary statistics:
Single Family Homes Sold 231 Homes $71 million 311 Homes $108 Million
Average Sales Price $308,336 $346,891
Sold Price Range $70,000 - $1,150,000 $123,000 - $3,480,000
A word of caution, this does not mean that the average home fell in value by over 10%. While the prices of many homes are less than they were last year, as in most areas in Waukesha County and Southeastern Wisconsin, the decrease in average sales price could also be affected by the types of homes sold. For example if the 2008 market was skewed more to first time home buyers, and less to buyers of more expensive homes, that would also produce a decrease in the average sales price as compared to 2007.
I look forward to the middle of January when all the data will be in and we can really dig into the numbers. Until then, Happy New Year everyone!