I took a look at the MLS this weekend, pulling out every Sold residential property since January 1, 2000, and ran some analysis on the numbers over time.
Here is a chart showing the Average Price of the homes which have sold through the MLS, plotted by quarter over the last 9 years. Notice the steep drop in Average Price this year - based on the numbers through the end of last month, we're at prices we haven't seen since the first quarter of 2002!
(all data was pulled from the MLS system and is assumed to be accurate but not guaranteed.)
Keep in mind that statistics don't always tell the whole story, and this chart is only showing the Average Sales Price for all of the MLS data.
Part of me thinks the pendulum has already swung too far the other way, and we must be near the bottom. The other part of me reads the unemployment numbers and wonders how much further prices can fall...
Your wondering out loud Realtor,