WHY IS THE MEDIAN PRICE USED
The median price is the price point that falls in the middle of all the properties that sold during a period. For example, if three homes sold with prices of $300,000, $,400,00, and $500,000, the median price is $400,000. The median price is a commonly used metric in real estate evaluation. The median price is used because it is less susceptible to biases caused by the sale of very expensive or very inexpensive properties.
TOTAL PROPERTIES SOLD
For all 378 properties sold from January through December 2009, there was a 11.6% drop from the median price in 2008 ($600,000) to the median price in 2009 ($530,000). The graph below provides a month-by-month analysis. The red line shows month-by-month median prices for 2008, while the blue line shows median prices for 2009. The green line shows the pricing trend for 2009, which indicates that median prices have increased slightly from early 2009 to late 2009.
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DETACHED SINGLE-FAMILY HOMES
Looking only at the 130 detached homes that sold from January through December 2009, there was a 4.1% drop from the median price in 2008 ($785,000) to the median price in 2009 ($753,000). The graph below provides a month-by-month analysis. The solid red line shows month-by-month median prices for 2008, while the solid blue line shows median prices for 2009. The dashed blue and red lines shows the pricing trends for 2008 and 2009, respectively.
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CONDOMINIUMS AND TOWNHOMES
Looking only at the 130 attached townhomes and condos that sold from January through December 2009, there was a 10.1% drop from the median price in 2008 ($483,750) to the median price in 2009 ($434,500). The graph below provides a month-by-month analysis. The sold red line shows month-by-month median prices for 2008, while the dashed red line shows that the median price decreased from early 2008 to late 2008. The sold blue line shows month-by-month median prices for 2009, while the dashed blue line shows that the median price increased from early 2009 to late 2009.
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Source: Source data obtained from Sandicor, Inc.
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