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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: pass pass who wrote (10642)	5/11/2003 4:03:08 PM
From: Lizzie Tudor	Respond to of 306849

well I don't know how you define median price, is that something that is determined by NAR for the area? Because my feeling is mid-peninsula median price is probably mid-5's and that range is absolutely being affected by the decline at the higher end, which is dramatic after all. Has anybody here actually tried to SELL a house in the bay area for what RE agents say it is worth lately? Completed sales volume is down from last year and initiated sales volume for March 2003 is below March 2002 level. Because the media focuses on year-over-year comparisons expect the media headlines around March 20, 2003 to be Prices Up, Volume Down. Unless the economy does a significant recovery before April 2003 expect a significant year-to-year drop by May 2003. Inventory is significantly above normal and nearly double the levels of the previous 2 years and five times the 2000 level. Marketing time for completed sales continues to increase. This should put downward pressure on prices in the longer-term, even if there is some additional improvement in median Sold price in March and April. creeksiderealty.com