I just checked out that sale and it was about as egregious as they come. It was a FSBO entered into the MLS and the deal was consumated with no licensed real estate agent representing the buyer or seller. The seller took complete advantage of an unrepresented hispanic buyer who finaced 100% of the purchase. There was not and has not been a single comp within spitting distance of that sale.
As for the market peaking between Spring 2005 and Fall 2005 you are 100% correct if you say the Market Median prices peaked then and I wouldnt disagree. The problem is the statisitcs are flawed in many ways. I sold a half dozen homes in Spring 2004 which each had about 6 to 10 offers on them. NONE of those homes could ever have been sold for more than they did in Spring 2004. Furthermore, there are already a few homes in my neighborhood that sold in Spring 2004 and subsequently came back on the market selling for less in 2005 and 2006. It’s nothing you’ll find in summary statisitcs but only something someone with their feet on the ground would see.
