Its important to remember that this was all before the credit collapse in Aug 2007. I honestly did not know what the numbers would look like until I ran them but 2 years later the verdict is in.
Here is the averages represented by these sales (i.e. average size, selling price and price/sq ft).
2004 2,684 sq ft $1,072,428 ($400/sq ft)
2005 2,624 sq ft $1,176,811 ($448/sq ft)
2006 2,703 sq ft $1,252,146 ($463/sq ft)
2007 2,558 sq ft $1,178,553 ($468/sq ft)
2008 2,597 sq ft $1,193,847 ($464/sq ft)
2009 2,490 sq ft $997,868 ($410/sq ft)
Verdict:
sdr-prediction for next 6 months to a year intact. Little changes in price but large decline in volume most likely due to lack of jumbo financing alternatives.
Russell-a year later gets some satisfaction with a 12% decline in $/sq ft amidst even lower volume most likely due to the continued lack of jumbo financing.
Have at it piggies! Any guess what the 2010 numbers will look like?
