[quote=sdrealtor]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?[/quote]
I’m surprised that volume is down that much. These are the first five months, right?
My prediction for the first five months of 2010 is higher volume and lower prices in these areas. Let’s say 1050 sales in the first five months, average selling price of $925K @ $389/sf.
The SHTF in Q3/Q4 of 2010 and continues through 2012/2013 when we plateau for a bit. 😉
