In a previous post I promised to check out the change in the price of the average house in the valley over the last five years. That post was about the change in the amount of sales over the last five years. You can read it here:
Today I wanted to see the change in the average house. I was wondering if the the price for the average house has changed much over that time period. I defined the average house as any house less than 10 years old, between 1500-2000 square feet and on a lot between 1/2 acre to 1 1/4 acre. That is the house measured in the chart below
These statistics are for the first three quarters of each year.
|Year||Total Sold||Median Price|
Depending on when you purchased your home you may have seen a loss over this time period or a gain. 2006 was obviously the high in prices and if you were unfortunate enough to buy during that time there is a chance that you have seen a loss. Years previous to 2005 saw a pretty steep increase in prices up to the 2006 peak.
So if you purchased before 2006 you are likely in decent shape today…that is of course unless you did a refi and already took your equity out. If you have done a cash-out refi you have a good chance of being upside down on your mortgage right now. Tough to say…but it’s the truth.
If you are looking for a home, or want to just check out the market for yourself you should take a look at my search page here
Based on information from AK MLS, Inc. for the period but not compiled or published by AK MLS, Inc. Data maintained by AK MLS, Inc. may not reflect all real estate activity in the market.