We have seen quite an increase in prices over the last seven years. Below, are the figures from the MLS system that show many more homes sold this year compared to 2000 and at a much higher price.
Notice that the average days on the market for sales in 2000 was 140 days. This year so far it has been only 77 days. Of course the average days on the market for the entire inventory in general is much longer than that. Many of those homes will never sell.
If you average the total increase in median value over the last five years it comes to about 7 1/2 % per year. That is tame compared to some of the areas of the country with huge increases. Some of the large West Coast cities saw single year increases of more than 40%. Some of these same cities are currently experiencing decreasing home prices of about the same magnitude.
Here are the prices from 2000 and from 2007.
Jan 1, 2000–Oct16, 2000 560 sales, Median price $130,058 140 dom
Jan 1, 2007–Oct 16, 2007 977 sales, Median price $217,500 77 dom
