Can you determine what the average house market decline percent was for 2008?
If so, do you have market data that is specific to price listings, ie homes at $150,000. to 200,000.00, $200K to $300K, etc.
Tooter - Here is some data for the 55901 zip code area. This compares 2008 to 2007.
# Homes listed in 2008: 1309
# Homes listed in 2007: 1417
Change: -7%
Days on Market 2008: 134
Days on Market 2007: 154
Change: -12% (good news)
Number sold 2008:733
Number sold 2007:862
Change: -20%
Average Sale Price 2008: $180,374
Average Sale Price 2007: $197,785
Change: -6%
Medium Sale Price 2008: $169,000
Medium Sale Price 2007: $176,950
Change: -4%
It takes more work but the data can be broken down per neighborhood and price range.
Most REALTOR Associations keep this kind of data. The Southeast Minnesota Association of REALTORs will have the data for Rochester and Olmsted County. You can visit the MLS Trends section of their web page at http://www.semnREALTORs.org formore details.
The data is so varied depending on area. This has all the market data you would ever want:
http://www.mplsrealtor.com/market.aspx
Anyone who gives you a straight number is not giving you the whole picture. Real estate is local and cannot be summed up in a simple formula or answer.
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