First Quarter 2008: average resale = $219,400.
2007: average resale = $216,800.
This includes all residential sales, so condos, townhomes, and single family homes. It can be broken down further by category.
May 2007 = $416,705
May 2008 = $377,513
Decrease in the average sales price from 2007 to 2008 = 9.4%. This has been the case for the past three months (March, April & May 2007 compared to 2008). Prior to that our average sales price was only down approximately 2-3% year of year. It doesn't appear to be getting better. I estimate another 12-18 months of this down market before we hit bottom. Only time will tell.