Currently in Essex the absorbtion rate is 22 and 1/2 months. A healthy market has a rate of between 4 to 6 months. It is difficult to pin point the exact apex of the Essex market. In general the 3rd and 4th quarters of 2005 and all of 2006 prices were rising and then stabilized. In 2007 prices ever so slighly began to fall. By the end of 2007 prices had stabilized again however the number of sales was declining. In 2008 the number of sales continues to decline as did the price point of the sales. 2009 saw declining prices with the majority of sales occuring in the under $300,000 range. From 2005 to 2010 Essex home prices are down 28% to 30%. The number varies depending on the price point for the property. Generally the higher the perceived price in 2005 the greater the decline.
I hope this has helped you.
Rachel Thomas Associates