So just how bad was the real estate market last year? I recently compared the sales data of single family homes in Milton for both 2005 and 2006 and some of the results might be surprising. While the number of transactions dropped by 30% from 2005 to 2006, the average sale price actually increased by a small amount. So while indeed the market was slower in 2006 and houses took longer to sell, prices actually remained fairly steady. The media would have you believe that prices have dropped dramatically and that really is not the case, at least not in Milton. Some markets did experience price declines but in Milton home values held their own. We can’t expect to see double digit increases in appreciation like we did for the last several years but I don’t expect to see prices drop dramatically either. Homeowners have told me they are worried about losing equity in their properties. The data would suggest they are worrying needlessly. Gains may be less then in previous years but I doubt anyone is actually loosing money by selling a home in the current market. Sellers just need to be aware that it might take longer and they have to be realistic about pricing. Houses are still selling, especially those that have been priced realistically.

Total number of transactions in 2005: 292 2006: 202
Average Days on Market in 2005: 88 2006: 144
Average Sales price in 2005: $545,923 2006 $550,891
Total Market Volume for 2005: $159,409,587 2006: $111,279,961

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