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October 10th, 2008 8:09 AM by David W. Welch
The official numbers came out yesterday, a day early, and I think there may be a mistake on the median price. I will be contacting the association as soon as I can to get some clarification on it. I have been reporting sales of 1,329, and the official number was 1,335. That is easily explained by exactly when the number is pulled from the data. I have also reported a median sales price in the mid $180's. Originally, I found a median of $185,000, but I repulled the numbers the next day, and it had dropped to $182,900. The association is reporting a median of $210,000. The official numbers and mine are rarely off by much, so I am really questioning the official result on this. I would love to say that prices are starting back up, but it is the lower prices that have lead to the increase in sales. In fact, sales this September were 37% better than September 2007. That is something to get excited about.
I am sticking by my numbers until I get to the bottom of the official numbers. By the way the median list price of the current pending contracts is around $188,000. At these prices homes are selling much closer to their asking price, so I suspect October's median to again be in the low to mid $180's. Check back to read what I find out about the price situation.
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