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Here are the average sale prices my Realtor sent me for particular neighborhoods in Mount Pleasant. The house prices are for homes with an apx. sqft range of 2000-2500.
As you can see, all of the neighborhoods are at least 12% more than their 2004 price. However, these are prices not adjusted for inflation. When adjusted for inflation, the home prices look like:
That's what we are hearing all over the news. Yesterday on The Today Show an expert said that by the time we know we hit the bottom, it will be too late, prices will already be going back up. I truly believe that.
Last edited by beachme; 01-28-2009 at 11:19 AM..
Reason: typo
People keep saying over and over on this forum about 20%, 30% and even 50% drops from now...2009. That may have been true about 2-3 years ago, but not now. Also, people really should look at adjusted prices, esp if they are referring to prices 4+ years ago.
Is this a warning to my post, the other posters claiming large drops, or both ?? People should make up their own minds, I agree. However, the complete lack of hard data by all the people claiming that the worst is yet to come regarding home prices is staggering. I like a good debate, and I am not saying that homes are not going to keep falling. I just look at the numbers and facts and try to make sense of them. If anyone says homes are going to continue to drop 20%, what is that based off?
Here are the average sale prices my Realtor sent me for particular neighborhoods in Mount Pleasant. The house prices are for homes with an apx. sqft range of 2000-2500.
As you can see, all of the neighborhoods are at least 12% more than their 2004 price. However, these are prices not adjusted for inflation. When adjusted for inflation, the home prices look like:
As you can see now, the home prices are much nearer the 2004 price.
Make your own conclusions, but we may be nearer the bottom than most people think.
You numbers don't add up, the inflation for the area should have been the same for all the areas, yet your numbers show any where between 9% and 12%, something doesn't look right?
You numbers don't add up, the inflation for the area should have been the same for all the areas, yet your numbers show any where between 9% and 12%, something doesn't look right?
Dude, its called rounding error. I did find one mistake. Rivertown inflation in 2004 is supposed to be 332,909. Opps
I got the inflation rates from the Bureau of Labor
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?? People should make up their own minds, I agree. However, the complete lack of hard data by all the people claiming that the worst is yet to come regarding home prices is staggering. I like a good debate, and I am not saying that homes are not going to keep falling. I just look at the numbers and facts and try to make sense of them. If anyone says homes are going to continue to drop 20%, what is that based off?
