Residential sales prices up 11.5% year-to-date

MLS reports for November show an 11.5% average reported sales price for the first 11 months of this year, compared with all of 2004. The monthly reports show November sales at $297,163, down from the monthly reported sales that peaked at $305,530 for August.

This may not reflect an overall market decline, however, because higher-cost new construction jobs were probably part of the mix to a greater degree at the end of the summer. At this time of year one would expect to see more resale properties. There is also a certain amount of discounting that happens now by owners who want to get a property sold and not carry it through the winter.

However, there has not been a pattern in past years of values peaking in late summer, followed by general price declines on a monthly basis in the fall.

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