Average Price

The chart presents average prices computed using a twelve-month moving average price of homes that sold -- i.e., settled.  To illustrate the moving average calculation, the twelve-month average for June includes July of prior year through June of current year, July includes August of prior year through July of current year, etc.  The averaging process smoothes the fluctuation from one period to another.

It is important to note that, strictly speaking, this average price change does not necessarily constitute property appreciation.  It is possible that more expensive homes are selling in one period compared to another.  This chart simply shows the "average prices" of homes that sold.  However, when dealing with a large population, this could be generally construed as reflective of appreciation assuming no significant change in the mix of homes being sold.

Be sure to review the article included here on Local Market Condition Report to ensure that wrong decision is not made based on the information presented.  The charts presented here are strictly for informational purposes.  Keep in mind that homes are usually bought and sold over a long period of time; and over a long period of time real estate almost always appreciates.  For this reason, it does not make sense to try to time the market.  Unfortunately, the mass media sensationalizes on the bad news because that is what sells -- not the good news.  Therefore, understanding this normal market behavior will, hopefully, calm down those who are affected by the media.