In a post dated May 9th I said:
I know it's popular opinion that we have not hit bottom -- but at $80 per-sq ft -- prices were at this level BEFORE the boom.
The boom was generally acknowledged as taking place during 2004-2005. Prices tapered off in 2006. 2003 was "before" the boom and here is a snapshot of the sales activity in Queen Creek for the entire year of 2003:
The average sales price was actually $93 per-sq ft ($186,975/2,001). So my statement ... "but at $80 per-sq ft -- prices were at this level BEFORE the boom" is incorrect. Current prices are lower than before the boom. Thanks to "FB" for asking me to "supply the proof" in the "comments" section after the initial post on May 9th.
"FB" also asked about prices in 2000 and 1995. Below is a a snapshot of the sales activity in Queen Creek for the entire year of 2000. I cannot provide info on 1995 because MLS data only goes back to 2000. You can see the prices were at the same $93 per sq ft even in 2000($181,489/1,953). So now it's official: current prices are LOWER than before the "boom," and even people who bought 8 years ago have lost their equity. Foreclosures have dramatically driven down the prices and will need to "dry up" before we see any reversal in prices.
Side note: This report was run for "single-family residences, townhomes, and patio homes (not condos or manufactured housing) that were at least 1,000 sq ft and sold for under $1,000,000 dollars.Why did I use these criteria? Because I do a monthly report for Realty Times that deals primarily with "price," and I prefer to exclude the really "high and low" numbers to achieve greater accuracy. These numbers are calculated in this manner.
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