The year isn't over yet but even if December 2009 is an above average month for home sales there will not be enough of them to make much of a change to the 2009 average home sale price data that I just got from our MLS. Home prices have gone down these last two years and I am not sure when they will go up again. They peaked in St. Paul in 2006.
There is some good news though. If homes keep selling at their current pace the total number of home sales will be back up to what they were in 2005. They took a nose dive in 2007, which is the same year prices started to edge downward. . . . or I should say drop like a rock.
The number of home sales tend to go up when homes become more affordable, and they have become more affordable. I don't like to make predictions but I don't think we will see home values go down next year. I think they will remain fairly flat or maybe go up a bit from what they are they year.
The data used to make this chart is from the Northstar MLS and is deemed reliable but not guaranteed. The data is for residential real estate sold in the City of St. Paul from January 1, 2005 through November 29, 2009.
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