The average price for a home in University City, however, has consistently decreased since the beginning
of the year. At the start of 2007, average prices hovered around $700,000 for a home in UC. These
numbers remained, for the most part, pretty much the same through the entire year until the beginning of
2008, where average prices jumped to almost $800,000. From there, average prices have continued to
decrease every month and are now around $600,000.
Median prices for a home in University City have pretty much followed the exact trend of average prices. Where
the average prices would rise or fall, so did the median price. As of now, the median price for a home
was also around $600,000.
University City condos have had a similar pattern. Average prices, for a condo in UC, started out at around
$400,000 and remained so until the beginning of May, where the prices began to fall a bit to the now
current average of approximately $380,000.
Units sold were at their highest in May of 2007, but continued to fall until the beginning of 2008. Every month this year has showed an increase in sales for University City condos and as of now we are averaging about
20 sales a month.
Unilike the University City housing market, the median price for the condo market has not followed the
same pattern. For example, while the average price for a condo was around $400,000, the median price was
around $340,000. As I stated earlier, the average price for a condo in University City is around $380,000, while the median price is about $320,000.
|
