Personally, I don’t trust numbers much. Averages can be so easily distorted by one exceptionally large or small sale. But market trends are more trustworthy. Here is a Market Comparison Chart showing the SOLDS since 2006 for Valley County.
The downward trend is apparent. Home values have slipped over 50 percent since the peak. Appraisers tell us that home values have declined at around 1.5 percent a month. And bare land has been even harder hit with a 70 to 75 percent drop in prices.
It’s not my nature to be negative. If I consider the big picture I can see the truth — the real esate market saw a very unhealthy high in 2005 and 2006. The correction started in the last half of 2007 and now we are seeing a very unhealthy low. Eventually, hopefully sooner than later, the pendulum will settle at a healthy middle. At least at that point we’ll have some stability and be able to operate in our new normal.