And foreclosures, short sales and not-aggressively-priced homes are contributing factors.
CAAR year-end market reports show Central Virginia’s median price for homes sold in 2009 was $245,000,$265,000 in 2008 and $277,000 in 2007. The local market reached its peak median sale price in the first quarter of 2006, according to CAAR reports, when the median home sale was $289,900.
I know that the above is the best available data to the media, but it’s really mostly irrelevant. The end of 2009 is long-gone, and “Central Virginia” is far too great to provide useful information for buyers or sellers, or interested people other than to provide exceptionally high-level trends.