Brookfield home prices take big hit in 2008
The year 2008 was not kind to Brookfield, Wisconsin, home sellers.
Multiple Listing Service data show that the average price of homes sold in Brookfield in 2008 was down almost 10 percent compared to the average sale price in 2007. If you prefer to use median prices for comparison, there was about an 8 percent drop in values 2007 to 2008. (As an aside, to preserve my college GPA I avoided any statistics course. I really don’t know which method better reflects market conditions so I researched and included both.)
The number of homes sold in 2008 was down a whopping 26 percent compared to 2007. The total of 330 houses sold through MLS in 2008 was down 35 percent from the 2005 high water mark of 508.
As you can see from the chart below, the drop in value in 2008 virtually wipes out nearly five years of steady, but not spectacular, appreciation. It is interesting to note that even in 2007 Brookfield prices were holding their own (actually gaining on the average side), even as much of the rest of the country was already sliding down the slippery slope of devaluation.
Now might be the time to take advantage of these reduced prices. I’m sensing more activity in the marketplace and some renewed optimism. If you have been waiting for this real estate market to hit bottom, we may be there right now.
Posted by:
Steve Bauman
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