Posted by Jonathan J. Miller -Friday, January 28, 2011, 10:50 AM
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Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.
…Both price indicators for the East End housing market show significant gains from the prior year quarter and prior quarter as more high-end properties were sold. In the fourth quarter there were 38 sales at or above $5,000,000, 58.3% more than 24 sales in the same period last year. The fourth quarter reflects the highest total since the onset of the credit crunch in 2008 and well above the 7 sale low point reached in the first quarter of 2009. The surge in high-end sales skewed the price indicators higher, but the housing market should still be characterized as stable. The median sales price for an East End property for the fourth quarter was $730,000, 4.1% above $701,161 in the prior year quarter and 16.8% above $625,000 in the prior quarter. Average sales price followed a similar, but more skewed pattern. The average sales price jumped 21.4% to $1,594,785 from $1,313,264 in the prior year quarter and increased 25.2% from $1,273,775 in the prior quarter…