After setting records in 2008, all three price indicators declined in 2009. The year-over-year declines were less
than those of the year-over-year declines in recent quarterly reports due to the record prices reached in the first
half of 2008. This is the first time that any of the three price indicators have posted year-over-year declines since
1996. Median sales price for 2009 fell 11% to $850,000 from a record $955,000 in 2008, but was 113% above $399,000
in 2000. Average price per square foot fell 14.2% to $1,073 from a record $1,251 in 2008 and 105.2% from $522
in 2000. Average sales price followed the same pattern, dropping 12.5% to $1,393,001 from a record $1,591,823
in 2008, but 96% above $710,778 in 2000. The market had a smaller concentration of high end sales, a smaller
market share of new development sales and an increase in entry-level apartment sales…