Although the year is not over, we have a pretty clear picture of how the overall market is going to end up. All things considered, not bad.
According to LINK,
For the period 1/1/11-11/30/11
-total volume was just under $481mm from 355 transactions
-average sale price was just over $1.57mm
-median sale price was just under $1.04mm
-average days on market was 255
For the period 1/1/10-11/30/10
-total volume was just over $610mm from 323 transactions
-average sale price was just under $1.89mm
-median sale price was $1.07mm
-average days on market was 251
The wide discrepancy between the total volume numbers is mainly because this period in 2011 had three 8-figure sales and this period in 2010 had eight 8-figure sales , which accounted for a little over $100mm in extra volume for 2010. What is encouraging is the median prices and days on market stayed roughly the same, which makes me believe that 2011 followed 2010’s trend of laying a bottom to the real estate market. There are still a lot of buyers on the sidelines that will jump in at any sign of the chaos in the world settling, which will give a nice bump to the market.