From 1991 – 1997 there was little change in the Residential Median Sold Price across the Greater Fort Bragg area. Beginning in 1998 when the Median Sold Price stood at $158,000, it began a steady climb, increasing over 280% to a high of $445,000 in 2006!
While the ENTIRE Coastal Mendocino Market Area continued to rise in 2007, the Median Sold Price in the Greater Fort Bragg area has slipped 3.4% in 2007 to an overall Median Sold Price of $430,000. There are several reasons to expect that the steady increase in prices has likely reached a plateau for next few years to come.
The biggest reason to expect the Median Sold Price will not continue to increase is because of the dramatic slowdown in real estate sales. From a peak in 2004 when 201 homes sold, sales fell 61% over the next three years to only 79 homes sold in 2007 throughout the Greater Fort Bragg area. This also had an effect on the average Days on Market which increased 40% from a low of 141 days to 197 days in 2007.
What is likely to happen in the Greater Fort Bragg area over the years to come? While our market activity will likely to continue to be flat or decline somewhat over the next couple of years, falling Median Sales Prices will have a positive effect and increase home sales.