Is Riverside Back to Bubble Prices?

After seeing this sale of 32 Welwyn Rd. Riverside yesterday, which closed at $2,150,000 – I wanted to look at the numbers historically since 2003 for the 1st quarter to see how we are trending. It’s even more dramatic to see data for all months for years prior to 2014, but apples to apples – for comparison, we are looking at the 1st quarter.

The sellers bought this property in 2006 for $1,975,000 – and I’m sure that they were fretting when prices were in the hopper. But lookeee here – they came out ahead – hands to the ceiling!

The numbers below are median prices. The Blue line is an average of the median prices. There is a bit of an anomaly in 2009 – which was obviously skewed by a $10M sale in January – otherwise, it looks like this is the year to sell your home in Riverside. Sell in Riverside, and buy in Mid or Back Country…eventually the estate area will have it’s day once again – and you may even be a tad late for mid-country.
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JANUARY	2014	2013	2012
FEBRUARY	$2,200,000	$1,162,500	$2,250,000
MARCH	$3,850,000	$2,714,810	$3,172,500
	$2,950,000	$1,135,000	$1,105,000
	$3,000,000	$1,670,770	$2,175,833
	2011	2010	2009
JANUARY	$4,000,000	$1,572,500	$10,000,000
FEBRUARY	$600,000	$1,600,000
MARCH	$907,500	$1,400,000	$750,000
	$1,835,833	$1,524,167	$5,375,000
JANUARY	2008	2007	2006
FEBRUARY	$3,026,500	$1,822,500	$1,623,000
MARCH	$1,350,000	$1,617,500	$1,800,000
	$2,875,000	$2,577,500	$1,105,000
	$2,417,167	$2,005,833	$1,509,333
JANUARY	2005	2004	2003
FEBRUARY	$1,747,500	$1,425,000	$1,035,500
MARCH	$2,407,750	$2,450,000	$1,002,500
	$1,305,000	$1,600,000	$1,262,500
	$1,820,083	$1,825,000	$1,100,167