The average price of a home in Bodega Bay as of August 2007 was down to $906,000 from $998,000 in 2006. This represents a 9% decline. The median price dropped even more significantly during this period - from $980,000 in 2006 to $815,000 in 2007 or nearly 17% down. This drop is probably what has contributed to recently growing buyer interest levels as the lender business stabilizes.
The discrepancy in average versus median prices indicates that lower priced homes are dominating the market right now, although there have been a few sales in the high end lately (over $1.5M).
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