Abstract
There are many reasons for the fact that reliable property indices are difficult to calculate. Even though, in theory, there are several acknowledged methods of their determination, this task poses problems of various nature in practice. These problems grow when the data sets are limited, which is the case on small property markets where the number of transactions are low. The paper is an attempt to compute property price indices on the basis of a statistically smoothed series of average unit prices of residential properties sold on a small market, exemplified by the county of Łobez. Additionally, the paper discusses the problems that have emerged over the course of the study, as well as the obtained results, as viewed in the context of the general situation on the property market.