I bought a bike recently directly from bicyclebluebook.com at the end of March when the stuff really hit the fan and everyone was in full panic mode. Got a great deal. I’ve noticed since then the blue book value of that same bike has steadily climbed on their website so they do adjust their estimates on a regular basis based on market conditions.
My personal opinion is their estimates are sometimes a little too low and at times a little too high. Some bikes seem like great bargains and others seem way overpriced.
So short answer, who knows? Value is in the eye of the beholder.