The Eastman real estate market took a step back from 2016 as far as total unit sales go but there are some interesting numbers to talk about. For starters:
In 2016 there was 77 total home sales, in 2017 there was 69. It wasn’t a bad year, just not as good as 2016. Here is where the numbers look like an improving real estate market. The median sales price in ’16 was $225,000 in ’17 the median sales price was $241,500. Thats in increase of of just over 7%. The average sales price in ’16 was $245,877 and ’17 it was $267,781 thats in increase of just under 9%.
Condo sales were down and down a lot compared to ’16. In 2016 there was 26 units sold. In ’17 there was 12…thats a significant drop. The good news is in ’16 the median sales price was $129,850 in ’17 the median sales price was $190,000. The average sales price in ’16 was $159,942 in ’17 the average sales price was $182,325. In this case I think the average sales price is more accurate since there was only 12 sales. This years sales price saw an increase of 14%.
Hopefully 2018 condo unit sales will be up. A lot will depend on inventory levels. Low inventory this past year was a big contributor to the lower sales number. Another factor was the lack of vacation home buyer. I believe the vacation home buyer will be back and total condo sales will increase this year.