Looking back at the end of 2017, the handwriting was on the wall that 2018 was going to be a good year. Overall it was a very good year with strong home and condo sales, there were 7 land sales too which is very rare these days. Here are some great numbers showing values are going up. I’ll start with homes and then condos.
2018 there were 76 homes sold, the median price $258,250 average price $281,298 2017 there were 69 homes sold, the median price $241,500 average price $267,781 2016 there were 77 homes sold, the median price $225,000 average price $249,877
Thats a steady increase over the last three years!! With the number of home sales, one or two high end or low end sales are not going to skew the numbers, unlike condo sales which you will see below. Here are the condo numbers:
2018 there were 28 condos sold, the median price $172,500 average price $175,665 2017 there were 12 condos sold, the median price $190,000 average price $182,325 2016 there were 26 condos sold, the median price $129,850 average price $159,942
Just looking at the face value of the condo sales, the numbers don’t look good. So 2017 was a fluke and bad year for overall condo sales but a good year if you just look at the value numbers. In my opinion 12 unit sales is not a big enough snapshot to base a statistical argument on. In my opinion I do believe the value trend is up and I hope that in 2019 we will see over 20 condo sales with a median and average sale price greater then 2018.
Overall, 2018 was a good year, any time there are over 100 unit sales, we should not complain. A total of 104 sales is our new benchmark. From what I see, the biggest obstacle to hitting that number this year is inventory. The available number of homes and condos is as low as I’ve seen in 14-15 years. This is great news if you are a seller, low inventory means more buyers per property which should drive values to higher levels.