Old Town Market Update for 2014— Year in Review

    As 2014 comes to a close, it’s time to do a year-to-year comparison for home sales in Old Town. Single family homes in 2014 showed a consistent overall value increase in average and median sale prices as compared to 2013. Even though 34 fewer homes sold in 2014 than 2013, this past year still yielded 147 home sales. In the last year, the average sales price increased to $356,500, with a median of $302,500. In 2013, the average sales price was $335,000 with a median of $290,000. Overall, average home prices increased $21,500, whereas median prices increased $12,500.

     
    Statistics for attached dwellings (condo/town homes) showed a higher percentage increase than the previous year. In 2014 there were 31 sales with an average price of $359,000 and a median of $290,000. A single sale of a $2,200,000 condo unit skewed this average, but after removing this sale from the statistics, the average price drops to $297,500, and the median adjusts to $285,000. In 2013 there were 39 sales with an average price of $227,500 and a median of $219,000. Between these two years, the average sales price increased $70,000 for condos & town homes, highlighting the clear demand and short supply for attached dwelling homes in Old Town. Hopefully builders will meet that demand by starting new projects in 2015! This winter has remained very busy, with numerous property showings and many homes continuing to go under contract, indicating a robust 2015 for Old Town Real Estate!

     

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