Old Town Market Update:
Average home sale price is down by $4,000.00.
These are not huge numbers but August of 2018 the sales data for Old Town shows there were a total of 22 houses sold with an average sales price of $482,000.00. Whereas, in August 2017 there were 18 homes that sold at an average sales price of $486,000.00. Overall sales volume and values are starting to come down as interest rates rise. This reality is causing some buyers to jump off the fence and try to find a good deal and other sellers to try to sell as soon as possible, before interest rates continue to rise as we are told they will.
On another note, I recently saw that a petition is being circulated to reverse the U + 2 ordinance in the City. Over the past 14 years of my career I would say that most of the people I have talked to about this ordinance are not in favor of it, whether it is for affordability reasons, or how it limits rents. Occasionally, I talked to home owners who are thankful that they are not neighbor to over-run rental properties. I think I could personally see either side of the argument, but perhaps something more like a U + 3 could make sense. That way we keep some of the restriction, but loosen it enough to help tenants divide their rents up a little bit more? What do you think?