Originally posted on Dec 16, 2014.
After having the best month in a couple of years in May, there was hope that this would be a good year for condominium and townhome sales. Unfortunately, since May sales were down significantly from last year. This year there were 46 condominiums and townhomes sold through September, which is the exact number that were sold during that period last year. Sales prices were up less than 5%.
The average price of the homes sold this year was $148,538. This compares to $141,167 last year, which is a gain of 5%.
The large number of homes listed for sale this year might have a negative impact on home values in the future. There were 131 condos and townhomes listed for sale this year, which is a 25% increase from last year.
With 131 homes for sale this year and only 46 sold means 85 of the homes listed for sale haven’t sold. Last year this number was 59, which is still a high percentage of unsold homes. A large inventory and low demand usually leads to a decline in values.
On a positive note, there have been 2 homes sold in October for a total of $226,900, and there are currently 7 pending sales, with a total asking price of $1.24M. This could really help the sales totals for 2014.