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1st Quarter Market Update, 2018

Posted on: May 3rd, 2018 No Comments

Residential real estate sales in Clinton County in the first quarter of 2018 were on par with 2017.  Actual sales dollars were 3% higher at $14,094,830 with 109 homes changing hands vs. 102 in this quarter in 2017. The average sale price was $129,310 down slightly from $133,864 in 2017.

Essex County residential real estate sales, which often see wide fluctuations in a quarter, are 27% lower than Q1 last year at $17,228,811. The average price of homes sold was $297,048 vs. $361,078 in 2017, with 58 sales vs. 65 in 2017.

Franklin County residential sales were $6,208,792, up 5.5% from Q1 2017.   There were more sales this year, 59 vs. 49, with the average sale price of a home 11% lower at $107,048 vs $120,129.

Some may think the Federal Reserve’s current plan to gradually increase interest rates would have a negative impact on home sales but in many instances, it increases buyer motivation. Buyers can benefit by securing a lower rate now vs. later when rates may be higher, resulting in interest expense savings.  Additionally, most buyers are aware home inventory is low and if a listed home is priced right, there will be little to no price negotiation.

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