Welcome to fall 2012 everyone! Where did summer go? Seems like only yesterday I was taking the cover off the pool and putting out the patio furniture. Now I am closing things up and getting firewood together for the impending cold weather.
The real estate market, although nothing to write home about, has been showing some signs of improvement. Sales are up slightly compared to the same period last year. Inventories as well are smaller than they were even six months ago, not by a huge margin, but they are smaller. Other positive factors like the performance of the equities markets have shown improvement as well, especially the Dow Jones Industrial Average. Interest rates should also continue to be a huge positive and they are still at historically low levels. Many real estate agents I talk to are very active and feel there is an increase in pent-up demand – only time will tell.
With all that being said, there are still plenty of drags on the housing market that remain in place. Job growth and job security continue to retard consumer confidence. Unemployment in our area is still high by historical standards, and the political landscape remains uncertain.
It was a typical summer season with sales brisker in the spring and tailing off during the dog days when everyone seems to be on vacation. Now as we enter into the fall season, the market has begun to pick up again and we should see increased activity at least until the holidays roll around.
Here are some statistics from Westchester/Putnam MLS regarding the number of homes currently on the market in Pawling in a given price range, and the number of solds in the last 6 months as of 9/27/12:
$200,000 to $300,000 36 Active on the market and 7 Sold
$300,000 to $400,000 24 Active on the market and 7 Sold
$400,000 to $500,000 17 Active on the market and 3 Sold
$500,000 to $600,000 7 Active on the market and 0 Sold
$600,000 to $1,000,000 16 Active on the market and 1 Sold
In summary, looking at the numbers above and comparing them to my last report, they confirm what I have been saying. The number of overall actives has come down and the number of sold homes has risen. Again, not by a huge margin but at least we are heading in the right direction.
Competition will continue to be tough for sellers and we are still seeing prices coming down in our area but at a slower rate. Price your home right if you really want a chance to sell it. Buyers are still in the driver’s seat and are looking to wheel and deal!
Good luck everyone, and enjoy the change of season!
14CEast Main Street
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