Berkshire Hathaway Hudson Valley Properties
14C East Main Street, Pawling, NY
Update on current Pawling Real Estate Market
Welcome 2017! And welcome to a year of change ahead. What that change will be is truly hard to predict given the new administration coming in and interest rates already starting to inch their way upward. I can say that 2016 ended on a high note – with brisk real estate activity all over Pawling and at many price points. If you compare the statistics below with those reported in the fall, you’ll see that the number of homes for sale* went from 36 in the price ranges from $200,000 – $1,000,000 to 60 homes for sale. The number of homes Sold in the same price range went from 26 to 34. The most notable increase in activity was in the $600,000 – $1,000,000 – a price range that was practically at a dead stop 2 years ago – and 5 homes sold! I think this speaks to the overall improvement in the real estate market and the increased confidence in the market for both buyers and sellers.
I had mentioned before that the trend is moving towards a “seller’s market”. That movement continues and unless the financial market changes radically, it will go towards that goal. The biggest factor affecting real estate in January and February is probably the weather! There aren’t too many home showings in a snow storm. So if the weather co-operates, the general upward swing will continue as buyers and sellers accept the existing market and want to make changes in their housing based on their personal circumstances.
Here are the 4th quarter statistics: those homes currently on the market by price range and those that SOLD in the last 180 days:
$200,000 – $300,000 15 active and 13 SOLD
$300,001 – $400,000 11 active and 9 SOLD
$400,001 – $500,000 12 active and 6 SOLD
$500,001 – $600,000 3 active and 1 SOLD
$601,000 – $1,000,000 19 active and 5 SOLD
Pawling continues to be a “destination” for home ownership because of the desirability of our location and the numerous amenities the village and town have to offer. And of course, the people who live here continue to promote the town to friends, relatives and neighbors who appreciate it!
*statistics from the Hudson Gateway Multiple Listing Service