Berkshire Hathaway Home Services Hudson Valley Properties
14C East Main Street, Pawling, NY
Update on current Pawling Real Estate Market
Spring is finally here – we survived the aftermath of 4 noreasters that kept everyone in their homes for weeks, many without power. So even though the temperatures haven’t entirely improved – the power is on and I think the worst is over. The better weather is making it easier for buyers and sellers to rekindle their interest in the real estate market!
There definitely was a slowing of the market over the winter season. That is evident when you review the statistics below. However that is “normal” with the ebb and flow of this business – it’s not an indication that the overall market is slowing at all. In fact, the market continues to strengthen all the time, with the tide turning slowly but surely towards a seller’s market – especially in housing under $300,000 – where there continues to be a shortage of move in ready housing. Some houses are selling in less than a month at asking price and even over asking as the competition heats up. And over $300,000 – the market is basically the same as it has been for the last year. Interest rates are also slowly creeping up. So if you are planning on buying, you definitely want to monitor interest rates on an ongoing basis. As these rates slightly increase, your buying power slightly decreases – so you may have to consider that home purchase you’ve been putting off.
Here are the 2018 1st quarter statistics* – those single family homes currently on the market by price range and those that SOLD in the last 180 days. I also added those that are under contract but have not SOLD as another indicator of activity:
$200,000 – $300,000 9 active; 1 under contract and 15 SOLD
$300,001 – $400,000 11 active; 7 under contract and 8 SOLD
$400,001 – $500,000 2 active; 1 under contract and 3 SOLD
$500,001 – $600,000 3 active; 0 under contract and 3 SOLD
$600,001 – $1,000,000 20 active; 0 under contract and 2 SOLD
Pawling’s reputation, location and amenities continue to bring people to our lovely town.
*statistics from the Hudson Gateway Multiple Listing Service