Looking back at 3rd quarter home sales were respectable compared to last year. Demand for homes stayed relatively flat in our area over the past few months. With the colder than normal spring and the fact that snow was on the ground later in the year, the spring market got off to a later than normal start. Summer is generally a slower time of year but this year we were busier than most and again we think the cold long winter kept buyers at bay. As fall rolled around sales in our area picked up a bit more and our office continues to be busy.
Looking ahead to the 4th quater, we expect continued stability in the market. As prices rise, inventory conditions will continue to improve. Pending sales at the end of Q3, the best indicator of closed sales for the coming quarter are up 15% in Dutchess County. It is important to note that even with low inventory, today’s buyers are very conscious of value and will not overpay. Sellers who misprice their homes will lose both time and money during the home sale process. Meanwhile, median prices in both Putnam and Dutchess counties remain more than 25% below their previous highs reached nearly a decade ago in 2005.
Here are some statistics from the 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 six months as of Sept 19th.
$200,000 to $300,000 24 Active on the market and 16 Sold
$300,000 to $400,000 21 Active on the market and 10 Sold
$400,000 to $500,000 17 Active on the market and 0 Sold
$500,000 to $600,000 5 Active on the market and 0 Sold
$600,000 to $1,000,000 22 Active on the market and 0 Sold
Looking at the sales numbers above I was somewhat surprised to see that not 1 house in Pawling sold between $400,000 and $1,000,000 in the last 6 months. Keep in mind there may have been a private sale or 2 that may have transpired, but he higher end houses continue to struggle. That’s it for now everyone; enjoy the fall season and upcoming holidays!!