Time marches on. It seems like these quarterly updates are only a month apart, and the older I get the faster time flies. I’m sure many of you feel the way. In my case, I think that when you’re busy all the time, you lose track and the next thing you know summer is gone and its time to close up the pool.
Looking back at the summer of 2013 and ahead to the fall season, I have some good news to pass along.
This summer has been one of the most active that we Realtors have seen in a long time. We had a quick slow down in late spring that only lasted a few weeks at most, and then the market picked up quickly - and it was full speed ahead over the summer. Area offices are way ahead of last year with a large increase in the number of sales pending and closed transactions.
Land sales which have been almost non-existent have also started to pick up. That’s a great sign. Demand for new housing is on the increase. Many local contractors are very busy and have plenty of work for now. It’s nice to hear that your friends, and in my case, my brothers - both who are in the electrical field - are scrambling to get to all there customers. New houses built on speculation are returning slowly to the market.
Interest rates continue to be at historical low levels, even though they have increased somewhat. When you look at the big picture, it is still a great time to buy. The next move is going to be up as far as home prices go. With all this activity and shrinking supply we do expect to move in that direction, but we think its going to happen slowly. Looking ahead I expect to see a busy fall season right up until the holidays, and come late December I will be back I touch for another update.
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 39 Active on the market and 14 Sold
$300,000 to $400,000 33 Active on the market and 12 Sold
$400,000 to $500,000 10 Active on the market and 1 Sold
$500,000 to $600,000 6 Active on the market and 2 Sold
$600,000 to $1,000,000 16 Active on the market and 4 Sold
In summary, the statistics in my next report should show a substantial improvement. At this point there are a large amount of homes that are in pending status and they will be closing over the next two or three months. Sellers, you still need to price your house well to insure showings and possible offers. We are not at the point where buyers are willing to get into bidding wars. However, we have seen homes getting multiple offers from time to time.
I’ts great bringing all of you some good news for a change, and dare I say - the future for home sales looks brighter than it has for a long time.
Good Luck everyone and enjoy the fall season!!
Click Below to Listen:
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