Year over year in Dutchess County, 2014 was a mirror image of the prior year with closed sales of 1,800 homes and a median sales price of $250,000. Low interest rates, attractive pricing and a high affordability index will continue to stimulate strong first-time homebuyer demand in the area. The commuter market should also improve as Westchester prices continue to gain steam and the price gap widens between counties. We also expect more movement in the higher price ranges as a shrinking number of new homes starts continues to tighten supply. The Millenials, the next generation of homebuyers, are finally leaving their basements and forming households. As they enter the housing market in greater numbers they will fuel improving conditions for the next several years ahead.
Dececember and January were relatively good months as far as weather was concerned and our office was busier than recent years. February has been a nightmare with snowstorms and cold weather. Conditions are now having an impact on showings and our overall business practices. If this weather persists much longer our numbers will definitely be lower for April and May. The spring market could potentially be pushed back just like it was last year.
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 February 13, 2015
$200,000 to $300,000 25 Active on the market and 17 Sold
$300,000 to $400,000 16 Active on the market and 7 Sold
$400,000 to $500,000 9 Active on the market and 1 Sold
$500,000 to $600,000 2 Active on the market and 2 Sold
$600,000 to $1,000,000 9 Active on the market and 1 Sold
Looking at the sales numbers above I was happy to see the increase in sold homes just about all across board. These numbers really represent homes that went into contract in the late summer and fall of 2014 which have now closed. If the weather cooperates we are optimistic about a market that will continue to pick up steam.
That’s it for now. Everyone stay warm… happy and healthy!! I will touch base with you all once again in the Spring.