Update on current Pawling Real Estate Market
Changing leaf colors, pumpkins and before you know it, turkey and stuffing. School is in full session, and fall festivities abound – while real estate is also at a high level of activity. The Pawling market has steadily been “heating up” through the spring and summer and the momentum continues. More and more First Time Buyers are finding that their dreams of homeownership are possible. Village homes continue to turn over quickly, as interest rates waiver slightly up and down but overall remain low. However, there is one noteworthy aspect of the market – the historically unusual and long “buyer’s market” is showing signs of reverting back to the more typical “seller’s market”. Though the scale hasn’t quite tipped in that direction – there are indications that it’s coming. That means, in effect, there will be a higher demand for houses than the current supply – leading to slightly higher prices in favor of the seller. In my opinion, there already is a “shortage” of good, move in condition homes under $250,000 in Pawling. Many of the homes in that price category are short sales and foreclosures which typically aren’t in move – in condition (making them much more costly that the advertised price.) So it might be a good time for Move Up Buyers to consider selling their homes for more space and amenities giving those first timers and down sizers more to consider.
As in the past, I am including statistics from the Hudson Gateway Multiple Listing Service regarding homes currently on the market by price range and those that SOLD in the last 180 days:
$200,000 – $300,000 17 active and 21 SOLD
$300,001 – $400,000 8 active and 3 SOLD
$400,001 – $500,000 6 active and 0 SOLD
$500,001 – $600,000 1 active and 1 SOLD
$601,000 – $1,000,000 4 active and 1 SOLD
So the trends from the beginning of last summer to now continue with homes under $300,000 surpassing all the other price points in terms of what is selling. Home ownership continues to be a goal of many of our Pawling residents and there is no time like to present to enter the market.
So before the snow falls – consider your housing situation and take advantage of what the current market has to offer.