Update on the current Pawling Real Estate Market,
Summer is here and seems to be flying by; The Real Estate Market for Pawling and the area are showing signs of a recovery to the entry level segments of the market. This is primarily due to the fact that the increase has been fueled by first time home buyers. What we would like to see more of is an increase in the move up market. The problem is when these first time homes close, the sellers of those homes have little or no equity left at the closing table to apply toward a larger home. Homes in Pawling listed under $300,000 are selling, once we move to higher prices activity slows tremendously. For example last time I looked a couple of weeks ago there were approximately 45 homes for sale on Quaker Hill. A huge amount in my estimation and there were only a few in contract. This just proves to us that the buyers of these types of properties are few and far between. The other issue that I have been talking about year after year is the tax burden in the area. It’s a one two punch for the local housing market.
Moving into fall year over year we see the activity levels pick up. The dog days of summer will soon be over and sales should become more brisk up until the holidays. It’s still a buyer’s market, and if you want to sell that higher end home, it will have to be priced very aggressively. Looking at the big picture markets both locally and across the country are in better shape than they were. Interest rates are expected to rise but still remain below 5% and low oil prices are helping to keep inflation at bay. Hopefully the economy will continue to improve as we get ready for election year 2016.
Here are some statistics from 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 6 months as of 8/11/15
$200,000 to $300,000 33 Active on the market and 9 Sold
$300,000 to $400,000 29 Active on the market and 6 Sold
$400,000 to $500,000 12 Active on the market and 3 Sold
$500,000 to $600,000 9 Active on the market and 0 Sold
$600,000 to $1,000,000 21 Active on the market and 2 Sold
That’s it for now; I hope all of you have a great summer and best of luck with all your Real Estate Endeavors!! I will touch base again with you all later in the year.
Berkshire Hathaway Hudson Valley Properties
14C East Main Street