The mums are in bloom, Labor Day picnics have been celebrated, students are back in classes and the fall real estate season is ready to begin! And believe it or not, the fall market is the busiest time of year. I can’t offer an explanation for that – I can only confirm that in all my years in business – this has always been the case. So let’s see if Fall 2017 confirms that trend.
Since the spring and through the summer, interest rates have inched up a little and inched down a little – back and forth - yet from a historical point of view, are still very competitive. Inventory continues to be generally stable, with a continuing shortage of houses in the $200 - $300,000 range in good, move-in condition. This makes it difficult for 1st time home buyers to make a purchase. There is a lot of competition for these homes, so they sell for asking price or close to asking price with very little room for negotiation. Of course, this is good news for sellers who have been at the mercy of a sluggish market for years. Sellers in the higher ranges have not seen any improvement in prices.
So here are the2017 2nd quarter statistics* - those homes currently on the market by price range and those that SOLD in the last 180 days. I also added those that are under contract but have not SOLD as another indicator of activity:
$200,000 - $300,000 10 active; 12 under contract and 15 SOLD
$300,001 - $400,000 14 active; 5 under contract and 18 SOLD
$400,001 - $500,000 7 active; 0 under contract and 5 SOLD
$500,001 - $600,000 6 active; 2 under contract and 0 SOLD
$600,001 - $1,000,000 21 active; 0 under contract and 7 SOLD
With Pawling’s latest “claim to fame” as a movie location, plus the startup of Cricket Energy in Wingdale, we continue to attract out of town buyers who appreciate our town and all it has to offer.
*statistics from the Hudson Gateway Multiple Listing Service
Berkshire Hathaway Hudson Valley Properties
14C East Main Street, Pawling, NY