Spring is arriving in Pawling! The forsythia bushes are in bloom and you see all types of activity around town. And if you’re in a real estate office – you are seeing activity as well. With only a limited number of snow days, homes were being bought and sold all through the winter and the numbers below show that there has been a very steadily paced market. Even though there were reports of rising interest rates, the slight shift upward has not made a material difference for most buyers. The most notable change that has occurred in the last quarter is the status of ‘For Sale’ inventory, specifically in the $200 - $300,000 price range. When you scan the internet, you see lots of homes listed at this price. However many are foreclosures, short sales or are in distressed condition. This is the range most first time home buyers are looking in – and there is now a shortage of homes in good condition in this range. So if you are in this buying group, I suggest you have your mortgage pre-approval in hand and be ready to make a quick offer if you see something you like (and you may have to pay full price to compete with other buyers!)
Last quarter I had talked about the trend towards a “seller’s market” and that trend is continuing. As shortages continue and competition heats up between buyers – the selling prices of homes will start inching up. Of course, this mirrors the price ranges that have shortages – so again this reality applies more to the $200 - $300,000 range rather than homes at higher price points which are not seeing price improvements at this time.
So here are the2017 1st 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 7 active; 9 under contract and 11 SOLD
$300,001 - $400,000 14 active; 9 under contract and 11 SOLD
$400,001 - $500,000 6 active; 2 under contract and 6 SOLD
$500,001 - $600,000 7 active; 0 under contract and 0 SOLD
$600,001 - $1,000,000 15 active; 5 under contract and 5 SOLD
Pawling continues to be a destination point for both local buyers and out-of-town buyers who want to live in a quaint town away from busy city life.
*statistics from the Hudson Gateway Multiple Listing Service