Looking back at third quarter home sales in our area, we continue to see the majority of activity under $350,000. The high end still continues to struggle, but there have been a few notable sales of late in the Quaker Hill Area. From late summer through the fall we have seen a considerable amount of business.
August is generally one of the slowest months of the year for Real Estate. This year however that was not the case. Hopefully it’s a sign of an improving market. I know I sound like a broken record, but if you want your home to sell it must be priced aggressively. . Buyers these days are very savvy, and are not willing to overpay.
Many of the agents in the office are still quite busy with buyers and sellers as I write this and the rental market this year has been very strong. Prices still remain flat at best and as soon as a home sells another pops up to take its place.
Looking ahead to the fourth quarter, we feel that buyers are beginning to feel more comfortable with the economy and the Real Estate market as a whole. Interest rates continue to be extremely attractive and energy costs are currently low and under control.
Overall, most agents are pretty bullish on the market even going into the holiday season. We are an optimistic group by nature.
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 homes sold in the last six months as of November 5th.
$200,000 to $300,000 35 Active on the market and 15 Sold
$300,000 to $400,000 28 Active on the market and 4 Sold
$400,000 to $500,000 13 Active on the market and 2 Sold
$500,000 to $600,000 9 Active on the market and 0 Sold
$600,000 to $1,000,000 17 Active on the market and 2 Sold
$1,000,000 & Higher 16 Active on the market and 2 Sold
Looking at the sales numbers above reiterates what we have been seeing for quite some time. Homes priced from $400,000 to $1,000,000 continue to be the sluggish sector of the market. I think one of the reasons for this is the added cost of high taxes on top of the purchase price. For instance on the purchase of $500,000 home you need a buyer who can afford a $700,000 property once the taxes are incorporated. So in essence you need a stronger buyer to purchase the same $500,000 home these days than you did say 10 or 15 years ago.
That’s it for now, I will be checking in again in a few months. Have a happy and safe holiday season and best of luck with all your Real Estate endeavors!
Berkshire Hathaway Hudson Valley Properties
14C East Main Street
Pawling NY 12564