Spring is here and the housing marking in Pawling is in full swing. With the warming temperatures, greener grass and trees in full bloom new listings are coming on the market every day. Our phones are ringing and buyers out there are setting up appointments to get out and see them. This spring has been more active than last year, and we are hoping the trend will continue long into the summer. As far as home prices are concerned the lower end of the market is still doing better. Houses that are priced right are selling and in some instances we are seeing multiple offers. When we move into homes above $300,000 the drop off is pretty dramatic and competition for a limited amount of buyers is still putting downward pressure on the listing prices. This is most evident in the $300,000 to $1,000,000 range, with the toughest selling point between $450,000 to $1,000,000. Positive factors include low and still-decreasing unemployment rates, and persistently affordable mortgage interest rates. Some negatives include the near certainty of rate increases by the Federal Reserve later this year, and erratic swings in the equity markets that make for nervousness about committing to the housing market.
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 homes sold in the last 6 months as of May 24, 2015
$200,000 to $300,000 32 Active on the market and 5 Sold
$300,000 to $400,000 26 Active on the market and 3 Sold
$400,000 to $500,000 9 Active on the market and 2 Sold
$500,000 to $600,000 7 Active on the market and 2 Sold
$600,000 to $1,000,000 17 Active on the market and 2 Sold
The numbers above will improve as we move into summer, keeping in mind that deals that are being completed now during the busiest time of year, generally take 60 to 90 days to close. So for my next report I am expecting quite an uptick in sold homes. Let’s hope that as temperatures warm up the local market will continue to do so as well.
That’s it for now and I hope all of you have an enjoyable spring season.
Berkshire Hathaway Hudson Valley Properties
14C East Main Street