Spring is here and the housing marking in Pawling has been lively since February. Due to the mild winter and little snow, spring home sales got off to an early start. As far as home selling activity is concerned, the lower end of the market is still out-performing the mid to upper priced homes. Houses are selling and in some instances we are seeing multiple offers on well-priced homes.
We are still in the process of digesting short sales and foreclosures, and they continue put downward pressure on neighboring properties. Investors and even end users are buying them and in many cases fixing them up and putting them back on the market. All this construction and remodeling will have a positive impact on our town and eventually our property values. It’s going to take time but we do see our market improving as we move forward.
Speaking of construction, commercial properties are an area that I normally don’t touch on, but I am sure many of you have noticed what’s been going on up and down the Route 22 corridor and in the Village as well. New construction and remodeling of older buildings has been brisk of late and all this bodes well for job creation, tax base, and our local economy. Looking ahead we still have many positive factors that should keep us moving in the right direction including low and still-decreasing unemployment rates, and persistently affordable mortgage interest rates.
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 6/24/16
$200,000 to $300,000 26 Active on the market and 13 Sold
$300,000 to $400,000 24 Active on the market and 2 Sold
$400,000 to $500,000 18 Active on the market and 2 Sold
$500,000 to $600,000 6 Active on the market and 1 Sold
$600,000 to $1,000,000 25 Active on the market and 2 Sold
The numbers above should improve as we move into summer; remember deals that are being done now during the busiest time of year generally take 60 to 90 days to close. So for my next report I am expecting a modest increase 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