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Date: Jan. 21, 2008
Tags: None
I recently heard a remark on the housing market that I think is apt: The recovery in the real estate market will look like an "L" not a "V". Meaning that prices will stabilize, but not necessarily start climbing again for a while.
Interest rates are low, and will probably go lower if the Fed cuts rates again at the end of January. This allows buyers to afford more house for the same monthly payment.
Sellers need to price their properties for today's market. Appraisals in a declining market have been coming in below the sales price: either the seller has to accept the lower price or the buyer needs to find more cash.
My sense is that the lower end (under $350k) and high end ($1MM) of the market are holding their own. In fact, the high end of the market is doing better than last year. There were ten $1MM+ properties that closed in 2006 and 17 in 2007.
The overall statistics for Ulster County for 2007 don't look much different from the overall statistics for 2006:
- Total sales volume is $403,623,346 for 2007 versus
$405, 562,940 for 2006
- Average sales price went up -- $303,021 for 2007 and
$285,809 for 2006
- Median sales price went up slightly to $252,577 for '07 and
$250,000 for '06.
- Number of units sold declined 6% from 1419 in '06 to 1332 in
'07.
However, if you look at the numbers for the last two months of the year compared with the same period a year ago, the numbers are quite different:
- Total sales volume declined 27% from $72,710,448 in '06 to
$52,880,501.
- Average sales price declined from $293,1187 in '06 to $278,318
- Median sales price is almost the same: $249,000 in '06 and $245,000 in '07
- Number of units sold declined 23% from 248 to 190.
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Date: Feb. 19, 2007
Tags: None
First, the numbers:
Countywide, there was no statistically significant changes from the 2005 numbers compared to previous years where there were double-digit increases. The average price remained the same at $283,173 and the median price was up 1% to
$249,000.
The average ratio of sale price to original list price was 92%, but this number is probably lower since it doesn't take into account properties that expired and were then relisted. Average days on market was 160, but is probably greater for the same reason.
New listings continue to outstrip sales. Properties that are overpriced tend to languish on the market. Smart sellers are pricing their homes at 5% below market value to stimulate interest.
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% inc |
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% inc |
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% inc |
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2001 |
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2002 |
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2003 |
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2004 |
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2005 |
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2006 |
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2001-02 |
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2002-03 |
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2003-04 |
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2004-05 |
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2005-06 |
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2001-03 |
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2001-04 |
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2001-05 |
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2001-06 |
| Median Price Per Home |
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| Denning* |
$92,500 |
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$86,000 |
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$85,000 |
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$139,000 |
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347,500 |
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69,500 |
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-7% |
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-1% |
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64% |
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150% |
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-80% |
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-8% |
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50% |
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276% |
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-25% |
| Esopus |
136,000 |
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146,550 |
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172,200 |
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215,000 |
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259,900 |
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247,000 |
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8% |
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18% |
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25% |
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21% |
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-5% |
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27% |
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58% |
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91% |
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82% |
| Gardiner |
247,000 |
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250,000 |
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305,000 |
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334,750 |
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331,000 |
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350,000 |
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1% |
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22% |
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10% |
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-1% |
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6% |
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23% |
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36% |
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34% |
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42% |
| Hurley |
133,500 |
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175,000 |
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204,500 |
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223,450 |
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235,000 |
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262,500 |
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31% |
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17% |
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9% |
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5% |
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12% |
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53% |
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67% |
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76% |
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97% |
| Kingston City |
92,500 |
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112,000 |
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128,000 |
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160,000 |
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184,000 |
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191,745 |
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21% |
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14% |
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25% |
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15% |
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4% |
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38% |
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73% |
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99% |
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107% |
| Kingston, Town |
143,500 |
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122,000 |
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111,950 |
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164,500 |
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252,500 |
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282,500 |
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-15% |
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-8% |
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47% |
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53% |
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12% |
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-22% |
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15% |
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76% |
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97% |
| Lloyd |
125,000 |
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149,000 |
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177,000 |
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224,900 |
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262,250 |
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269,000 |
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19% |
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19% |
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27% |
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17% |
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3% |
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42% |
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80% |
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110% |
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115% |
| Marbletown |
167,500 |
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213,500 |
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280,000 |
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257,500 |
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340,000 |
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335,000 |
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27% |
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31% |
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-8% |
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32% |
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-1% |
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67% |
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54% |
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103% |
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100% |
| Marlboro |
152,500 |
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138,225 |
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225,950 |
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247,200 |
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255,000 |
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312,630 |
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-9% |
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63% |
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9% |
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3% |
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23% |
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48% |
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62% |
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67% |
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105% |
| New Paltz |
130,000 |
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192,000 |
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225,000 |
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265,000 |
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310,000 |
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290,000 |
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48% |
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17% |
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18% |
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17% |
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-6% |
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73% |
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104% |
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138% |
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123% |
| Olive |
167,500 |
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155,500 |
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212,000 |
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260,500 |
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252,500 |
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271,000 |
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-7% |
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36% |
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23% |
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-3% |
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7% |
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27% |
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56% |
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51% |
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62% |
| Plattekill |
125,000 |
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164,640 |
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204,500 |
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265,500 |
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285,000 |
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300,000 |
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32% |
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24% |
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30% |
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7% |
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5% |
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64% |
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112% |
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128% |
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140% |
| Rochester |
128,000 |
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151,000 |
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171,950 |
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199,500 |
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240,000 |
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238,000 |
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18% |
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14% |
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16% |
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20% |
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-1% |
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34% |
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56% |
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88% |
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86% |
| Rosendale |
115,000 |
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143,125 |
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167,500 |
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185,000 |
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228,000 |
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232,500 |
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24% |
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17% |
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10% |
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23% |
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2% |
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46% |
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61% |
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98% |
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102% |
| Saugerties Town |
116,500 |
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135,000 |
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160,150 |
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185,000 |
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220,000 |
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229,900 |
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16% |
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19% |
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16% |
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19% |
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5% |
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37% |
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59% |
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89% |
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97% |
| Saugerties Village |
92,500 |
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122,000 |
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157,263 |
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175,000 |
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203,250 |
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199,500 |
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32% |
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29% |
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11% |
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16% |
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-2% |
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70% |
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89% |
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120% |
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116% |
| Shandaken |
122,250 |
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151,000 |
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215,000 |
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214,500 |
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250,000 |
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200,000 |
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24% |
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42% |
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0% |
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17% |
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-20% |
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76% |
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75% |
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104% |
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64% |
| Shawangunk |
150,000 |
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195,199 |
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243,000 |
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225,500 |
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339,900 |
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280,000 |
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30% |
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24% |
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-7% |
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51% |
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-18% |
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62% |
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50% |
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127% |
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87% |
| Ulster |
101,250 |
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137,500 |
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164,000 |
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170,000 |
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193,750 |
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224,825 |
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36% |
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19% |
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4% |
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14% |
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16% |
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62% |
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68% |
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91% |
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122% |
| Wawarsing |
95,000 |
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101,500 |
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127,000 |
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142,650 |
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165,000 |
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176,000 |
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7% |
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25% |
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12% |
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16% |
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7% |
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34% |
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50% |
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74% |
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85% |
| Woodstock |
225,000 |
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276,100 |
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290,000 |
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297,500 |
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357,000 |
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368,000 |
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23% |
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5% |
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3% |
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20% |
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3% |
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29% |
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32% |
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59% |
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64% |
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Comments (1) :: Post A Comment! :: Permanent Link :: Email This Entry
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Date: Nov. 4, 2006
Tags: None
Let's take a look at the numbers just released by the NYS Association of Realtors for the month of September and see how they compare with the rest of the state.
First let's look at the number of single-family homes sold in Ulster County:
Sep-04 Sep-05 Aug-06 Sept-06p Sept-04 to Sept-05 to Aug-06 to Sept-04 to
Sept-05 Sept-06 Sept-06 Sept-06
140 159 147 121 13.6 -23.9 -17.7 -13.6 ULSTER COUNTY
9680 10533 11073 8876 8.8 -15.7 -19.8 -8.3 NYS TOTALS
Median sales prices:
$212,250 $259,900 $271,350 $245,000 22.4 -5.7 -9.7 15.4 ULSTER COUNTY
$235,000 $259,000 $264,750 $238,000 10.2 -8.1 -10.1 1.3 NYS TOTALS
So how is this reflected in the real estate market? The number of actual buyers has declined, and the number of available listings has increased (the basic definition of a buyer's market). Sellers in this area have had five years of a rising market and they still see dollar signs in their dreams. Some have had a hard time adjusting to the new reality and have priced their houses accordingly. When looking at new listings on the MLS hotsheet, my frequent response is "are they out of their minds!" Like all marketing, positioning is key. The thing to strive for as a seller is to be the best house in terms of both price and appearance in relation to the competition.
I have clients who rejected an offer 4 weeks ago after the buyer wouldn't raise their offer. As often happens, the next offer they received was lower than the first. My fear was that the next offer would be still lower. In looking at what was happening in their area, I discovered that no house had gone pending or had sold since the end of August and it was now the end of October. I went back to the original buyers who were in the process of negotiating on another property, and was able to resurrect the original offer.
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So what do you do after you've removed clutter and personal items? Then the real fun begins.
The next thing to do is to make sure that closets, cabinets and storage spaces aren't overstuffed (I know, that's where you stored all the personal items and clutter you just removed). One rule of thumb is to remove 1/3 to 1/2 of items in closets, etc. This is to highlight how much space there actually is. If buyers see spaces crammed full, they'll think there isn't enough storage space.
It's then time to remove excess furniture and simplify the layout. Again, staging a home for sale is not the same as decorating for living.
Let me illustrate with some before and after pictures, kindly provided by Linda Esposito of Housesetters, a local staging professional.
The photo below is the before picture. The room is almost claustrophic, with the closed curtains, full bookcase, and the amount of furniture.
Now lets look at the same room after Linda has worked her magic. Heavy curtains removed, the others open to let in the light and highlight the large window (that was almost invisible before). Open space, a simple display of a few items, no cluttered bookcase, no curio cabinet. Which room would you prefer?
.jpg)
Let's look at another example:
.jpg)
And after:
And one last one:
And after:
Again, thanks to Linda Esposito of Housesetters for providing samples of her work.
To be continued....
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Well, here goes. I've recently felt a need to voice my thoughts and opinions about the current state of the real estate market, those who practice real estate in this area, and the process of buying and selling property.
I've been a full-time realtor in this area since 2001, and a resident/weekender since 1990. Until now, I've only experienced a seller's market (more buyers than inventory); this is rapidly changing into a buyer's market (more inventory than buyers).
I love this area and I love houses. I get excited by everything from 18th century stone houses, cute bungalows and cabins, to cool contemporary buildings.
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