News & Insights

Local Real Estate Market Has Its Ups And Downs

By Lynne Freda, President, Sullivan County Board Of Realtors

As the year draws to a close, normally real estate deals wind down as well. This year, though, many agencies report still being busy with showings and properties going into contract.

Drawing from the latest numbers we have from the New York Association of Realtors, October sales were up 8.6 percent from this time last year. The big change is in pending sales – homes that were under contract and expected to close in the next 30 days or so took a jump of more than 66 percent!

Eighty-five homes were pending in October of this year, compared to just 51 last October.

Sellers are finding their properties take less time to sell compared to last year – 213 days on the market. That’s a month less than this time last year.

New listings are up 12 percent.

Sellers often hold off until spring to list their homes, thinking winter is the slow season. That is true to a point. Many buyers receive holiday bonuses, which makes them feel more confident in investing in a home. If your home is not on the market when they have the cash, they won’t see it, and may buy something else.

As we all know, though, sellers and buyers are on different sides of the spectrum. What’s good news for one side can be lousy for the other.

Unfortunately for sellers, prices are just not keeping pace, and buyers are benefitting from that news by keeping more money in their bank accounts. The median sales price this October dropped to $97,500 in Sullivan County.

Last year’s same time period showed the median sales price at $128,750 – a drop of 24 percent.

The national unemployment rate came in at 4.1 percent for October. The stock market is at record highs. Interest rates are holding just below the 4 percent mark. That all adds up to positive news for buyers, even though this is the traditional off-season for home sales.

Make sure you contact a Realtor in your area for the expertise and guidance you need in buying or selling a home. Call the Sullivan County Board of Realtors for more information at (845) 794-2735.