The last four years of residential sales for all of Ulster County MLS are as follows;
’05 1761 homes sold av. SP $281,000 median SP $246,000
’06 1473 homes sold av. SP $283,000 median SP $247,000
’07 1387 homes sold av. SP $302,000 median SP $253,000
’08 1038 homes sold av. SP $290,000 median SP $240,000
(The above represents a decrease in the number of homes sold in the last 12 months of 25%, while the decreases in average and median selling prices were only 4% and 5% respectively, in a year when the Standard and Poor Index lost 38%. They should also be compared to the National Association of REALTORS published stats which show a national median home price decrease of 21.7% from July ’06 to November ’08—Ulster county homes actually had a net increase during the same time period)
The relatively stable market for homes in Ulster is in no small part due to our connection with NYC and our strong commitment here to reasonable development and subdivision of lands. We have not had an over abundance of new construction over the last 10 years, as compared to many other areas of the country which are now suffering.
Opportunity knocks… It is now a great time to be a home buyer with the greatest selection in a decade providing a wide variety to chose from (with the lowest number of foreclosed homes in all of New York State), available mortgage money at near record low interest rates, first-time homebuyer tax credit of $7500 from the federal government (if you have not owned a home in 3 years), and some very motivated sellers, ready and needing to move. And, most importantly, the best means of a lifetime to accumulate wealth… through home ownership.
Note that the average selling price of a home in Ulster County went from $60,000 in 1983 to $290,000 in 2008 (an increase of 400% in value)
If you or someone you know is on the fence about buying a home right now, remember that you will only know when the market has “bottomed out” after it becomes obvious, and the pundits have declared it to be so…and that will be nationally. Sellers will learn the news when everyone else does, and their flexibility will likely change instantly with more showings of their home, and lots of buyers ready to act. Plus, real estate markets are local, like the weather, not national. As you can see from the above, Ulster County is not like the national market. Right now is probably the best time to buy here in decades.