Market Update for Ulster County Real Estate

Posted on Tuesday, August 10th, 2010 at 9:10pm.

It’s natural that buyers and sellers alike would have an interest in where current market trends are taking us.  The general public has an interest as well.  As a real estate agent in Ulster County, New York, wherever I go, people always ask “How are sales?”, “Is the market picking up?”, “Are prices still dropping?”.  Although every property and market area are different, we can rely on statistics to help us get a general evaluation of what’s happening in Ulster County, as well as the rest of the state and the country.  The data collected by NYSAR for 2010’s second quarter shows 24,327 closings of single family homes, a drastic increase of 71% from the first quarter.  The month of June was of particular note with 11,230 homes sold, a new monthly record.  An increase in June sales was expected as a result of what was to be the original closing deadline for the First Time Homebuyer Tax Credit of June 30th, this deadline has since been extended. The count in Ulster County shows a uniform increase with 328 single family homes sold in the second quarter compared with 197 sold in the first quarter, an increase in excess of 66%.  Coupled with the increase in sales was a slight decrease in the median sales price of homes in Kingston, Stone Ridge, Woodstock, New Paltz and all the other Townships in Ulster County combined.  This decrease makes sense given sale prices for homes in the first time homebuyer category are typically lower than the sale prices of homes overall. We expect the next quarter will not be as fruitful as the last quarter.  The First Time Homebuyer Tax Credit was most definitely the catalyst for the record second quarter but there still seems to be a lot of activity.  The fact that current Interest Rates are still at historically low levels is no doubt one of the reasons why. 

Of course, statistics don’t tell the whole story.  There are many different factors that go into properly evaluating the market conditions that pertain to your particular situation.  If you’re interested in buying or selling Ulster County Real Estate please give me a call.  I’ll be happy to provide you with the data you need to help you make an informed decision.

Edwin J. Maldonado, ABR, GREEN, GRINYS Licensed Real Estate Broker-AssociateMurphy Realty Group / 845.338.5252

 

Copyright©2010EdwinJMaldonado

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