Current Housing Market Condition
Year End Housing Market Update for 2013
Housing Sales are UP!
2013 Year End Market Statistics for Cornwall NY
The 2013 numbers are in for the Cornwall NY housing market. The number of single family homes sold in Cornwall rose dramatically at 58.9% for the year. Compared to 2012 that increase is huge. Pricing remained stable for sellers during this time. As inventory is down that may change and prices could be expected to increase this year. Cornwall only had one short sale close for the entire year which tells us that the market is healthy going forward. Our absorption rate fell to 7.4 months and even with the new inventory that is sure to happen in the spring we are in a great place going forward.
- 124 homes sold in Cornwall for 2013
- Median sale price of these homes were $289,000 with 88 Days on Market
- Average sales price was $291,135 spending approximately 122 Days on Market.
- The most expensive home sold was at $600,300
- The least expensive home sold was $47,000
- 22 homes sold between $200,000 to $249,000
- 33 homes sold between 250,000 and $300,000
- 24 homes sold between 300,000 and $400,000
- 15 homes sold over $400,000 for the entire year
- 1 home was in the short sale or bank owned status for 2013 that transferred title
- Current number of homes for sale in Cornwall NY is 73 Active homes listed
- 24 homes in Cornwall are currently under contract
- the absorption rate for the Cornwall as of December 31, 2013 is at 7.42 months of inventory.
Looking at the last three years the market shows that prices have fluctuated a bit. Since the market has properties in a variety of price points this can show in the stats. Prices are certainly up this year from last. Seeing the volume of homes sold is a great sign that the area is noted for value. This year buyers continue to see the value for location, and pricing as there are a number of homes already under contract for 2014.
- 2011 – 76 Homes Sold – Average Price – $313,959
- 2012 – 78 Homes Sold – Average Price – $259,921
- 2013 – 124 Homes Sold – Average Price – $291,135
The new year brings out new buyers. While inventory is down it would be a great time to list your Cornwall home for sale. We do see many people that can’t wait for the spring rush. Buyers that are motivated are the ones that show up to look at homes in the winter. If you home is listed you could be surprised at the number of showings of serious buyers that will tour and buy a home during the cold and dreary months. Currently listed homes priced right are disappearing and some have had multiple offers. We are hoping for a strong 2014 in Cornwall and with our recent numbers that is definitely a reasonable expectation.
December 2013 Monthly Breakdown of Sales
- A total of 9 single family homes sold (compared to December of 2012 having 5)
- Average price was $220,256
- Average home spent 83 Days on the market
- Most expensive home sold was $360,000
- The least expensive home sold was $50,000
December 2013 shows increased activity compared to 2012. We are happy to see the number of days on the market decreasing and inventory dwindling. A great time to view homes even when i cold outside. Save the summer for settling into a new home and get started now. New homes enter the market all the time. Prices are stable and if you take a peak now you might just find the home that is right for you.
These numbers are a complete summary for both the Town of Cornwall and the Village of Cornwall. The village is known for its historic architecture and amazing Hudson River view homes. Cornwall is located 60 miles north of New York City and remains a great location for commuters. People looking to live in the suburbs or in the village of Cornwall should continue to see sales do well this year in 2014.
Search the MLS – ACTIVE Listing in the Cornwall NYSearch Cornwall NY Homes for Sale
Knowing what has sold in the past is helpful when either buying or selling a home. It gives you a better perspective of what prices you can expect when looking for a home, or selling one. If you are looking to purchase or sell a home in the Cornwall NY I would be happy to discuss your real estate needs and show you how I can help. I am your local real estate agent that is ready to guide you every step of the way.
Cornwall NY December 2013 Year End Market Report
published by: your real estate expert Janis Borgueta Key Properties of the Hudson Valley as a community service in Newburgh NY. To receive more real estate information please subscribe to this blog. Looking to buy a new home? Search the MLS for Homes in the Hudson Valley. You can contact Janis at (845)-527-7115 or find her on Google+
Statistics represent single family homes for sale in Cornwall NY (source HGAR ). Information is deemed reliable, but not guaranteed.