What is My Town of Newburgh NY Home Worth?
Town of Newburgh NY Housing Market Update March 2015
Home Values for Town of Newburgh NY
March in the Town of Newburgh NY was anything but average. It seemed to snow way too often and thoughts of spring were just a dream. Never ending terrible weather kept buyers away from the closing table. Anxious sellers motivated for spring to finally arrive and put their homes on the market. The inventory of homes grew in March compared to what happened during February.
Town of Newburgh NY Home Sales:
- There are 215 single family homes for sale – Up from 194 the previous month
- 32 new listings came on the market in March
- The average list price was $324,317 ranging from $45,900 to $2,995,000
- There are 46 homes currently under contract. 19 of those homes went under contract
- 12 properties transferred title in March, compared to February with 19 Sold homes
- The average sold price was $ 203,894.
- The most expensive property sold was $497,036
- The least expensive property sold was $20,000
- 2 new construction homes sold in March 2015
- The average number of days on the market was 161 days on the market.
- 4 homes sold were bank owned.
- The majority of our inventory sold between $100K and $200K during the month of March
- The Town of Newburgh has 11.41 months of inventory, showing no change from last month
Pricing of SOLD Single Family Homes for March 2015
Sellers are finding that pricing is not moving up much at all. I still see quite a few homes with very little equity. It remains difficult for those sellers. Many homeowners that bought during the surge, are either breaking even when selling, or headed to the closing table with their checkbook. While we don’t need a crazy inflated market like we saw in 2005+, it would be great to see some equity again for sellers wanting and needing to move.
Buyers are wondering where all the “great deals” are. When searching for a home, it seems that they are not finding what they expect. National news reports that our “buyers markets” is great, and that there are deals to be had. Truth be told, many homes in our more popular price point need repairs. Buyers want turnkey and they are needing to find new construction to make that happen.
The value of homes is seen in location, taxes, schools and amenities available. While some prefer shiny and new, a good number of our buyers stick with resales for their affordability. Not all buyers can find a brand new home in their price range. If they are going forward with a home in need of major repairs, then pricing needs to reflect that. The choices are many, but to move forward a buyer needs to see where that value is. Our buyer pool is savvy enough to know that they need to educate themselves before moving forward. DIY is a great option, but knowing the pitfalls of doing that is important before getting involved. The question for many is if they buy a home that needs repairs, can they handle the process, and more importantly, can they afford to make those repairs.
So what does all this mean? As a seller, pricing your home at the true “fair market value” is key to get showings and offers. Waiting for someone to over pay for a home is not happening. Our buyers don’t agree with the concept of, “just make an offer”. They just move on to another home to view. If your home is priced properly there are buyers that are ready, willing and able to move forward. While inventory is up a bit this month, so is the number of buyers looking.
Knowledge is power in the real estate market and making sure the numbers are right can save you a ton of cash when buying or selling. While I can’t change what the numbers are, I can inform you best on what to expect and how to move forward in a challenging market. Call for more info, or contact me now.
What’s My Town of Newburgh NY Home Worth in March 2015?
Learn more about the Town of Newburgh NY
- Town of Newburgh NY Website
- Past Real Estate Market History for the Town of Newburgh NY
- Great Newburgh Enlarged City School District
- A Bit of History of the Town of Newburgh NY
Want to learn more? I write local market updates every month. Please feel free to read and share. If you would like to receive more information please subscribe to my blog. No Spam No hassles, just info on local housing. Looking to buy a new home? Search the MLS for New Homes in the Hudson Valley. Feel free to contact me anytime at (845)-527-7115 or come visit me on Google+ Statistics represent single family homes for sale in Newburgh NY (source HGMLS ). Information is deemed reliable, but not guaranteed.
Town of Newburgh Map [map id=”3″]
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