What Homes are Selling in Orange County, NY?
Housing UPDATES for the Second Quarter of 2016
Single Family Home Sales in Orange County, NY
“What homes are selling in Orange County, NY”, is a question that I get asked all the time. Our half yearly market report provides information for buyers and sellers on what is happening in the local housing market. Local real estate numbers are what matters most when talking about the true value of your home.
The information below compares 2016 year to last year. This valuable information provided helps determine when to buy and sell a home and how to properly price a home entering the market.
- 37.2% more homes sold 2nd Quarter of 2016 than in 2015 (837 compared to 610)
- 35% more homes sold Year to date compared to 2015 (1,123 compared to 1518 homes were sold this year so far January to June 2016)
- Home Sale prices are down on average of 3% with the average home sale price of $230,490
- The median sale price is up 6% over last year at $222,500 from $209,950.
- The current inventory of homes is down 19% as of June 30th. Less choices for buyers looking to make the move into Orange County.
- Days on market are slightly down on average from 2015 at 149 to 138 this year so far. This is a 7.4% reduction in time from listing a home to going under contract. The most popular price point of homes is between $200,000 and $300,000 for a single family home.
- One home sold over $1,000,000 in the first half of 2016 in Orange County, NY.
Why do these number matter to you?
An understanding of what has happened in the past makes it easier to understand and predict the future. Knowing what the past trends of a specific neighborhood is the secret to properly pricing a home. If you are a buyer, then you want to get a good deal. Knowing how to put in an offer and at what number can get you the best price. The averages and median sales numbers adjust every time another home sells. Sellers want to get the highest price when it is their turn to sell. Knowing what your neighbors home sold for two years ago is not useful info. You need to know what is happening now. Appraisers use past sales of 6 months to give a value to a property. They provide a snapshot of the past sales and a window in time of the value. In real estate, prices are the driving force to get any property sold.
- Our lower inventory of homes still boasts some beauties and great deals for those looking in Orange County.
- Active listings for sale of single family homes is 2,375 down 19.2% from 2,941 in 2015.
- The lowest price single family home is listed at $17,500.
- The highest price single family home is listed at $4,250,000
Check out more of what is happening in Orange County, NY sales. If you need additional LOCAL information, I’ll be happy to discuss more details with you about your neighborhood. Real Estate is local and the market reports are a moving target.
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Housing Market Updates Orange County, NY
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