New Construction Home Sales in Orange County NY
Half Yearly Market Report – July 2014
Are New Homes Selling?
Check out New Homes Sold in Orange County NY
Orange County New York continues to see the new construction housing market move forward. Beginning at a slower pace this year home sales are slightly down at a 5% decrease. Compared that to our existing home sales decrease of 4.3 percent for resales in the county, and there is not much concern. The decrease number of sold homes has been attributed to the record breaking harsh winter of 2014. Buying a home this winter was not the priority for many. Those looking to build were less excited to trek out in the snow and look at land with two feet of snow on the ground. Builders had difficulty getting the building process started to put a shovel in the ground. Extended subzero weather was more of a challenge than they were happy to deal with.
While the number of sales for this unique time period may not indicate a trend, it is worth taking a look to see what sold, in what towns, and the price range of the homes that sold. Our price averages are up just 1.3 percent since last year indicating that they will probably remain rather consistent for the rest of the year. This translates into continued value for new construction homes in the Hudson Valley.
Orange County New Construction Home Sales – January to June 2014
- Sold – 84 New Homes (compared to 90 in 2013)
- 83 Currently Under Contract
- Average price at $366,345 ( up from $361,085 in 2013)
- Highest priced new home at $655,00
- New active listings are 427 of sold and “to be built” homes
- 74 spec homes are currently Under Construction
So the question remains; what is selling? Take a look as the numbers indicate that the biggest price point of sold new construction home is under $350,000. Orange County is unique in the area as affordable new homes can still be found here.
number of home sales January to June 2014 by selling price
There is a great deal of interest in new homes and builders are putting up homes on spec this year. Now that we are far from the cold winter months the height of building season is upon us. Some locations are hot while others see sales a bit slower. My new buyers are increasingly looking for a move in ready home. We currently have homes in various locations at different points of construction available. Many buyers prefer a specific lot and are happy to decide the details of their home and work together with our builders during the process. The value is what attracts buyers and the choices are many.
Orange County is known for the value it provides home owners with new construction. A recent article in the Wall Street Journal mentions builders making the transition to volume of sales with building lower priced, more affordable home. Gone are the days of building high end homes for many locations. As a more cautious new home owner wants value pricing and affordability is key. A much more savvy buyer is aware of the mistakes during the bubble when many bought McMansions in the early 2000’s. While it may have seemed like a good idea at the time, it was really not an affordable option. Value today is first on the list when home shopping for my buyers.
Search the most popular locations in Orange County for a brand new home and see what is for sale now
These shiny and new homes are finding their way to the top of the wish list for many of my buyers. Word about value is spreading. I have recently been getting phone calls from agents in other counties looking to refer their buyers locally because of the value that pricing in Orange County can offer in contrast to other counties nearby. Couple that with a great lifestyle and an easy commute and new home sales are happening! New homes come with a New York State Builders Warranty providing yet another perk.
A big plus this year is builders are putting up more homes on spec and we have some inventory along with model homes. This is showing builder confidence that the Orange County market is doing much better. Since a new home that is up sells better it is a win win for everyone. Buyers can walk through a home and see how a floor plan works for their needs and lifestyle. Not all buyers are able to envision how rooms will feel and get the true idea of what the potential a “to be built” house can become. When walking through a brand new home many buyers fall in love!
We are looking forward to continued growth in the New Construction Home Sales for the rest of 2014. If you have questions, please let me know. Every area is a bit different and builders offer many options. Let me know how I can help find you a home that fits all of your needs. Let’s talk today!
Orange County NY – New Home Market Update July 2014
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+