How Did the Housing Market Do In 2016?
Year End Housing Sales 2016 for Orange County, NY
A Comprehensive Real Estate Market Analysis for Orange County, NY Home Sales
Just how well did Orange County, NY home sales do?
Orange County, NY home sales continue to rise in number. For the last few years the number of single family home sales continue to increase. Year over year sales are UP again at over 25% from last year! That is quite a dramatic increase of home sales. Even so, pricing has not recovered enough to reflect any notable changes. It seems that this part of the Hudson Valley has been struggling to see price increases of any significance.
Many homeowners are finally seeing a tiny bit of equity back in their homes for the first time since the bubble. Depending on the percentage of financing at that time, many home owners are happy to know that they could sell their home for more than their current mortgage. This all contributes to a healthier market and a continued recovery.
We are seeing short-sales and foreclosures continue to move along and out of the inventory which is helpful. Buyers that are lucky enough to find a good deal are moving in to these homes. The buying process is a bit better than it was a few years ago. Even so, a foreclosed home sale does carry with it some additional risks. If a buyer is well aware of this they can find a great home. It can be said that the days of finding a steal from a bank are gone, but real value remains. This year had a big increase of foreclosed homes that sold. Buyers found value as they were able to find homes in specific locations that worked well. It is good to note, that these properties were not sold at bargain basement pricing. Fair market value is what bank owned properties are selling for.
Our limited inventory of homes keeps buyers on their toes to find that perfect home. Days on market vary, but a home in great condition and priced right will disappear very quickly. Taxes keep pricing from jumping higher. Interest rates have begun to rise and therefore home prices most likely will not move that much this year. The average new construction home has taxes of a $1000 per month before the mortgage payments. Many first time home buyers are unable to buy a home and pay the taxes too. Finding a resale for many is the goal as taxes can be quite a bit lower.
Home Pricing has remained rather stagnant for the last three years in Orange County, NY.
The demand for new construction is definitely a significant part of the Orange County, NY housing market. While finding an available home built on spec might be more difficult right now, there are many new projects all over the county. Pricing varies and taxes might be a bit higher than a resale home, but shiny and new is a preferred choice for many home buyers. No need to worry about major home repairs as a new home will not need a brand new roof or other items that many older resale homes can require in the first few years.
- 3470 Sold Single Family Homes in 2016
- Median sale price of these homes were $229,999
- Average sales price was $246,811 spending approximately 83 days on the market.
- The most expensive home sold was at $5,350,000.00
- The least expensive home sold was $4,990.00
- 561 homes sold between $150,000 to $200,000
- 531 homes sold between $200,000 to $249,000
- 514 homes sold between $250,000 and $300,000
- 498 homes were new construction homes were sold
- 10 homes sold over $1,000,000
- 121 of the sold homes were in the short-sale status for 2016 that transferred title down 9.7% from last year
- 692 were bank owned sold homes up 68% from last year.
- The absorption rate is now at 8.5 months of inventory which is falling from last year at 12.7 months.
A reduced amount of homes for sale requires a good deal of dedication of time and effort to search the internet. Let us streamline a search for you that works best. Individual search criteria will steam line your search to what you want. Some categories can be narrowed down while others are more general to make sure you don’t miss anything. Let’s talk so we can see what works best for you. No hassles from me, just info that you as a home buyer 0r seller should have. Knowledge and values are an asset to anyone looking to buy or sell a home.
Looking for more info? I have added in a bit more detailed analysis providing you with the 4th Quarter Results for Orange County, NY for 2016. If you need more info on a specific location let me know.
- The 4rd Quarter of 2016 boasts 911 sold single family homes compared to last year same time of 761.
- The average sale price of a home during the 4th quarter $254,000
- The median sale price in the 4th Q was $235,000 for single family Orange County, NY homes.
- The average days on market was 124 days
- The highest price home sold during this time was $12,500,000
- The lowest home sale was $4,200.00
- Our current inventory of single family homes is a 6,8 months supply.
- The most popular price point of homes remains under $350,000 for a single family home.
- The lowest price single family home is listed at $19,000
- The highest price single family home is listed at $12,000,000
- The current inventory is 2029 of single family homes, down approximately 14% same time last year
Orange County, NY homes for sale. Search the local MLS now
Check out all the newest listings here.
This advertisement does not suggest that the broker has a listing in this property or properties or that any property is currently available.
Looking to sell your home today? I can provide you with a marketing plan. The best place to begin is with an understanding of what your home will sell at in the current market. With so much information on the internet you need an agent to sift out the national info and provide you with local, current data on what is happening in your backyard. Contact me now for more info.
Map of Orange County, NY
Housing Market Updates Orange County, NY 2016
Search Homes for Sale in Orange County, NY Cities & Towns
Begin here with a streamlined search of these favorite towns in Orange County, NY
Orange County, NY ~ Year End Housing Market Update 2016
Ready – Set – Go! Begin the process now. Active MLS Listings include, single family homes, multi- family homes, condos, and co-ops. I can help you streamline a search specific to your taste, budget and location. Home searching is made easy by County, City or Town, School districts, Style, Age and price point to name a few.
I am your local Orange County, NY real estate agent that is ready to guide you every step of the way.
What Homes Sold in Orange County, NY 2016?
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 New Homes in Newburgh NY. You can contact Janis at (845)-527-7115 or find her on