Housing Market Sales 2014 in the Town of Newburgh NY
What homes SOLD last year in the Town of Newburgh NY?
Year End Housing Market Update for 2014
The numbers are in for housing market in the Town of Newburgh NY. While the number of sales are not much higher than last year, they are certainly consistent and up significantly from four years ago. Buyers looking to jump into the market and purchase high end homes are in a sweet spot. Homes selling over the $500K price point are few. Our waterfront homes have never been more affordable. Sellers in the luxury market that are ready to downsize, or relocate are pricing their homes according to what the market will bear. Buyers are finding some treasures on the Hudson River.
- 206 homes sold in the Town of Newburgh for the year 2014
- Median sale price of these homes were $220,000
- Average sales price was $233,359 spending approximately 148 number of days on the market.
- The most expensive home sold was at $500,000
- The least expensive home sold was $40,000
- 46 homes sold between $150,000 to $200,000
- 40 homes sold between $200,000 to $249,000
- 32 homes sold between $250,000 and $300,000
- 20 homes were new construction which is up from 11 last year.
- 5 homes sold over $450,000 for the entire year
- 17 of the sold homes were in the shortsale status for 2014 that transferred title which is down from 22
- The absorption rate for the Town of Newburgh 2014 is now at 11.83 months of inventory. .
The Town of Newburgh continues to see homes selling. Pricing has not increased but buyers are moving into homes. The average sale price is down 3.4% over last year. Shortsales still invade the market and continue to be a problem for house values to begin to appreciate again. The strongest part of the market are homes under $300,000. The buyer pool are those moving into the area looking for a more affordable lifestyle. The ability to work in our area is worth a 65 mile commute to New York City. Sellers that are within this price range see good traffic. Homes that are well cared for and priced right disappear off the market quickly.
Looking at the last four years shows that our selling prices are not increasing. The volume of sales continues to increase ever so slightly from last year, but is up 27% since since 2011. Our absorption rate tells me that inventory is falling and that buyers will have less choices. As inventory falls pricing can begin to rise. With continued low interest rates and a stronger economy the numbers could change this year.
- 2011 – 161 Homes Sold – Average Price – $239,719
- 2012 – 172 Homes Sold – Average Price – $250,804
- 2013 – 205 Homes Sold – Average Price – $242,313
- 2014 – 206 Homes Sold – Average Price – $233,359
December 2014 Monthly Breakdown of Sales
- A total of 21 single family homes sold (compared to December of 2013 having 25)
- Average price was $212,198
- Average home spent 155 Days on the market
- Most expensive home sold was $440,000
- The least expensive home sold was $52,500
- There are currently 202 active listings as of December 31st.
The winter is usually a slower time of year for inventory. Many sellers think they should wait until spring when things look prettier outside. When a new buyer enters the market in winter they are usually motivated to buy now, and not wait until spring. If they are relocating April or May is too long to delay their search to view a home. They will be buying now and with less homes on the market, the competition is less. A home that has made the effort to look clean and groomed well on the outside can still sell during wintertime. Properly adjusting for any season to sell a home is key. When you are ready to sell, the season should not dictate when to put it on the market.
Take a look at the Town of Newburgh NY Active MLS Listings
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Knowing what has sold in the past is helpful when either buying or selling a home. It gives you a better perspective of the current status of the market. If you are looking to purchase or sell a home in the Town of Newburgh NY I would be happy to discuss your real estate needs and show you how I can help. I am your local Newburgh NY real estate agent that is ready to guide you every step of the way.
Search the MLS – ACTIVE Listing in the Town of Newburgh NY Orange County NYSearch Town of Newburgh NY Homes for Sale
Town of Newburgh NY 2014 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 New Homes in Newburgh NY. You can contact Janis at (845)-527-7115 or find her on Google+