Current Housing Market Condition
Year End Housing Market Update for 2013
Housing Sales are UP!
Town of Newburgh NY Real Estate Market Report
The numbers are in for housing sales in 2013. Single family homes have been selling at a faster pace in 2013 than in 2012. Sales increased at approximately 19 percent more during 2013 than in 2012. It appears that buyers scooping up these Newburgh homes were convinced it was the right time to make their purchase. The value seen with current pricing made many get off the fence and move forward. Locking in an interest rate became important with the new changes in lending rules for 2014. Sales are definitely happening as our location is most desirable and the prices are more affordable than in many other nearby locations.
2013 Year End Market Statistics for the Town of Newburgh NY
- 205 homes sold in the Town of Newburgh for the year 2013
- Median sale price of these homes were $226,000
- Average sales price was $242,313 spending approximately 144 number of days on the market.
- The most expensive home sold was at $708,000
- The least expensive home sold was $30,000
- 60 homes sold between $200,000 to $249,000 which was the most popular price point
- 32 homes sold between $250,000 and $300,000 the second largest price of homes
- 11 homes were new construction
- Only 10 homes sold over $450,000 for the entire year
- 22 homes were in the shortsale status for 2013 that transferred title
- the absorption rate for the Town of Newburgh at December 31, 2013 is now at 11.24 months of inventory.
The inventory of homes has been dropping and less homes have been entering the market for sale. Prices have not increased in the Town of Newburgh. The median sales price has fallen 1.17% and the average sale price is down 3.2% over last year. Shortsales still invade the market and continue to be a problem for house values to begin to appreciate again. Disappointing for those waiting to jump into the market and sell their homes. Since buyers out looking and the inventory is not increasing it may change soon. Only time will tell as many factors will need to happen for prices to increase.
Looking at the last three years shows that our market is down slightly this year compared to last year. The volume of sales is definitely up finding more and more buyers purchasing homes now.
- 2011 – 161 Homes Sold – Average Price – $239,719
- 2012 – 172 Homes Sold – Average Price – $250,804
- 2013 – 205 Homes Sold – Average Price – $242,313
Buyers have been busy this winter and continue to view properties even when it is only 4 degrees outside. When the right property works, they are putting in offers on homes and going forward with the process.
December 2013 Monthly Breakdown of Sales
- A total of 25 single family homes sold (compared to December of 2012 having 19)
- Average price was $233,923
- Average home spent 118 Days on the market
- Most expensive home sold was $400,000
- The least expensive home sold was $100,000
The winter is usually a slower time of year for inventory. Many sellers feel that they will do better in the spring when buyers are out in full force. What I see are buyers that are truly interested when they see a nice home fairly priced. These buyers are motivated as they usually know the inventory and are just waiting for that perfect home to enter the market. While there may not be as many buyers during the winter months, these are the buyers ready to purchase. Limited inventory puts sellers at an advantage as the competition is not as great. Well priced homes in good condition stand out from the others and sell.
Knowing what has sold in the past is helpful when either buying or selling a home. It gives you a better perspective of what you can expect. 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 NYSearch Town of Newburgh NY Homes for Sale
Town of Newburgh NY December 2013 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+
Statistics represent single family homes for sale in Newburgh NY (source GHVMLS ). Information is deemed reliable, but not guaranteed.