What's Happening in the Ulster County Market Today.

WHAT’S HAPPENING IN THE ULSTER COUNTY MARKET TODAY.

Historically, summer slows activity, but we are experiencing a good number of serious local and dual-residence buyers taking advantage of a larger inventory going into the Fall season. We usually experience an increase in the number of showings after Labor Day that will give an indication of where our market is heading. Buyers are out and about in respectable numbers, but the down side for sellers is that the inventory hit a high this spring. There have not been this many homes available for buyers in many years. As a result, buyers have the upper hand and we anticipate a Buyer's Market for some time to come.Nationally it probably will take another year or even more to settle down after the sub-prime credit crisis which has had a serious impact on the real estate market. It will take a long time for the massive over-supply of inventory to be absorbed across the country. But, in Ulster County, we did not have major new construction, and we are very connected to the strength of the NYC real estate market, which has, for the last 2 years, remained an exception to national trends. The fundamentals of the market in Ulster County are markedly different from those across the country and even across the Northeast. Though we now have a relatively larger inventory of available homes, we also have a historically conservative outlook on development of raw land and Ulster County property owners who highly value and protects natural open spaces. Supply is only going to get tighter in Ulster. This trend is enhanced by our proximity to NYC as we continue to grow in the desirability of our communities as more and more potential buyers learn about them on the Internet. The finite supply of buildable raw land will continue to increase the demand for real estate here, despite the national malaise which exists elsewhere. Location! Location! Location! Real estate markets are made locally and Ulster Rocks!As for demand, Ulster is still a magnet for city dwellers and home buyers seeking a rural lifestyle as telecommuting becomes more viable for a greater number of generation X, and next, money earners. Many potential buyers have been postponing their purchases here, trying to time the bottom of the market. That latent demand is building and is expected to burst forth sooner rather than later. The signs this Summer are very clear.
In the long term, prices will again rise, as they have historically over 3 decades. This is the time to take advantage of the lull before the storm as wise buyers begin to enter the market. Buyers leverage in negotiations and substantial reductions of asking prices have made it a great time to be a buyer. Sellers without real motivation are taking their homes off the market. This will help bring more balance to the market for sellers. More motivated and realistic seller pricing, and a continued edging up of the mortgage interest rates will trigger more buying. Many buyers who have been waiting on the sidelines for up to two years now are starting make their moves and are swooping in to pick up bargains while they can. Especially in the upper ranges, we note, financially savvy buyers are seeing opportunities peaking. There have been more sales over a million dollars than ever before. Although the national market has been hit hard, the increased inventory has made The Law of Supply and Demand work in favor buyers and now is the time to strike a great deal! Buyers are becoming aware that we are in a Classic Buyer's Market now and are returning to capitalize on that reality. Over the long haul, the up-trend will accelerate sharply again in coming years.

The median selling price of a home went up from $245,000 in 2005 to $247,000 in 2006. In 2007, the median was up again to $250,000
Through July 31, the median selling price of homes (not inclusive of condos and mobiles) in 2007 was $255,000. Now, mid-year 2008 it's $247,000, a minor decline.

There are currently 2135 active homes on the market as of mid August with a median asking price of $289,000. For up to the minute market conditions and more personal insights phone me at (800) 293-0232 x 112. For access to ALL ULSTER COUNTY Multiple Listings and AUTOMATIC e-mail ALERTS ON ALL NEW MLS LISTINGS which meet your criteria...check out our web site: http://www.ddooley.westwoodrealty.com/
Westwood is Ulster County's Consistent Market Leader, based on closed residential sales on MLS from January 1, 1993- June 30, 2008.Integrity, Commitment and Service are our most important values. We are your Ulster Professionals. WE MAKE YOUR DREAMS REALTY!