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Real Estate Market Trends

Home Prices Reached a New Record High in May

Submitted by Joseph Pettinella on June 26, 2018 - 9:39am

Have home prices have seemed particularly high to you lately? Don't worry, you aren't imagining things. In fact, existing-home prices surged to a new record high in May, hitting a median of $264,800! As always, the culprit for these rising prices is a severe lack of inventory. If you were thinking of selling, this summer is the time to do it!

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Sell in May or June for the Highest Price Premiums

Submitted by Joseph Pettinella on May 13, 2018 - 1:49pm

It's a question that's front and center in every home seller's mind: when should I sell? As I've shown before, timing market conditions is not easy and should not be your primary concern when answering this question. However, all else being equal, there are some strong indicators that certain specific times of the year are better when it comes to selling. In fact, you might want to get your home on the market as soon as possible, because a recent study showed that May was the month with the highest average premium on home sale prices!

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Examining Subtle Factors in Home Value

Submitted by Joseph Pettinella on April 6, 2018 - 11:57am

When determining a home's market value, there are major characteristics that rightly command most of the attention; things such as square footage, neighborhood, and the number of bedrooms are both obvious in importance and easy to quantify. However, there are an almost innumerable amount of more subtle factors that also come into play, a fact examined in a recent study by real estate analytics company HouseCanary. They sought to determine the effect of 5 "hidden" characteristics on a home's value. These details might not always receive an obvious, or even conscious, emphasis, but they are nevertheless connected to the market value of the home. In fact, significant correlations not only exist for things like frontage length and backyard slope, but they also show distinct regional trends.

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Existing Home Sales Strongest Since 2007

Submitted by Joseph Pettinella on March 20, 2017 - 11:55am

The housing market is off to a good start in 2017!

Housing Market Update January 2017

Submitted by Joseph Pettinella on February 22, 2017 - 12:16pm

2016 was the housing market's best year since the great recession!

Mid-Hudson Valley Housing Market Update

Submitted by Joseph Pettinella on February 10, 2017 - 4:56pm

The local Mid-Hudson Valley housing market activity has steadily improved over the past several years, and we finished up 2016 with more sales than we have seen for many years.  Increases in homes sold compared to 2015 were significant in most areas.  Dutchess County sales were up by 23.8%, Orange was up 25.3%, Putnam up 19.1%, Ulster had a 22.9% increase and Westchester a 7% increase.

In the Mid-Hudson Valley the median prices of homes rose at a moderate level compared to last year. Take a look at the chart to see how prices have changed in our area year over year, and how they compare to prices 5 years ago.

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