Hudson Valley New York Real Estate

With the local real estate market tightening up selling a home in the Hudson Valley has become much easier than in previous years. Due to the lack of inventory for sale in the local market, it has also become easier to rent a home in the Hudson Valley because many buyers are having difficulty finding a home that they would like to purchase. Instead, they choose to rent for a short term while continuing the search for a home. All of this is great news for longtime homeowners because it could mean that they will recover some of the equity in their homes that vanished during the housing bust between 2007-2009.

Since July of 2016, there has been a 1.8% decrease in new single-family listings in Orange County, which could have contributed to the 5.3% increase in the median sales price for single-family homes over the past year. The average days on market until the sale is down from 132 days a year ago to 115 days today, a 12.9% decrease! This is an important statistic for would-be sellers who have thought about selling their home but don’t want to sit with a “For Sale” sign in their front yard for months on end. However, the most important change has been the severe drop in inventory of single-family homes from 2,572 homes listed last year all the way down to 2,069 homes listed this year. This is almost a 20% decrease and the main reason some buyers are remaining on the sidelines.

Condos in Orange County saw some positive changes as well over the past year. Although new condo listings were down from 52 in July of last year to 48 this past July, new condo listings were up overall from 605 last year to 608 this year. The month of July saw a 27.8% increase in closed condo sales with the days on market until sale falling by 25.5% from last year. All of this is great news for anyone who is interested in selling their Orange County condo this fall especially since we have seen an increase in the median sales price. Prices are up from the median of $145,600 a year ago to $164,250 today! A 12.8% increase that will likely carry through to the winter. There are several new condo developments under construction in Orange County along with more in the planning phases. New condos will undoubtedly drive an increase in the median sales price for condos across the board going into the spring of 2018.

Orange County Co-ops haven’t fared as well. Days on market until sale increased from 138 days last year to 191 days this year, the median sales price was down and inventory fell by 50%. But numbers can be deceiving since there are far more single-family homes, condos & apartments in Orange County than there are co-ops. They are relatively inexpensive in Orange County, which allows current owners to rent them out rather than sell them.

The real estate market quiets down a little bit during the summer months so it will be interesting to see what the Fall has in store for us in this new market where sellers are full of optimism!

About the Author: Paul Biagini is a lifelong resident of Washingtonville and a Hudson Valley real estate expert. Paul Biagini also maintains a residence in Philadelphia and is a Delaware Valley real estate expert with extensive ties to the region’s core. Paul Biagini owns several real estate offices stretching from Albany to White Plains and performs transactions in New York City as well.

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