If you’ve been considering buying in Ulster County, now is the time to get in touch with your local REALTOR® and start getting to work. The 2019 New York State Housing Report Summary is just in. With the strength of the US economy, unemployment reaching a 50-year all time low, and lower mortgage rates, real estate activity was strong in 2019. 2019 showed increased median house prices, lower inventory, and shorter days on the market. As we start 2020 with the strong market and lower mortgage rates, this housing market trend looks to continue.
Because of the strong market in 2019, New York State saw an increase of overall pending sales and higher median prices compared to 2018. While buyer demand remains high, seller activity is lower than in other years, solely due to the fact that there is currently lower inventory available than in previous years to meet the current demand of the market. Compared to 2018, there was an 8.4% decrease of available housing inventory in the NYS in 2019.
Overall, 2019 saw increased housing prices in Ulster County & the surrounding counties, which is due to the continuing demand of the Hudson Valley area, and less available real estate inventory. The Median Sales Price for 2019 for Ulster County & surrounding area was up 9.8% from 2018, from $230,000 to $252,500. The average sales price was also up 6.7% from 2018, from $283,760 to $302,747.
By December 2019, there were 1,936 homes pending sale, which is a 8.2% growth from 2018, and a total of 1,900 closed sales, which is 4.1% higher than the previous year. While there was an increase of new listings in Ulster County & the surrounding areas of 3.5% from 2018, the report of a tepid seller’s market has affected the area, because of the overall decrease in inventory of homes for sale is down -19.6% by year end, compared to inventory available in 2018.
With lower inventory and average sales prices rising, navigating the seller’s market where supply is low and demand is high, can be tricky on your own. Understanding the market, trends and working out the best time to buy is a job that is best left for a Realtor®. The Ulster County Board of REALTORS® can help you in finding the right Realtor®, saving you time and frustration while figuring out where to start, where to buy, and when. For more information, visit www.ulstercountyboardofrealtors.com, or calling (845) 338- 5299 to speak with a Realtor®.
