When there is a significant change in the market but it is intermittent, I would not consider it a trend. When that change is sustained over a period of time, that shift , indicates the start of a trend. I believe my research can show how over the last 12 months there has been an increase in the number of sales and activity in the luxury market. Coldwell Banker Previews International which is a worldwide marketing venue for exceptional homes defines “luxury” as the top 10% of any given market and no less than $500,000. According to my research using the Ulster County MLS, in the last two years the top 5% of our residential SALES were $500,000 and over.
YTD 2009 – 2010 YTD 2010 – 2011
Number Sold 61 60
Average Sold Price $736,000 $839,000
Median Sold Price $650,000 $672,000
Volume Sold $44,000,000 $50,000,000
The change in the market is all in a positive direction up 14% in Average Sale price, up 3.4% in Median Sale Price and Up 13.6% in Total Volume. The number of listings sold remained unchanged. This is very encouraging since real estate is obviously becoming a viable investment for people with means. Ulster county’s average sale price for the same period is up just a smidge from $241,000 in 2010 vs $244,000 in 2011. Locally we are all affected by what is happening in the market and one of the economic engines is housing for well to do folks who want to enjoy the fruits of their labor in our region. When this level of consumer increases many other businesses are driven from the source. This is all good and may the trend continue.