Hudson Valley Real Estate / Local Market Reports / Uncategorized

Hudson Valley NY High End Market, Trends are Up

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.