Supplemental Edition
Hi! Iceland was amazing. The pic is my child, Alana, snorkeling between the Eurasian and North American tectonic plates in Silfra. Feel free to reach out if planning a trip. Well worth the bucket list, but save those pennies. EVERYTHING is expensive. I need to sell more houses after that trip! Well worth the memories and bonding.
The July numbers posted in the beginning of August after the last edition of The Brick and revealed certain shifts so I’m chiming in ahead of the September issue.
Inventory continues to plummet. Checking the month of July all the way back to 2002 revealed current inventory level as historic low in the Mid-Hudson multiple listing service. Available listings in July, 2023 posted 446, down 30% from July, 2022. As of today, August 12, the number has increased to 543 available listings. An improvement, but still a way to go. For perspective, the month of July has seen up to over 2,000 available listings during the history of the Mid-Hudson MLS.
New construction has been the saving grace for other areas in the country better positioned to speak to changing demographical needs with increased commutable vacant land options to develop along with more agility than our region. Arduous processes and delays for approvals have plagued our area since well before the pandemic. While new construction available can help matters, enough can’t be built in the time needed to be our ticket out of the inventory squeeze we are in. Put seatbelts on as something has got to give.
Watch a one and a half minute market update:
Median Sale Prices and Days on Market
Current average days on market for single family detached dropped in July, 2023 versus June, 2023 from 78 days in June to 65 days in July, meaning houses are once again moving off the shelf quicker from active to contract, per Mid-Hudson MLS.
Current Median Sales Price July, 2022 versus July, 2023:
Dutchess County UP 10.5% to $475,000
Putnam County DOWN 3.4% to $497,500
Westchester County UP 3.1% to $950,000 (that’s an eye popper!)
August
August is prime time to have photography done and marketing on tap in preparation for post Labor Day weekend market entry. The next historical “pop” and second busiest time in real estate in our area is Fall Market as defined by September-early November. There is only speculation of what Spring Market 2024 will bring. Now it remains a sellers market for properties that are priced well and effectively marketed.
Spring Market has a lead in of Jan/Feb/early March when some sellers may “test the market” with pricing ahead of Spring Market. Fall Market does not have a lead in. It rather has a few months to “get on and off the shelf” before the historical winter slow down. Read: no messing around with pricing (although I don’t think there’s ever a good time to not enter the market solid) and marketing needs to hit like a bomb from Day One.
I have successfully worked with many sellers that also needed to buy. If you are interested in selling, let’s discuss your specific situation and goals. I’m in this for the relationship over the sale. I will share candid counsel based on your needs and goals. Planning is key. Contact me and let’s get the ball rolling. Buyers are waiting!
Word to Buyers
There is a word I have consistently shared with my buyer clients: Patience. My buyers have been securing housing. It will happen. Keep an eye on the “sitting” listings. If Zillow shows a listing that has been on the market for over 30 days, that is your friend with a higher likelihood of negotiability and less competition.
Also keep a daily watch on listings as they come on the market. Buyers tend to be distracted in late August between vacations, preparing for school start, etc. While multiple offers are still happening, there will likely be less competition with houses entering the market during this window leading up to Labor Day weekend. Hang in there!
Testimonial
“How Sandi pulled off our quick closing time I still can not fully comprehend, but she did it without breaking a sweat and we are forever grateful. “
A. Gibson
It’s a wrap! This was a supplemental update to the July/August edition of The Brick. Did you miss that one? Click here to see it! September issue up next. If this newsletter was forwarded to you, subscribe below to receive.
The foundation of my business is based on referrals. Should you be interested or know of someone interested in buying or selling, I would appreciate keeping me in mind. I will take very good care of those sent my way.
I am active on Instagram. Followalong for tips, advice, market updates and sneak peeks in between The Brick @hudsonvalleynest
Best,
Sandi