Market Trends, 3rd Quarter 2011

Market Trends, 3rd Quarter 2011

The New York State Association of Realtors has released its quarterly sales figures for the state and counties. Looking at Columbia, Greene and Dutchess counties, we see a strong recovery of sales in the last 12 months from depressed levels a year ago. Columbia is up 35%, Greene 54% and Dutchess 30%.

 The price change has less dramatic. Median prices for existing home sales were up 21% from a year ago in Columbia County, but Greene were down 11% and Dutchess off 6%.

 For New York state as a whole, the number of sales were up 18%, but median prices were off 4%.
 Looking back five years, it is evident that the number of sales are less than back then (i.e. there are fewer buyers today): Columbia -17%, Dutchess - 24% but Greene +1%. New York as a whole is still 29% less than back then.
 The five year median price trend is also lower for New York State (-13%), Dutchess (-28%), Greene (-13%), but up 5% for Columbia.

 Between the two measures of the real estate market, Columbia and Greene we well on the way to recovery, Dutchess is lagging as is New York State. 

 Note, these statistics are only for the sale of existing single-family homes, they do not include new construction, that market is seriously lagging everywhere. How many new homes have you seen being built? Hardly any.