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By Lynne Freda, President, Sullivan Co. Board of Realtors
Good news for home sellers in Sullivan County. Homes are selling again, and at a rapid pace!
Stats just released from the New York State Association of Realtors show that the sales of single-family homes are nearly double from what they were this time last year.
The Sullivan County Board of Realtors show 63 home sales in August 2016, compared to 34 in the same time span as last year.
The other good word for sellers is the median sales price: $152,500 this August compared to $127,700 last year at this time—an increase of 24%.
It’s taking less time to sell a home, 221 days, and the supply of inventory shrank to about 19 months, which means demand is increasing relative to supply.
This all points to the market turning from a buyer’s to a seller’s market, though slowly. Sellers should feel confident enough to list their homes at fair market value and receive healthy offers.
There’s good news for buyers, as well: Interest rates are still low, and many banks and mortgage companies are offering closing incentives in an effort to pump up business.
All in all, it’s a great time to list your home for sale, since sales are still strong up to the winter holidays. And it’s a terrific time to buy, as many bargains are still to be had, and mortgage rates are still at some of the lowest we’ve seen.