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Local Real Estate Market for October Steady

Posted on: November 15th, 2016

As we finish the final quarter of 2016, the numbers show the real estate market in Sullivan County has remained steady throughout the year. We’ve experienced a fairly comfortable pace of activity, thanks to low mortgage rates and relatively low unemployment. The one basic drag on market acceleration has been the declining inventory rates. Because winter is here, sellers are hesitant to list their properties until spring, so the low inventory situation probably won’t be resolved until then.

With that in mind, new listings in Sullivan County were down in October about 25%, to 81. Pending sales decreased nearly 24 percent. Inventory shrank 14% to 1,060 units throughout the county.

Good news, though for sellers: prices were higher—the median sales price was up 30.2% to $126,250, though they had to wait a bit longer to sell—245 days on the market. That’s up about 4 percent.

Builder confidence is as high as it’s been in nearly a decade, despite slower economic growth. First-time home  buyers dropped a bit. But predictions are as older residents retire, they’ll downsize, so single-family listings are expected to rise. The waiting is the hardest part!

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