Housing Market Report – Orange County, NY

We are pleased to share with you a Housing Market Report from December 2017 as well as a look at the trends for the entire 2017 year. We break down the local real estate activities and provide you with  stats, graphs, and analysis of our local and regional real estate market.

Average Days on the Market

The faster things are selling, the hotter the market.  Look for the lowest number on the graph as opposed to the highest. The calculation was changed in New York State. It’s now from the List Date to the Contract Date, rather than the Binder Date.

With the average number of days on the market continuing to decrease, the market continues to sizzle!  The average number of days a home was on the market in Orange County was 99.15 in December.  2017 has consistently had the lowest number of days on the market for all years since 2013.  At or below 100 days on market average for approximately half the year are solid numbers.

Average Price  

An upward trend is finally appearing, at or above all previous years since 2013.  Prices are coming up, which should hopefully unlock some inventory.  There are people who have been holding off selling their home, many waiting to retire to warmer climates, waiting until they could get a higher price for their homes.

Average Sold to Asked Ratio

The percentage a house sold for under or over the last asking price (not the original price).

The higher the number, the hotter the seller’s market.  

On average, sellers are having to negotiate less than 3% off of their last asking price.  This is a solid trend higher than any of the previous 4 or 5 years.

Homes that sold at 100% or more of last asking price

More than 30% of homes sold at 100% or more of their last asking price, another indicator of a strong market.

Units Sold

The term units here includes single family homes, condominiums, town house and multi-family homes with 1-4 units.

The most important indicator of a strong market is the number of units being sold.  The transaction numbers continue to be solid, above the last four years.

[gravityform id=”16″ title=”true” description=”true”]