Let's summarize some of the more important statistics from the latest real estate market report from the New York State Association of REALTORS®. We're going to take a look at New York State, and then drill down to Dutchess and Ulster Counties numbers.
Overall the real estate market is healthy and it is a good time to sell and buy. Because inventories of available homes are low, it is a sellers market, but so far this situation has not led to significant increases in sales prices.
State of New York - Year-to-date through February 2016, compared to the same period last year:
• 7.9% more listings came on the market, but the inventory is still low in certain areas.
• Pending contracts were up 19.6%. These are properties that have accepted contracts but have not yet closed.
• Closed sales were also up this year by 18.7%. Based on the increase in pending contracts, it looks like we will also see a significant increase in closed sales for March.