Single Family Detached Residences around Red Hook, NY* Summer 2014 vs. Summer 2015
Compared to last summer, the Red Hook, NY, housing market shows some improvement. Market life is more active this year, but the activity is still quite moderate. Total inventory is a bit smaller, but there is still a 10-month supply of listed properties. In other words, the market is a bit better, but it’s still quite slow.
Red Hook, NY Housing Market in the Summer of 2014
Readers here may recall successive postings from last summer. Each week, I reported 140 listings (give or take a few) and the occasional closing, anywhere from zero to three per week (usually one or two). Following the market was so mind-numbingly dull, that I stopped reporting before the summer ended.
Red Hook, NY Housing Market in the Summer of 2015
The market today shows 128 Active listings. Compared to last year’s summer average of =/- 140 weekly listings, that’s approximately 10 percent fewer listings. The past month saw 13 closings, solidly in the upper range of last summer’s weekly number. The number of Active listings divided by the number of the last month’s closings is 10 (rounded up), which indicates a 10-month supply of houses is currently on the market.
Historic Red Hook home, barn, and garage currently listed at $475,000
Why Market Trends Are Important
In fact, I am not now, nor was I ever, a proponent of deciding to buy or sell properties based on what the market is doing. Most of the people I know buy and sell properties because of life events and goals. Still, the market is the current, if you will, that must be navigated when buying or selling. So, while I don’t advise following the market from week to week, when the time comes to buy or sell, it’s also time to know which way the current is flowing, and how strong. Constructive action on the individual level can help you amplify or counteract market trends.
How to Use the Slow Market to Your Advantage
Buyers, the signs are in your favor, as they were last summer — now is a great time for any sort of buyer: first timers, downsizers, investors, upgraders, weekenders can all find properties they like at prices they can afford. I’ve heard brokers complain that there’s “no inventory out there.” That’s not true, obviously, but if you find the house you like at a price you think is fair, you may want to jump on it sooner rather than later. Sellers, there is no denying that properties are moving slowly, even with a slightly smaller inventory, but if you are willing and able to do it, proper, realistic pricing can put your property at the head of the list! You can also improve your chances by truly acting like a seller who expects to sell: 1) make a small investment in cleaning and repairing; 2) start packing! and reduce household clutter.
Thanks for reading. When you are ready to start browsing homes or land in Dutchess, Columbia, and Ulster Counties, I encourage you to do so at my website, www.Ask-Marty.com. Because I am a member of THREE MLSs (Mid-Hudson MLS [Dutchess County], Ulster County MLS, and Columbia Greene Northern Dutchess MLS), you can search the entire region on both sides of the Hudson River. You can save properties that interest you and you can set the site to email you notices when new listings match your criteria. This a great way for buyers or sellers to monitor a specific neighborhood or school district or type of property!
Maarten Reilingh (Marty)
Licensed Real Estate Broker
Serving Dutchess, Ulster & Columbia Counties
48 E. Market St; Red Hook, NY 12571
*Data based on Mid-Hudson MLS listings within the Red Hook School District, which extends into the adjacent towns or postal zones of Rhinebeck, Tivoli, Barrytown, Annandale-on-Hudson, Milan, and Clermont, in Dutchess and Columbia Counties.