The following are sales charts and analysis for the real estate market of the town of Red Hook and for the villages of Red Hook and Tivoli. They cover total number of transactions and dollar amount of those transactions, as well as median and average prices. Figures pertain to single-family detached houses as reported in the Mid-Hudson MLS
Town of Red Hook
Though actual sales activity seems to be returning, analysis of a decade’s worth of sales of single-family detached houses in the Town of Red Hook indicates that the depression of 2007/2008 has left its mark in the form of reduced valuation. The big slide in prices lasted through 2009. Although prices did not return to these low levels, they did drop again slightly from 2014 to 2015. Taking the long view — the dramatic rise and fall of real estate prices between 2000 and 2008 notwithstanding, if you purchased your property in 2000 it is probably worth about 30 percent more now.
I believe buyers are starting to be satisfied that the worst is over as far as declining values are concerned and are hunting for properties that are priced well below what they might have fetched in 2005/2006. This mindset accounts in part for increased activity in 2014 and 2015. Another reason for increased volume is probably pent-up demand. First-time and vacation buyers alike felt priced out of the market when it was high and became afraid of the market when it was sliding downward. As we enter period of relative stability, their confidence is returning, as is their dream of home ownership in our beautiful town and villages.
Another reason for increased volume is probably pent-up demand. First-time and vacation buyers alike felt priced out of the market when it was high and became afraid of the market when it was sliding downward. As we enter period of relative stability, their confidence is returning, as is their dream of home ownership in our beautiful town and villages.
Town of Red Hook, NY Single-Family Sales, year 2000, and then annually 2005-2015.
Red Hook Village
The real estate market in Red Hook Village paralleled that of the Town, including the increased volume and the price dip of 2015. Average real estate prices run much lower in both villages than in the town generally — not suprising given the relative vintage of most properties inside the villages and the relatively smaller lots. But the villages have their own charms and may well provide an affordable entree into the region.
Village of Red Hook, NY Single-Family Housing Sales, year 2000, then annually from 2005 through 2015
Village of Tivoli, NY
In 2011, a Hudson Bluffs property in Tivoli Village sold for over $4-million. Of course, that sort of sale will skew the average for most municipalities in this part of the Hudson Valley. To capture the normal experience of a location, one could argue that such statistical outliers should be deleted, and yet, the fact is that we do have some marvelous luxury properties in our town and their changing ownership is part of our real estate landscape.
Single-Family Home Sales, Tivoli, NY, year 2000, then annually 2005 through 2015
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