Amidst an election that made people uncertain of the future and caused many to be distracted from their personal goals, the real estate market soldiered on in 2016, and finished with a bright outlook. Forbes Magazine provided a very concise summary of what happened nationally, "...on balance 2016 was a pretty good year for housing. National prices finally crossing the previous 2006 peak, mortgage rates remained historically low and there were some signs that Millennials, a generation which some feared would never buy homes, are beginning to enter the market. Through it all the election loomed large. In 2017 we'll see how profound its effects."
Regionally 2016 might be called "The Year of The Hudson Valley"
There was a rash of articles comparing the Hudson Valley and Catskills second home market to that of the Hamptons. Yahoo Finance cited a steep rise in the number of millenials visiting the Hudson Valley/Catskill area. Yes! The Millenials, the same group that was predicted to be the end of the housing market as we know it! According to NAR (the National Association of Realtors) the median age range of buyers in NY, NJ and PA in 2016 was just 40 years old, the lowest median age range for buyers in the regions NAR tracks. That low median age range means that Millenials are choosing to opt in to homeownership. These two factors caused some major waves in our local market. Here's a breakdown of communities that saw positive market movement.
Hudson Valley Catskills Region MLS:
The Hudson Valley Catskill Region MLS (formerly Ulster County MLS) has property listings from Ulster County, Dutchess County, Greene County, Columbia County and sporadically from Sullivan County and Albany County. There was a 19% increase in sales in 2016. That's significant growth over such a large area. There was slightly less inventory available to Real Estate buyers in 2016, 4% less. While there was a large increase in sales in 2016 there was a slight decrease in the average sales price. If inventory continues to be tight in 2017 and sales continue to be strong, we're likely to see the average sales price begin to creep upwards.
Hudson Valley and Catskills Communities That Experienced
Significant Growth in 2016:
There are a few communities that had standout growth in 2016.
Gardiner New York Real Estate 2016
Gardiner doesn't always get the attention it deserves being so close to New Paltz. It really is one of the loveliest areas in the region. The east side of the Shawangunk Ridge is so beautiful - it seems to provide a comforting shelter for Gardiner. In 2016 homebuyers noticed Gardiner! Sales were up 15%. Average sales price was down slightly in 2016 but with a total of 53 total sales for the year the average sales price can get pulled down by a few sales of small properties or properties in poor condition. Search Current Gardiner Listings.
Kingston, NY Real Estate Market 2016
Kingston's star has been on the rise for several years now. Constant comparisons to Brooklyn pepper the media, Mid-Town is experiencing a renaissance, and the Rondout couldn't be more fun on a Saturday night. Inventory was tight in Kingston in 2016, meanwhile more people were buying. The result? A 13% increase in average sales price. This trend is likely to continue through 2017. If you're a Kingston homeowner and you've been holding on to your house waiting for the market to improve, that time has come. Search available Kingston NY Homes For Sale.
Lloyd NY Real Estate 2016
Lloyd NY, it's convenient to just about everywhere you want to go in The Hudson Valley. Lloyd has properties available in every price range from modest ranches to grand homes with Hudson River views. 2016 was a big year for Lloyd Real Estate - a 44% increase in the number of sales achieved with the same listing volume as in 2015, and a 4% increase in average sales price. Search available Lloyd homes for sale.
Marlboro NY Real Estate 2016
Like neighboring Lloyd, Marlboro was a growth market in 2016. Unlike many of the other communities in Ulster County, Marlboro had a significant increase in inventory in 2016, 21% more properties were available to buyers than the previous year. The sales kept pace with the inventory. The total number of residential real estate sales in Marlboro was up 59% in 2016. Search Marlboro Real Estate Listings.
Saugerties NY Real Estate 2016
The market in Saugerties was hot. 33% increase in sales and a 9% increase in average sales price. Both the increases were achieved in a lower inventory situation than we experienced in 2015. Search Saugerties Real Estate Listings.
Town of Ulster NY Real Estate Market
The Town of Ulster saw significant increases in every growth category. The number of sales was up 27%, average sale price was up 14%. Inventory was completely flat, the same as 2015. Investors, Ulster is one to watch. Search Ulster Real Estate.
Woodstock NY Real Estate Statistics 2016
Woodstock had a remarkable year. Inventory was tight, yet there was a 33% increase in sales. The average sales price was up, but only slightly. Woodstock's name recognition makes it the go-to for buyers who are interested in the Catskills area. Often after they search a bit, they decide to broaden their net, but they still tend to begin with Woodstock. Search available Woodstock Real Estate.
Greene County's market was steady in 2016. There was a slight rise in the number of properties sold and a slight uptick in the average sales price. There were a couple of communities that had stronger growth than the area as a whole. We'll look at those below. See what's on the market in Greene County right now.
Athens NY Real Estate Market 2016
The real estate market in Athens was hot in 2016 with a 62% increase in the total number of sales. The average sale price did dip very slightly, but again, with a smaller sample size a single small sale can pull that number down. Downtown Athens has gotten a bit more active in the last few years - buyers are taking notice. See what's on the market right now in Athens.
Cairo NY's Real Estate Market - 2016
These numbers speak for themselves. There was a lot of activity and growth in Cairo in 2016. Check out active listings.
Hunter NY Real Estate 2016
Hunter really had a great year. The nearby village of Tannersville has a new arts center and new restaurants, Hunter Mountain now offers a season pass to several regional ski areas and the summer activities available appeal to younger buyers just entering the market. Hunter is a great place to get into a second home at the moment. See what's on the market.
Orange County NY 2016 Real Estate Statistics
Wow. Orange County is in a huge growth phase. In 2016, 14% of the county's sales were new construction homes. Compared to the other areas we've looked at, there's a large amount of new construction inventory in Orange County. Of course the other 86% of 2016's sales consisted of previously owned inventory, those are selling as well. Orange County is an easy commute and its median sale price of $229,000 is so much lower than that of Westchester's median price - $629,000. Inventory's tight, so if you're an Orange County resident who's been considering selling, now's a good time. See Orange County properties for sale.
If you don't see your community listed below and would like an up to date analysis of what is happening in the real estate market, fill out the form below. One of our local experts will get right back to you.
Amy Wallace - Marketing Director
Coldwell Banker Village Green Realty