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Real Estate Market Trends

Real Estate Market Update - New York, Dutchess & Ulster

Submitted by Joseph Pettinella on March 31, 2016 - 6:25pm

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.

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Real Estate Market Update February 2016

Submitted by Joseph Pettinella on March 7, 2016 - 4:52pm

This was the 47th consecutive month of year-over-year price gains!  Watch the video to get up to date on the national real estate market.

 

New York State Housing Statistics January 2016

Submitted by Joseph Pettinella on February 23, 2016 - 1:46pm

How is the real estate marketing looking for the State of New York?  Continued slow and steady growth is expected throughout 2016 . . . a sign of a healthy market.

Real Estate Market Update January 2016

Submitted by Joseph Pettinella on February 22, 2016 - 1:16pm

Recent changes in legislation could make foreign investment in U.S. real estate more attractive.  Learn more about the changes as well as get an update of where the real estate market currently stands . . . January 2016 Market Update.

Income Growth Keeps Consumer Spending Strong

Submitted by Joseph Pettinella on December 29, 2015 - 2:54pm

More good news for the real estate industry, and the economy as a whole going into the new year.

The final U.S. Economy in a Snapshot report from the New York Federal Reserve for 2015 shows overall consumer spending remains fairly strong based on healthy income growth and improving conditions in the labor market.  Consumers’ sentiment about the economy remains “fairly upbeat,” according to the Fed’s report with data available through Dec. 9, 2015. The Fed also found that consumers’ consumption of goods increased 0.2 percent, “reflecting a moderate increase in the durables and nondurables categories.”

According to the Fed report, after a slowdown in September, employee compensation increased a strong 0.5 percent in October. “With income growing faster than consumption, the personal saving rate rose to 5.6 percent, the highest level in three years,” according to the Fed.

U.S. Economy in a Snapshot provides a condensed, comprehensive overview of current economic and financial developments with charts and commentary on a broad range of topics that include labor and financial markets, consumer behavior and the global economy.

Real Estate Market Update November 2015

Submitted by Joseph Pettinella on December 16, 2015 - 4:00pm

Don't forget about tax write-offs for homeowners:  Real estate property tax deduction, private mortgage insurance deduction, prepaid interest or points deduction, deductions for vacation home owners and energy-efficient improvements . . .and the biggest one . . . mortgage interest deduction.