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Orange County, NY Real Estate Sales Update 2018

Orange County, NY Real Estate Sales Update:


SINGLE FAMILY HOMES

Sales registered a 9.6 % sales boost year over year.  The Hudson Gateway Association of Realtors provided the statistic and noted this figure reflected the highest total of homes sold since 2007.  Median home price (term indicates fifty percent of sales were above with 50 percent below) was $243,250 for 2017 which reflects a 6.2 jump in the median price from 2016.

Current for sale Single Family Home Inventory is marked at less than 6 months demonstrating a sound market tending to support the notion Orange County, NY has moved into a Seller’s Market.  My personal work with buying clients supports that bidding wars are frequent, buyers often don’t get into their first choice home, and cash buyers are swooping in and out bidding first time home buyers.

Foreclosures and short sales remain plentiful, but even these properties receive quick offers and usually require at or above retail market prices in order to secure an accepted offer.  Although pricing for these types of property are tempting, be prepared for a significant roller coaster ride as you bounce along the foreclosure or short sale track.  If you don’t know the difference between a short sale and foreclosure, you probably should stay away from this portion of the real estate market place.  Feel free to contact me for an explanation and short primer on the best way to acquire foreclosures or short sale properties.

Condo Sales realized a remarkable 23 percent increase over 2016 demonstrating current market strength while multi-families surged 16.8 %.  Medium condo sale prices tuned up to $163, 250 with multi-family homes (2-4 units) came in at $141,000–a whopping 40 % increase over 2016.  Investor demand contributed significantly to within the multi-unit dwelling space.

Attribution– Report is based on this article from the Times Herald Record.