Columbia County NY real estate values held up very well in 2007, especially compared to other sections of the country.
Year - Median Sale Price - % Change - Cummulative % Change
1999 - $128,280
2000 - $132,533 ~ +3.32% ~ 3.32%
2001 - $136,550 ~ +3.03% ~ 6.45%
2002 - $149,733 ~ +9.65% ~ 16.72%
2003 - $160,708 ~ +7.33% ~ 25.28%
2004 - $206,562 ~ +28.53% ~ 61.02%
2005 - $235,083 ~ +13.81% ~ 83.26%
2006 - $230,000 ~ -2.16% ~ 79.30%
2007 - $237,500 ~ 3.26% ~ 85.14%
In the years 1999 through 2001 Columbia County NY real estate values appreciated at about 3% per year. After the 9/11/2001 tragedy the real estate market here took off. People who had been on the fence about purchasing a country home immediately decided to do so. Overnight this overwhelming demand created a heated "seller's" market.
Over the next three years real estate value in Columbia County soared to new all-time highs. In 2006 interest rates began to climb and the "seller's" market ended. Because of lower demand for property median sale prices stopped increasing, but held their ground nicely. From 2005 - 2007 median sale prices remained flat, holding most if not all of their gains achieved in previous years. This is a very encouraging, especially considering what has happened to other real estate market all across the county.
John A. Avenia, Associate Broker
Beach & Bartolo, Realtors, Inc.
http://www.columbiacountyrealestate.org/
john@columbiacountyrealestate.org
(800) 290-4235
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