One of the best and most reliable indicators or real estate market activity is the annual number of properties sold. Over the last ten years the Columbia County real estate market completed a classic "seller's market" cycle. The cycle began with an average of 565 homes being sold from 1999 - 2001. During next four years (2002 - 2005) the average increased over 20% to 683 home sales county wide. Over the last two years (2006 - 2007) the number of homes sold in the county fell significantly to an average of 579 sold homes.
Year - Number of Sold Homes - Percentage Change
1999 ~ 532
2000 ~ 586 ~ +10.15%
2001 ~ 577 ~ -1.54%
2002 ~ 640 ~ +10.92%
2003 ~ 647 ~ +1.09%
2004 ~ 751 ~ +16.07%
2005 ~ 693 ~ -7.72%
2006 ~ 607 ~ -12.41%
2007 ~ 550 ~ -9.39%
If you own property now, or are considering purchasing property in Columbia County New York an important questions to consider is: how many residential properties will be sold in 2008?
The market could continue its three-year pattern of approximately 10% fewer homes sold each year. This would reduce the total number of homes sold in the county in 2008 to under 500, which could have a substantial negative impact on home prices. I believe, however, that homes sales will flatten out at somewhere around 550 again this year. This number of home sales would keep our market healthy and should result in the median sale price for homes sold in the county during 2008 to remain level at around $235,000.
What 2008 will hold is anyone's guess. Check back with The Columbia County NY Real Estate Blog for important market updates. You can also contact John to discuss this topic in more depth.
Check back in with us again soon for a market recap on Columbia County land sales.
John A. Avenia, Associate Broker
Beach & Bartolo, Realtors, Inc.
http://www.columbiacountyrealestate.org/
(800) 290-4235
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