I just posted the May Current Market Conditions Report for Sullivan County Real Estate. Volume remains low coming off of the winter (just 71 single family homes were reported closed in the Sullivan MLS for the 3 month period ending April 30th), but priced showed a bit of strengthening, with the median sales price moving above $140,000 for the first time since last August, to $142,500.
Buyer activity seemed stronger in April, but a lot of that seemed to be new buyers doing some tire kicking and getting a lay of the land. That's not such a bad thing, as with the long sales cycle we've been seeing, increased interest in the spring could translate into stronger sales in the fall. The operative work is "could", given how unpredictable the real estate market has been over the past 12 to 18 months.
Check out the latest market conditions report then please drop on back and post your thoughts on how you see the real estate market in Sullivan County.
Are most brokers willing to take new listings if they believe the Seller's initial asking price is just too high?
Posted by: DN | May 14, 2010 at 06:53 AM
Yes most brokers will take silly listings. They know it's most likely not going to sell but if they refuse the listing, the chances are zero. You will find this more true with raw land. Sellers think it's gold until the realtors explain that nothing is moving even at 1500 per acre.
Posted by: Missie | May 14, 2010 at 11:00 PM
I wonder if the lack of threads is one indication of that 'apathy' that accompanies cycle bottoms?
Posted by: rod | May 15, 2010 at 10:48 AM
It is generally accepted that only a 1/3rd of the listings in NYC are realistic and I wouldn't think the situation is any different in SC.
Unless I am misreading the 'tea leaves', the operative word to characterize the market over the next few years is 'flat'.
David, is the number of short sales going up or down in the period ending April 30 compared to the previous?
Posted by: ANM | May 16, 2010 at 02:39 PM
Rod, the lack of new threads on here is more related to the fact that I've been slammed busy the past couple of weeks. I had back to back appointments all weekend, and was unable to accommodate about a half dozen people who wanted to come up.
ANM, I don't have a way to track short sales. Foreclosures yes, because they show a bank as the seller. But short sales, no, because there's no coding in the MLS that a sale was a short sale and the seller shows as the owner of the property, not the bank.
Posted by: David Knudsen | May 17, 2010 at 06:42 AM