What a year it's been! More than a two pack of Bounty paper towels finally made their way into the local supermarket for the first time in ten months. The little pleasures and conveniences that may have been taken for granted, including basic paper towels, now excite. I took my camera out!
When the doors opened from the shutdown in late May, the real estate market in the Hudson Valley realized a noticeable influx of city relocations in a market already low in inventory pre-Covid. With tight inventory and prices on an incline, the stage was set for the fury that hit the Hudson Valley. As tight inventory continues, all indications show Spring Market 2021 will again be a sellers market.
Scroll away for a recap on 2020 along with information on my newly launched series "Spring Market Smart" to help prepare for the market ahead.
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Towns on the Move
Top 10 towns in number of homes sold 2020 versus 2019:
1) Town of Stanford: up 113%
2) Village of Red Hook: up 92%
3) Town of Northeast: up 50%
4) Village of Rhinebeck: up 50%
5) Village of Tivoli: up 50%
6) Town of Pawling: up 46%
7) Town of Rhinebeck: up 40%
8) Town of Amenia: up 37%
9) Town of Pine Plains: up 32%
10) Town of Clinton: up 29%
Top 10 increases in homes sold by price point:
1) Town of Amenia – up 700%: $300,000-$350,000
2). Town of Pawling – up 700%: $450,000-$500,000
3). Town of Milan – up 600%: $1,000,000+
4). Town of Red Hook – up 400%: $450,000-$500,000
5). Town of Rhinebeck – up $400%:
$700,000-$750,000 AND $900,000-$1,000,000
6). Town of Stanford – up 400%: $450,000-$500,000
7). Town of Northeast – up 300%: $1,000,000+
8). Town of Clinton – up 300%: $400,000-$450,000
9). Town of Rhinebeck – up 300%: $750,000-$800,000
10) Town of Washington – up 300%: $300,000-$350,000
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"Spring Market Smart" Series
As it will most likely be a doozy, the "Spring Market Smart" series has launched to help prepare for the market ahead. This series will explore different facets of the home sale and purchase process with host Sandi Park, Associate Real Estate Broker, joined each week by expert panelists. Navigating multiple offers, declutter and staging, the world of loans, considerations with new construction, legal issues that can arise, appraisals and more!
I hope you find this informative and interesting. Feedback is welcome and appreciated.
The first in the series is "Navigating Multiple Offers". This five minute webinar excerpt is available on replay below.
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Spring Market Smart Series #1
Navigating Multiple Offers
Webinar length: 5 minutes.
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Subscribe to my YouTube channel and throw me a like! ;)
Next up
"Profit from Declutter" hosted by yours truly with 20+ year organization and declutter veteran, Ellen Kutner from Simply Organized.
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Year End - How did we do?
With 865 contract deals in November, it wasn't a shocker to see December closed sales hit 357 - up 84% versus December, 2019. The median sale price hit the 2020 high in November with a 26.7% increase over November, 2019. December realized a marginal adjustment to 26.5% with a median price of $369,000. The year closed out with a YTD median up 13.3% translating to $340,000 with the average up 25.4% to $424,298.
The county hit double digit percentage increase in monthly median sales in September and has maintained double digit growth since. For perspective, in May, 2020 (when the gates first opened after the shutdown and sales had not yet had the opportunity to close) the median was already up 6.5% versus May, 2019. This was actually down from pre-shutdown in February. The reality is Dutchess County was on a steady rise without Covid, albeit much more conservative than late summer to date closings. In February, the month prior to the shutdown, Dutchess County realized the strongest February on record with an 8.6% median increase over February, 2019. The Hudson Valley was strong in sales and tight in inventory in many price points before Covid hit. We were poised for the frenzy that hit a multitude of housing types, rentals and land if priced correctly and marketed properly.
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I'd like to live nearby....
As 2020 unfolded and life became much more centered on home, the desire for country homes with a pool or pool site in a private setting increased exponentially. As evidenced in the market momentum reports I produce, towns surrounding or nearby the "go to" towns realized noticeable sales spikes. Inventory squeeze throughout the county (not enough homes to meet demand), cost containment by living outside of pricier "go to" towns combined with desire for privacy were driving factors to expanded search areas.
While Hyde Park did not make the top 10 list in homes sold percentage increase year over year, the town was up a respectable 20% overall and deserves recognition for an impressive market momentum report with consistent or increases in homes sold across the board in all price points with the exception of an inventory squeeze in the $750,000-$800,000 range. In fact, Hyde Park, Stanford and Northeast enjoyed consistent health in the market momentum reports across price points more than any other town in the County considering these combined factors: increase or consistency in homes sold per price point year over year, housing options across price points, contained absorption rates and the least amount of price points with inventory squeeze.
*Excluding Beacon - I don't include Beacon in the market momentum reports as too many transactions happen outside of the MLS for conclusive analysis.
Data source: Mid-Hudson Multiple Listing Service
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Record Setters
Little horn toot on this one, but two records were set in Dutchess County 2020 with my clients' sales. The first was in September, 2020 with the sale of 7 St. John's Parkway in Poughkeepsie. This sale stands as the highest residential resale in the City of Poughkeepsie in over 15 years. Take a tour through the house.
Next up was 256 Linden Avenue, Red Hook. This house set the record for the highest over ask in its price point in Dutchess County. Asking price: $489,000. Sold for $211,000 over ask at $700,000 in December, 2020.
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"This house has everything!"
Over $1,000,000...
Sales in homes sold in the $1,000,000+ price point in Dutchess County as reported in Mid-Hudson MLS increased by 342% in 2020 versus 2019. 342%! That's some change coming into town. Sales in these price points were predominantly north of Poughkeepsie.
Historically, sales above $1,000,000 tend to be cash deals, but with such favorable interest rates many high end buyers are opting for mortgages to keep liquidity invested elsewhere.
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Will the City Keep Packing for the Country?
We continue in day by day mode for the most part with a real estate market that has been on a consistent trajectory in the Hudson Valley along with many other areas in the country. The city has fed the Hudson Valley influx. So how's the city doing? Find out in webinar replay link below "Will the City Keep Packing for the Country?" with host Sandi Park, Associate Real Estate Broker with Berkshire Hathaway Home Services Hudson Valley Properties and panelist Ellie Johnson, President, Berkshire Hathaway Home Services New York City Properties.
Webinar Length: One Hour
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Eye Popper Stat
Little number trinket as I can't help myself - the average sale price in Dutchess is up 30.4% year over year as of January, 2021. That is average. Since we are up 342% in $1,000,000+ sales year over year (this really is nutty), the median appears the more relevant number to look at, but that is the latest eye popper stat.
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Next number crunch in February to gauge pace into Spring market. My bet....we're in for a ride.
Seatbelts on!
Best always,
Sandi
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JOIN THE BRICK
Was this newsletter forwarded to you? Join The Brick community for the latest on the Hudson Valley real estate market!
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INSTAGRAM
JOIN ME THROUGH SPRING MARKET!
@hudsonvalleynest
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Sandi Park
Associate Real Estate Broker
Berkshire Hathaway Home Services
Hudson Valley Properties
M: 914-522-6282
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Serving the Dutchess County market with offices in LaGrangeville and Rhinebeck, NY |
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