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Market Conditions for Accord, New York
Reported by Nancy Brenner, Assoc Broker, ABR, Accredited Staging Realtor, e-PRO
Updated August 3, 2009.
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Current Market Rating: 1
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Current Price Trend: 1
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Falling
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The Town of Rochester contains both Accord and Kerhonkson.
It may be too soon to clearly see a light at the end of the tunnel, but the Town of Rochester is doing better than many other towns in the county. The percentage differences between the 2nd quarter of this year versus those for the 1st quarter have improved markedly. Hopefully the trend will continue.
Like much of the county, the lower end of the market is faring better than the higher end. Of the 15 properties that closed in the 2nd quarter, 12 sold for less than $300,000.
The absorption rate is the number of months it will take to sell the current inventory at the present rate of sales. The rate for the Town of Rochester is:
Number of active listings: 112
Number of sales in the previous month: 9
112 divided by 9 = 12.4 months.
The absorption rate for the entire county is 16.4 months
It remains a good time to buy, as prices are lower than they've been in years. First time home buyers need to start moving if they want to take advantage of the $8000 tax credit offered by the federal government, since, unless extended, the property must close by December 1, 2009 to qualify. Given the volume of refinancing, mortgages are taking longer to process.
As a seller, you need to price your house under market value to catch the downward curve of prices. And you need to do everything you can to make your house stand out from the competition.
Here are the numbers:
Number of units sold 7/08-7/09: 72
Number of units sold 7/07-7/08: 62
Increase of 16%
Number of units sold 1st Half 09: 24
Number of units sold 1st Half 08: 22
Decline of 1%
Number of units sold 2nd QTR 09: 14
Number of units sold 2nd QTR 08: 12
Increase of 17%
Volume of sales 7/08-7/09: $17,688,342
Volume of sales 7/07-7/08: $21,732,995
Decline of 19%
Volume of sales 1st Half 09: $5,149,620
Volume of sales 1st Half 08: $8,358,200
Decline of 38%
Volume of sales 2nd QTR 09: $3,443,000
Volume of sales 2nd QTR 08: $3,838,000
Decline of 10%
Average sales price 7/08-7/09: $245,671
Average sales price 7/07-7/08: $350,532
Decline of 30%
Average sales price 1st Half 09: $234,074
Average sales price 1st Half 08 : $348,258
Decline of 33%
Average sales price 2nd QTR 09: $245,929
Average sales price 2nd QTR 08: $319,833
Decline of 23%
Median sales price 7/08-7/09: $215,000
Median sales price 7/07-7/08: $285,000
Decline of 25%
Median sales price 1st Half 09: $210,000
Median sales price 1st Half 08: $311,750
Decline of 33%
Median sales price 2nd QTR 09: $197,000
Median sales price 2nd QTR 08: $272,450
Decline of 23%
4/09
The steepest decline in the the Town of Rochester market has happened since the first of the year, which makes sense, since 1st quarter sales are an indicator of transactions initiated in the last quarter of 2008, when the stock market started to decline.
Here are the numbers:
Volume of sales 2008: $20,636,922
Volume of sales 2007: $24,333,756
Decline of 15%
Volume of sales 1st QTR 2009: $1,706,620
Volume of sales 1st QTR 2008: $4,520,200
Decline of 62%
No. of units sold 2008: 73
No. of units sold 2007: 75
Decline of 3%
No. of units sold 1st QTR 2009: 8
No. of units sold 1st QTR 2008: 12
Decline of 33%
Average sales price 2008: $282,698
Average sales price 2007: $324,450
Decline of 13%
Average sales price 1st QTR 2009: $213,328
Average sales price 1st QTR 2008: $376,683
Decline of 43%
Median sales price 2008: $268,500
Median sales price 2007: $262,500
Increase of 2%
Median sales price 1st QTR 2009: $210,000
Median sales price 1st QTR 2008: $325,000
Decline of 35%
There are currently 91 properties on the market in the Town of Rochester (4 of which are in binder) ranging from a 2-BR mobile home on an acre for 69,000 to a farmhouse on 538 acres for $1,4500,000. There are 8 properties in contract.
The absorption rate (how long it will take the current inventory to sell, based on the previous six months of sales) is 18.8 months.
If you're a buyer, this soft market is a great time to buy given lower prices, historically low mortgage rates and a wide range of homes to choose from. If you are a first time homebuyer (haven't owned property for two years), the federal government is offering an $8000 tax credit if you close on a primary residence before 12/1/09. And it does not need to be repayed. What are you waiting for?
If you're selling in this market, pricing is key. Houses need to be priced below market value to catch the curve of declining prices.
ZIP Code: 12404
For More Information:
View Market Conditions of other areas served by Nancy Brenner
Navigate: Top > New York > Accord
About Nancy Brenner:
After being a weekender for 10 years, I moved upstate permanently in 2000, and have never looked back. My background as an executive recruiter made real estate a natural progression, using my intuitive and negotiation skills.
My clients, whether buyers or sellers, appreciate the knowledge I bring to the table.
For more information, access to listings, as well as a library of real estate articles covering just about everything, please visit my website www.nancybrenner.com.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
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