2012 New Paltz Real Estate Year in Review
We've compiled the most comprehensive look at the Ulster County and New Paltz real estate market statistics. You'll find easy-to-read graphs, charts and analysis of homes sold and median prices of homes sold in New Paltz and the surrounding towns.
The following graphs display data compiled from these towns and villages: New Paltz, Gardiner, Lloyd (Highland), Rosendale, Esopus, Rochester, Marbletown, Shawangunk, Marlboro, Plattekill and Wawarsing.
There were a total of 489 homes sold in the New Paltz Region in 2010. New Paltz lead the way this year with the highest number of homes sold for any town in the area. New Paltz continues to be a popular place to buy real estate due to a strong second home market, great outdoor amenities and the presence of SUNY New Paltz. The figures for Marlboro, Shawangunk and Plattekill are understated a bit because the data above only shows stats from the Ulster County MLS, while some Realtors in those towns list their properties only in the Orange County MLS.
The highest median price in 2010 belonged to Gardiner at $315,000. Gardiner continues to be a popular weekend spot for home buyers. Marbletown and New Paltz rounded out the top three.
2008 New Paltz Real Estate Year in Review
New Paltz Area Total # of homes sold in 2008: 465
The statistics show the seasonal nature of real estate sales which is typical for areas that have cold climates in the winter, including New Paltz. Transactions normally take approximately two months to close after an offer is accepted, so most of the offers are submitted in the Spring, with the closings occurring in the Summer. It's nice to see a little bit of a jump in the number of transactions closed in the last month of '08.
New Paltz Area Median Price of Homes Sold 2008: $279,000
The last Quarter of 2008 really stands out here on the graph. The drop in the median price is in line with our observation that the most affordably priced homes are moving at a faster pace. It's also obvious that sellers are dropping their asking prices and buyers are offering less. After the drop in October, the median price held stable in the last quarter. Look for the median price to drop a little bit more in 2009 and for the sub $250,000 and sub $200,000 market to be the hottest price range.
New Paltz Area Median Days on the Market 2008: 131
The days on the market is consistent again with a seasonal pattern with the shortest buying cycle evident on sales that closed in the summer and went under contract in the spring. Overall, there is not a great deal of variance from month to month.
New Paltz Real Estate Comparison of 2007 vs. 2008
Next we will compare stats generated from 2007 vs. 2008 to put the 2008 New Paltz Real Estate data in perspective.
Total New Paltz Area Homes Sold in 2007: 564
Total New Paltz Area Homes Sold in 2008: 465
It is clear from the statistics that there was a significant drop in the number of homes sold in the New Paltz area in 2008. Based on the totals, there was a 17.5% drop in the number of homes sold. Furthermore, the month-to-month comparison shows that monthly sales in 2008 exceeded the corresponding month in 2007 in only 3 cases. Expect the number of sales to continue to slide in 2009.
New Paltz Area Median Price 2007: $285,000
New Paltz Area Median Price 2008: $279,900
With all of the national publicity about dropping home prices, most people assume that New Paltz would followed suit. This data shows a clear indication that while the number of sales has dropped considerably in 2008, the median home price has remained relatively constant--less than a 2% drop. This is a clear indication of how resilient the market is. However, a trend is evident in the last quarter that is important to track heading into 2009--you can see a larger disparity in the last Quarter. Look for the median price to drop a little further in 2009.
New Paltz Area Median Days on the Market 2007: 135 days
New Paltz Area Median Days on the Market 2008: 131 days
This comparison surprised me--2008 actually yielded data showing that homes sat on the market for a slightly less number of days. This is a healthy indicator that homes when priced right, are still selling at a clip similar to last year.
Final Analysis
The 2008 data shows that while other markets have seen a significant slump, the New Paltz homes market remains relatively stable. The median price was mostly unchanged and the days on the market indicator revealed little volitility as well. It will be interesting to watch the market in 2009 to see if the median price follows suit with a greater drop, similar to the drop in number of homes sold.
