How’s the Market? Spring 2012 Nanuet Real Estate Statistics

Springtime is often the busiest time of year for the real estate industry. Curb appeal is in full bloom, pools are open for inspection and potential buyers wish to be in their new home and settled for the following school year. Just after the spring market is often the best time to gauge current market conditions. I wanted to take a look through our local Multiple Listing and see just how well (or poorly) the market did this past spring. After all, as Mother Nature was so quick to remind us last week- spring is over and summer is here.

On a daily basis, friends, family and neighbors will ask me “How’s the market?” I’ve found the best way to analyze the market is be reviewing recent contract signings in the multiple listing and comparing them with years past. Contract signings represent homes going into escrow with a buyer. In other words, it tells us how many buyers are buying. Throughout the 2012 spring season, (March 20th through June 19th), 27 real estate contracts were signed by buyers, here in Nanuet, for single family homes.

How did this compare with Nanuet contracts for the same duration in 2011?
In spring 2011, only 9 total single family Nanuet contracts were signed…

Now just from working in this industry, I feel busier than last year but even I was surprised to see such a large increase. What is the reason? Perhaps the historically low interest rates and increasing rental prices have contributed to the rebound. Pent up demand must have something to do with it. For the past few years potential homebuyers have sat on the sidelines waiting instead of buying. But there is only so long you can stay home with Mom and Dad. Especially if Mom and Dad are getting out of Dodge themselves.

Another effective way to analyze the market is by monitoring the inventory levels. In spring 2012, 23 new homes came to the market. As we mentioned earlier 27 went into contract which lowered the overall inventory by 3 units. Increased contract signings and decreasing inventory are strong indicators of a stabilizing market.

The most expensive home CLOSED this spring in Nanuet was 39 Dykes Park Road.  (Street behind White Castle)  This was a new construction, 2800 square foot colonial which closed on May 10th for $578,800.

Here is the complete list of homes and their asking price that went into contract this spring, as per GHV MLS. An asterisk after the home means I personally represented one of the parties involved in the transaction.

• 6 THORN DR ($680,000)
• 28 BRADL LN ($669,000)
• 39 DYKES PARK RD ($599,000)
• 14 REDWOOD CT ($559,900)
• 50 OAKLAND PL ($525,000)
• 5 CASEY CT ($525,000)
• 27 NEW CLARKSTOWN RD ($500,000)
• 139 BLAUVELT RD ($460,000)
• 135 LAKE NANUET DR ($448,000)
• 26 SHERWOOD DR ($445,000)
• 22 NYACK AV ($439,000)
• 23 ARGOW PL ($429,000)
• 9 NELSON PL ($424,900)
• 11 BIRCHWOOD AV ($400,000)
• 4 APRIL LN ($399,900)
• 8 CRESCENT LN ($396,900)
• 14 PARK PL ($379,000)
• 2 FREDRIC ST ($370,000)
• 15 HENRY CT* ($365,000)
• 6 AMARILLO DR ($365,000)
• 6 S PARK AV, ($359,000)
• 15 PIGEON HILL RD ($339,000)
• 29 CARMEN DR ($309,999)
• 7 ROLAND CT ($305,000)
• 11 JERRYS AV* ($299,000)
• 79 N PASCACK RD ($229,000)
• 19 OLIN DR (219,000)

Next month, keep an eye out for my “Nanuet Half Time Report.” We’ll look back at the first half of the year and I will provide a comprehensive breakdown on average values for each home style in Nanuet. We’ll also compare the first half of 2012 with prior years and pinpoint any further market trends.