The first half of the year has come and gone, which means it’s time for my Nanuet Half Time Report. Below, I have calculated different pricing statistics from transactions reported through the Greater Hudson Valley Multiple Listing. For the purposes of this report "average" refers to the total volume in sales price divided by the number of units sold. First, let’s start with an overview of what happened in the Nanuet real estate market over the first half of the year.
- The average Nanuet SOLD price in the 1st half 2012 was $394,085
- This was a 1.6% increase from 1st half 2011($387,556)
- The average ASKING price on Nanuet homes sold was $421,270
- On average, homes that did sell, sold for 93.5% of ask price.
The 1.6% increase in Nanuet values may sound insignificant but this is truly a step in the right direction after 5 years of decline.
FIRST HALF 2012 NANUET REAL ESTATE MARKET STATISTICS
Average sold price by home style:
Colonial
$483,133
High Ranch/Bi-level
$405,850
Capecod
$375,000
Split level
$355,666
Ranch
$300,200
Average SOLD price by square footage range:
900-1199 sq ft
$283,600
1200-1499 sq ft
$353,333
1500-1799 sq ft
$356,666
1800-2099 sq ft
$408,928
2100-2399 sq ft
$395,500
2400-2699 sq ft
$413,333
2700-2999 sq ft
$549,700
3000-3299 sq ft
no data
3300 + sq ft
no data
Average Sold price by # of bedrooms:
3 bedrooms
$347,550
4 bedrooms
$441,907
5 bedrooms
$445,000
In today's economy more buyers are starting to realize the importance of living within their means. This may be part of the reason why we did not see any closings in the first half for homes larger than 3,000 square feet. And while 6 months is a relatively small sample size, we can see that buyers did not value a fifthth bedroom much more than a 4 bedroom home. Why pay signifigantly more for a fifth bedroom when bunkbeds are a much more affordable option? As a preemptive response to readers who may want to disagree, I want to reiterate that these numbers are not my opinions of value. Rather, they are the statistical averages of what transpired in the market so far this year.
The image for this blog shows, month by month, how many homes went into contract over the past 18 months. At the beginning of the year I reported that 2011 had trended upward, especially in the second half. At the end of 2011, I was very curious to see if this would continue. Not only has the positive trend continued, but each month in 2012 has outperformed itself from 2011.
Obviously, this report is not a substitute for a full evaluation of a property's value, which I'm always happy to provide. But hopefully this Half Time Report will give us a ballpark value and help fellow residents keep their fingers on the pulse of what's happening in our local market.
Mike Truiano
BHG Rand Realty
845-480-2366
