MILLION DOLLAR PROPERTIES ARE SELLING

According to the Columbia County Northern Dutchess MLS system during the months of July and August of 2010 8 properties selling for $1million or more either sold or went to contract in Columbia County. This represents a substantial acceleration of high end sales and is the beginning of the long road up in building a dynamic real estate market.

That New York State Association of Realtors reports: Statewide sales of existing single-family homes in New York State increased in August from July by 3.7 percent, but remained 30-percent below the August 2009 total, according to the preliminary single-family sales data. The data also showed strong median sales price growth compared to both last month and August 2009. Modest monthly home sales totals are expected for the balance of the year as both the housing market and economy continue to recover.

Many consumers are realizing today’s market offers opportunity in terms of historically low mortgage rates and available inventory. We anticipate these factors will continue to bring buyers to the market despite concerns about the sluggish economic recovery.

Anecdotal information from operating brokers, indicates an increase in the buyers in the market. We still have a strong buyer's market, but may sellers, if they are able have withdrawn their properties. Many of those remaining on the market are willing to consider lower offers than ordinarily. Is still a buyer's market. But things may be slowly turning around.