A few readers that enjoyed my analysis of October Ulster County Real Estate data suggested that I do a follow up post that shows trends over an extended period of time. I compiled the data showing the number of homes sold and the median price for October in Ulster County as far back as I had data. I also crunched year-to-date comparisons to show trends dating back to 2003–complete with graphs for your viewing pleasure. Although it took a little time, this effort proved to be very instructive. See our spectacular graphs and analysis below.
This graph depicts the obvious fact that the month of October 2010 yielded the fewest homes sold in October since the data was tracked in 2002.
Although the month of October 2010 was not one of the best on the record, the year-to-date statistics demonstrate that more homes have been sold thus far in 2010 than 2009. I believe that the rise in homes sold in 2010 is due in a large part to the home buyer tax credit that stimulated sales in the area. It will be interesting to see if the year-to-date figure can surpass that of 2008. Sales are still far below where they were at the peak of the Ulster County real estate market in 2005.
The October 2010 median price was at it’s lowest since 2003. This is certainly good news for buyers who have ample choice and negotiating power.
However for sellers, they have to be disappointed that their equity has declined since 2007. On a positive note, the median price is once again higher than 2009.
Overall, the data shows that the market certainly is not as active as it was during the peak in the middle of the decade. However, the figures for both the number of homes sold year-to-date and median price year-to-date demonstrate that there are some positive factors at play that are leading to a slight resurgence in the Ulster County real estate market.