Hello Spring and Happy Easter and Passover from the Nutshell office!

 

Recapping January/February regional numbers, we are off to a stable start.  While the number of closed sales in the first two months was only 2.7% higher than in 2016, the sales volume in Ulster County has increased significantly from approximateky $43 million in January and February 2016 as compared to about $57 million in the same period of this year - a  30% rise! Drilling deeper into the budget range distribution in the residential single-family segment, excluding land, we see a refreshing uptick in the luxury sales section .  In January/February of 2016, not a single home sold above a million dollars, and in 2017, there were 5 sold, including one above $3million.  Also noteworthy is that only one is located in the Town of Woodstock, the other four are in the Towns of Hurley, Marbletown, Esopus, and Rochester.  The $500k - 999k segment was unchanged with 11 sales, and then we see again sizeable increases in the below $500k budgets.  There were 17.1% fewer sales in the up to $100k range.  All this explains the at first sight surprising jump of plus 18.9% and 22.7% in the median and average sales prices, respectively.  This is a good development but also deceiving if not examining the full picture of types of homes sold.  (Table 2)

Other than that, I am afraid to say that the condition of our inventory went from troubling to more troubling.  There were 18% fewer homes for sale in Januar/February of 2017 compared to last year and the number of months supply is down 25% to 8.5 months. Months supply is calculated by taking the inventory of homes for sale at the end of a given month and divide it by the average monthly pending sales from the last 12 months. 

In conclusion, it is a fantastic time to market your home to a pool of ready and hungry buyers who'd like to be in their new homes by summer!  

 

Below are the referenced statistics, the UCBR data and secondly, the budget ranges of sold homes in January and February of 2016/17:

 

UCBR Statistics*	Feb 2016	Feb 2017	change	YTD 2016	YTD 2017	change
New Listings	215	215	0.0%	463	451	-2.6%
Closed Sales	116	105	-9.5%	222	228	2.7%
Pending Sales	133	90	-32.3%	248	205	-17.3%
Days on Market	143	146	2.1%	137	138	0.7%
Median Sales Price	181,100	220,000	21.5%	185,000	220,000	18.9%
Average Sales Price	222,480	290,477	30.6%	223,052	273,595	22.7%
% of List Price Received	94.2%	94.3%	0.1%	95.1%	95.4%	0.3%
Homes for Sale	1,548	1,269	-18.0%
Months Supply	11.4	8.5	-25.4%
*Ulster County Board of Realtors statistics present residential activity through the Ulster County MLS and include a small portion of Greene, Dutchess, Orange and Sullivan transactions.  Land sales are excluded.

 

 

Jan/Feb Closings   Ulster County	2016	2017	change
> $ 3 million	0	1	100.0%
$1 - 1.5 million	0	4	400.0%
$500k - 999k	11	11	0.0%
$400k - 499k	8	13	62.5%
$300 - 399k	20	27	35.0%
$200 - 300k	45	55	22.2%
$100k - 199k	82	68	-17.1%
≤ $99 k	39	37	-5.1%

.

From the report published by the National Association of Realtors in March 2017.

 

Characteristics of Home Buyers

• First-time buyers made up 35% of all home buyers, an increase over last year’s near all-time low of 32%. 66% of buyers 36 years and younger were first-time buyers, followed by buyers 37 to 51 years at 26%.
• At 34%, buyers 36 years and younger continue to be the largest generational group of home buyers with a median of 31 years old. Home buyers between the ages of 37 and 51 were reported to have the highest household incomes among any other generation at $106,600, followed by buyers between 51 and 60 that had an income at $93,800 (down from $100,200).
• 66% of recent buyers were married couples, 17% were single females, 7% were single males, and 8% were unmarried couples. The highest percentage of single female home buyers was found in the 62 to 70 age group.
• 38% of all buyers had children under the age of 18 living at home.
• 62% of buyers between 37 and 51 years had at least one child under the age of 18 residing in the home.
• 11% of home buyers purchased a multi-generational home to take care of aging parents, for cost savings, and because children over the age of 18 are moving back. 20% home buyers aged 52 to 61 purchased a multi-generational home. Buyers 62 to 70 was the second largest share at 14%.
• The 37 to 51 age group showed to be the most racially diverse group of home buyers in 2016. 21% of this group of home buyers identified as Hispanic/Latino, black/African American, or Asian/Pacific Islander.
• The most common reasons for recently purchasing a home differed between the generations. For all three groups under the age of 61 years, the main reason for purchasing was the desire to own a home of their own. Among the 62 to 70 age group, the desire to be closer to friends and family and retirement were the top two reasons to purchase at 19%. Buyers between 71 and 91 years purchased their home to be closer to family and friends and for the desire for a smaller home at 23%.

 

Characteristics of Homes Purchased

• Buyers of new homes made up 14% and buyers of previously owned homes made up 86%. For buyers 36 years and younger, 11% bought new homes again this year. New home purchased increased with age, 15% for buyers 37 to 51 years and 21% for those 71 to 91 years. 
• The most common type of home purchased continues to be the detached single-family home, which made up 83% of all homes purchased compared to 87% of buyers 37 to 51 years and only 65% for buyers 71 years and older (a decrease from 71% last year).
• Senior-related housing increased slightly this year to 14% of buyers over the age of 50; that number was 7% for buyers 52 to 61 years and 24% for buyers 71 years and older.
• There was only a median of 12 miles between the homes that recent buyers purchased and the homes that they moved from. For buyers 62 to 70 years, the median distance was 25 miles and for buyers 51 and younger the median was 10 miles.
• The typical home that was recently purchased was 1,900 sq ft, had three bedrooms and two bathrooms, and was built in 1991. The size of homes for buyers 37 to 51 years was typically larger homes at 2,100 sq ft, compared to buyers 36 years and younger and 71 years and older that purchased homes at a median of 1,800 sq ft. For buyers 36 years and younger, the median home was built in 1984; for ages 62 to 70, the median was 1998. For home buyers over 71, the median was 1999.
• For buyers 36 years and younger, commuting costs were more important than heating and cooling costs at 39 percent and 31 percent respectively. Compared to buyers 62 years through 70, commuting costs was listed as very important to only 12 percent whereas heating a cooling accounted for 34 percent.
• Overall, buyers expect to live in their homes for a median of 12 years, while 18% say that they are never moving. For buyers 36 years and younger, the expected length of time is only 10 years compare to 20 years for buyers 52 to 61 years.

 

The Home Search Process

• Among nearly all generations of home buyers, the first step taken was to look online for properties, except for buyers 71 years and older who contacted a real estate agent first.
• Buyers typically searched for 10 weeks and looked at a median of 10 homes. The length of the home search was the longest for buyers 37 to 51 years at 12 weeks. For all other generations, buyers searched for 10 weeks. All generations viewed a median of 10 homes this year.
• When looking during the home search process, buyers 36 and younger were the most likely generation to consider purchasing a home that was in foreclosure. A trend showed that as the buyers got older, they were less likely to consider purchasing a home in foreclosure.
• Buyers of all generations were overall very satisfied with their home buying process. Buyers 62 to 70 years were the most satisfied of any generation with the buying process at 91 percent.

 

Financing the Home Purchase

• 88% of recent buyers financed their home purchase. 98% of buyers 36 years and younger financed, whereas only 68% of buyers aged 62 to 70 years financed their home, and 58% 71 years and older.
• For 61% of buyers, the source of their downpayment came from their savings and 35% from the proceeds from the sale of a primary residence. 75% of buyers 36 years and younger used savings (down from 80%) to finance their home purchase compared to only 41% of buyers 71 years and older. Buyers 62 to 70 years used proceeds from a previous sale more than any other generation at 56%.
• 13% of all buyers cited that saving for a downpayment was most difficult step in the home buying process. For buyers 36 years and younger, this was 23 percent compared to only three percent of buyers 62 to 70 years.
• 27% of all buyers reported having student loan debt with a median amount of $25,000. For buyers 36 years and younger, 46% have student debt with a median amount of $25,000 compared to just 4% percent for buyers 62 to 70 years who had the lowest median amount of debt at $13,800.
• 59% of all buyers used conventional loans to finance their home. Only 56% of buyers 36 years and younger used a conventional loan compared to 64% of buyers 62 to 70 years.
• 82% of all buyers reported they view a home purchase as a good investment. 85% of buyers 36 years and younger said owning a home was a good financial investment compared to 70% of buyers 71 years and older.

  

Home Sellers and Their Selling Experience

• Sellers 37 to 51 years made up 29% of all sellers, had a median age of 44 years, and reported the highest income of $122,100. Sellers 62 to 70 years made up the second largest share at 21% and had a median age of 66 years. Sellers 71 years and older had the lowest income of $63,300.
• 76% of sellers were married couples. Married couples were the highest for sellers 36 and younger at 86 percent and the lowest for sellers 71 years and over at 65 percent.
• 72% of all sellers moved within the same state. For sellers 51 years and younger, 76% purchased in the same state compared to 63% of sellers 62 to 70 years.
• For all sellers, the most commonly cited reason for selling their home was that it was too small (18%), followed by the desire to move closer to friends and family (15%), and a job relocation (14%). For sellers 36 and under, they cited that the home was too small (37%, up from 31% last year), which was higher than any other age group. For sellers 62 years and over, they cited they wanted to be closer to friends and family (26%). Sellers 37 to 51 years cited that the home was too small (26%) and selling for a job relocation (22%).
• Sellers typically lived in their home for 10 years before selling, an increase from nine years in last year’s report. Sellers 36 years and younger stayed in their home for six years compared to 17 years for sellers 71 years and older.
• Nine in 10 home sellers worked with a real estate agent to sell their home, which is consistent across all age groups. 
• For recently sold homes, the final sales price was a median 98 percent of the final listing price. Sellers 36 years and younger, the final sales price was 99 percent of the listing price and only 96 percent of the listing price for sellers 71 years and older.  
• Recently sold homes were on the market for a median of four weeks. For sellers 36 years and younger, time on market was a median of three weeks and a median of five weeks for sellers 71 years and older.
• 36% of all sellers offered incentives to attract buyers. This varies across age groups where it was less likely for sellers 71 years and over to offer incentives and more likely for sellers 36 years and younger.
• This year, home sellers cited that they sold their homes for a median of $43,100 more than they purchased it. Sellers 36 years and younger gained the least at $20,100 in equity compared to sellers 71 years and over that gained $60,400 in equity as they likely had lived in their homes for a longer period of time.
• 61% of sellers were ‘very satisfied’ with the selling process, consistent with the year prior and consistent across all age groups.

 

.

Evan Pritchard Presents First Nation's Women of the Esopus

Saturday, April 15

4 pm

Esopus Town Hall, Port Ewen

 

The Klyne Esopus Museum will host author and teacher Evan Pritchard who will will weave together Native American linguistics and oral tradition, colonial records and archeology ,explaining the role, lifestyle and culture of women among the Native American groupings of the Esopus. The event, part of the Ed and Ruth Ford Speaker Series, is open to the public and free of charge.  The lecture is underwritten by Aardvark Realty of Saint Remy. The speaker is author of No Word for Time, Native New Yorkers, Henry Hudson and the Algonquins of New York, and Bird Medicine. He has taught Native studies at Marist, Vassar, and Pace Colleges, with hundreds of radio and live appearances.

This presentation is in keeping with the Klyne Esopus Museum’s newly curated 2017 exhibit entitled “Notable Women of Esopus.”  The exhibit focuses on the lives of three notable Esopians: Sojourner Truth, the former slave who became famous as an abolitionist, suffragette, and evangelist; Saint Mother Francis X. Cabrini of West Park and Hilda Smith, worker educator and organizer. 

 

Esopus Town Hall, 284 Broadway, Port Ewen.  Admission is free.  

 

 

.

Learn the art of forging iron into beautiful and useful items using traditional blacksmithing tools and skills at the semi-annual Ashokan Hammer-In. This is a multi-level workshop for beginners and experienced craftsmen alike, with both forging demonstrations by world renowned craftsmen and hands-on project opportunities . Equipment, iron, and coal will be provided and available to use under the supervision of an instructor and for sale to begin your own home workshop! Presented by the Northeast Blacksmiths Association.

 

Ashokan Center, 477 Beaverkill Road, Olivebridge.  For more information or to register, click here.

 

 

.

Rock The Ridge is a 50-mile endurance challenge and environmental fundraiser set in the natural beauty of Mohonk Preserve, a vast, nonprofit nature preserve situated in the mid-Hudson Valley of New York State. The goal is to traverse a 50-mile course within 24 hours by walking, running, or any combination thereof. The course winds along well-maintained carriage roads, through lush forests and over ridgelines with magnificent vistas. The Nature Conservancy has described this area as “one of Earth’s last great places.”
 
Covering 50 miles in one stretch is a major achievement. But you don’t have to be a marathon runner.
The 24-hour time limit accommodates people with a wide range of abilities, including walkers and hikers, as well as joggers, runners, and ultramarathoners. We’ve hosted elite athletes as well as first-time 50-milers and relay teams that walked the entire distance. Whether you walk, run, or do a mixture of both, Rock The Ridge will be an accomplishment that you’ll be proud of for a long time!
 
Rock The Ridge is a fundraiser.
Rock The Ridge supports a great cause: preserving over 8,000 acres of the Shawangunk Mountains region. We salute all Ridge Rockers, who since 2013 have collectively raised nearly $700,000 to support Mohonk Preserve and our award-winning conservation science, environmental education, and land protection and stewardship programs.

 

.

The festival is a full weekend for people to leisurely explore a large selection of rare native plants, wildflowers, water lilies, familiar and unusual fruits, as well as a huge array of heirloom vegetable starts.  The festival aims to introduce both novice and experienced gardeners to plants they may never have encountered before while offering them the knowledge to grow a bio-diverse garden that is both beautiful and beneficial to the world around them.

The festival features a special focus on home gardeners who want to become more self-sufficient by successfully growing a multitude of delicious and nutritious edibles to put on their tables and in their pantries. The Hudson Valley Seed Library returns with an extensive selection of organic heirloom vegetable, herb and flower seedlings. These are not your usual garden variety selection of starter plants, but rather dozens of heirloom vegetables and flowers rarely grown locally. 

The popular Tomatothon is back featuring organically grown tomatoes and peppers that have been started early and repotted for a robust root system. These large sturdy plants give the vegetable gardener a jump on the growing season. Over 30 varieties of heirloom and disease resistant tomatoes and peppers will be available.

 

The Catskill Native Nursery, 607 Samsonville Rd, Kerhonkson. 

.