Per SullivanCounty Board of Realtors
January brings out a rejuvenated crop of buyers with a renewed enthusiasm in a
new calendar year. Sales totals may still inevitably start slow in the first half of
the year due to ongoing inventory concerns. Continued declines in the number
of homes available for sale may push out potential buyers who simply cannot
compete for homes selling at higher price points in a low number of days,
especially if mortgage rates continue to increase.
New Listings remained flat at 72. Pending Sales decreased 7.1 percent to 39.
Inventory shrank 18.9 percent to 813 units.
Prices were still soft as the Median Sales Price was down 5.7 percent to
$125,000. Days on Market decreased 6.6 percent to 226 days. Months Supply
of Inventory was down 28.4 percent to 13.6 months, indicating that demand
increased relative to supply.
In case you missed it, we have a new U.S. president. In his first hour in office,
the .25 percentage point rate cut for loans backed by the Federal Housing
Administration (FHA) was removed, setting the table for what should be an
interesting presidential term for real estate policy. FHA loans tend to be a
favorable option for those with limited financial resources. On a brighter note,
wages are on the uptick for many Americans, while unemployment rates have
remained stable and relatively unchanged for several months. The system is
ripe for more home purchasing if there are more homes available to sell.