Will There Be Bidding Wars Upstate?

  |  April 1, 2013
Flickr/photo by See Modern Britain

Flickr/photo by See Modern Britain

Last week, the NY Times reported that there’s been a sharp increase in demand for homes, so much so that the supply hasn’t been able to meet it. That’s partly because fewer people are selling, either because they’re spooked by the previous lull or aware that if they sell now, they might not get their hands on a new house in a timely fashion.

Is that the case upstate? Less so, but we hear from our sources that demand is definitely on the rise. Which has led the Woodstock Times to report that brokers are “smiling optimistically.” Most of this optimism comes from the interest of higher-end buyers, looking for million-dollar homes. We didn’t find the numbers all that impressive, though. In 2009, they write, “there were 318 sales for an aggregate amount of $76 million in Ulster County residences and multi-family homes. Last year the figure was 466 homes for $95 million and already this quarter, with two weeks left, the figures were at 376 sales and $91 million in total sales.” Average price has risen from $238,000 in 2012 to $242,000 this year (which probably still sounds like a bargain to folks from downstate).

Meanwhile, rentals are up, too. Anybody else noticed an uptick in the market? Do you think bidding wars are about to begin?

 

Read On, Reader...