Personally, I haven’t been all that busy this month. July isn’t typically one of the big months for sales, but is usually quite busy for showing property. (Second home buyers, in particular, tend to starting shopping in the summer and then buy in the fall.) But I’ve gotten reports from other real estate agents, particularly in the western part of the county from Glen Spey up through Callicoon, that they’ve been very busy with appointments for the past few weeks. We won’t know for a while, though, if all that property looking is actually translating into sales.
Looking at sales closed so far in July, the month isn’t likely to finish strong. We’ll likely see a further drop in the average sales price, largely attributable to a dearth of upper end sales. In the past 3 months, there have been no closed single family sales reported in the Sullivan MLS over $500,000. (The last $500K+ sale closed on 4/9.) Overall, I’m seeing a retreat by buyers to moderate price points. I’m not seeing anyone at the moment, for example, looking for that renovated farmhouse on acreage in the $500K to $650K range. By comparison, I’ve gotten a number of inquiries for getaway properties with 10+ acres and privacy for under $200,000, and lakefront houses in the $300K range.