I jus posted my monthly current market conditions report for Sullivan County real estate. For the past few months, my monthly report has been sort of boring, because there haven't been any dramatic moves. Since the beginning of the year, the same summary could be used for most months — sales volume down, median price steady, average fluctuating, not enough good inventory in popular categories to meet demand, I'm pretty busy.
This month, though, my jaw dropped when I ran the numbers for October. For the 3 month period ending Oct. 31st, the average sales price skyrocketed 20% above the same period a year earlier, largely on 6 sales above $500,000 closing in October, including a $1.45M sale at Timber Lake. That's the highest average sales price since 2008. Expect the average to pull back again over the winter, because there are only a couple of $500K+ sales currently listed in contract. But the October data does indicate that here is increased confidence at the upper end, a market segment that has been notably slugglish over the past few years.
For a fuller picture, check out my November Market Conditions Report here.