The following statistics were taken from the Ulster County Multiple Listing Service (MLS). These statistics include all single family homes sold in Ulster County that were listed on the Ulster County MLS. We will be comparing statistics for the first half of 2011 with the first half of 2010.

 

You will see that there were major changes in the Ulster County real estate market when you compare the first half of 2010 with the first half of 2011. After two years of stable prices, there has been a noticeable drop in the median price of single family homes during the first six months of 2011. In addition, the number of homes sold has decreased significantly, single family homes are on the market longer, and they are selling for a lower sale price to list price ratio.

The median sold price for single family homes decreased by about 9% when comparing the first half of 2010 to the first half of 2011, from $214,000 to $195,000.

The number of single family homes sold in the first half of 2011 decreased by about 28% when comparing the first half of 2010, from 509 to 369. You may remember that during the first half of 2010, there was an 8% tax credit for first-time home buyers, which expired at the end of May 2010. During the first half of this year, there was no tax credit, which reduced the urgency to buy.

The sale price to list price ratio decreased by about 2% when comparing the first half of 2010 to the first half of 2011, from 93.89 to 92.07%. That means that in 2011 the average single family home sold for about 8% less than the final listing price for that home.

The number of days a sold house was on the market from the time it was listed until the closing date, increased by 14 days (about 8%) when comparing the first half of the first half of 2010 to 2011, from 180 to 194.

The number of single family homes listed in the first half of 2011 decreased by about 5% when comparing the first half of 2010, from 1,656 to 1,579.

The average sold price for single family homes increased by about 12% when comparing the first half of 2010 to the first half of 2011, from $234,563 to $261,861. The main reason for the increase in average price is the greater number of homes sold for over $500,000. In the first half of 2010, ten homes sold for $500,000, and in the first half of 2011, 23 homes sold for over $500,000.