While my primary focus is on the Monroe, NY Real Estate Market, I support home owners and buyers in most of Orange County, NY. I recently shared the Monroe NY 4Q12 – 4Q13 market results, and thought I would also provide insight into a town that borders Monroe’s southwest border, the town of Warwick, NY.
As with Monroe, one of the most often asked questions about the Warwick NY Real Estate Market is whether sale prices are increasing. Recent Orange County reports indicate the entire area has remained flat in terms of prices. But of course, real estate is extremely local, so the question is, did Warwick remain flat from 4Q12 to 4Q13, or has there been some price movement?
The last quarter of 2012 indicated an average sales price in Warwick of $313K, and the last quarter of 2013 was $296K, which of course appears to be a downward trend.
That being said, the third quarter of 2013, where a third of all home sales in 2013 occurred, resulted in a slight uptick to $319K, which results in a trend for the year that is on an “up” path.
More importantly, the 4th quarter of 2013 may be artificially low. When analyzing the homes sales in the 4th quarter, a large percent of the homes were REO/Estate/Short Sales, bungalows/cottages, or homes that needed a lot of work. 26% percent of homes in the 4Q13 were under $200K, while only 16% and 21% were in two preceding quarters.
Also in the 4th quarter 2013, something interesting happened on the high end of the prices as well. The top two homes sold for significantly more than list price. One, a new construction Colonial was listed for $508K but sold for $608K, and another, a new Ranch home was listed for $518K and sold for $636K. If more high end homes sell at a premium, that will definitely move prices up in future months.
Bottom line is that the sales prices of single family homes in the village and town of Warwick NY are relatively flat, with a small upwards trend over the last 5 quarters. However, there are some small reasons to be encouraged — some homes are selling over list prices, and the overall trend is somewhat improved. If you have been thinking of selling your home, but have been waiting for the market to improve, now would be a great time to call me on 914-419-0270 for a free market analysis!