It’s time to take a look back at 2010 and examine the sales data for Woodstock single family homes and properties to gain insight how 2010 compared with prior years. We enjoy putting the data into a visual form so that the information is easier to analyze and trends are easier to spot. First, we present a graphic which shows the number of single-family homes that were sold in Woodstock by year.
Since 2010 marked the smallest number of homes sold in the last seven years. Eighty-two homes were sold in Woodstock in 2010, compared to a peak of 137 in 2005. That was consistent with the overall trend of the sales volume peaking in 2005 in Ulster County (see below).
However, Woodstock yielded the second highest number of homes sales of any municipality in Ulster County. Only the City of Kingston (expected since there is a dramatically larger population) topped Woodstock in 2010. When compared to the other towns and villages in Ulster County, the Woodstock stats do not look so tenuous when we put them in context.
Upon examining the median price data, a similar drop in prices in 2010 was noted. The median price was $260,000, compared to a high of $387,000 in 2006. This is great news for home buyers who can get much more for their money, but not such a good thing for home owners who might have lost equity in their homes since the boom.
The median price decrease that Woodstock suffered actually was contrary to the trend of steady or increasing median prices in the rest of Ulster County. Since Woodstock traditionally has one of the higher median prices in the county, it was only natural to see a more severe dip in prices when compared to other municipalities.
Consistent with the fact that Woodstock is a very sought-after area, Woodstock had the 5th highest median price of all towns and villages in Ulster County. All of the other towns that registered higher median prices are popular second home areas as well. The second home market continues to be a stimulus to the local real estate market.
With regard to property (lots), it was encouraging to see that the number of properties sold and median price actually increased in 2010. Ten properties were sold in 2010 versus 5 in 2009 and a high of 23 in 2005. The median property price was $115,000 in 2010.
The property data is encouraging and indicates that fewer buyers and builders and standing on the sideline. It might be a positive sign indicative of more new construction starts in 2011.
Overall, I’m optimistic about the Woodstock real estate market in 2011. Although we will not reach the height of boom in terms of homes sold or median price, I believe that 2011 will equal or exceed 2010.
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