Home sales in Ulster County have decreased by 20 percent; however, real estate values have increased by nine percent.

Candida Ellis, President of the Catskill Region MLS, shares statistics from the MLS of homes vs real estate values in Ulster County.

“We saw a nine percent increase in average sale prices with the luxury home market playing a fairly significant role in those numbers,” Ellis said. “The lifestyle in the Hudson Valley has a premium. It’s a great place to live, still affordable and still a very viable investment on every level.”

Home sales are down due to inventory shortages, which puts greater competition in the market for buyers to find a home in the region.

What determines the sale of homes in a county is dependent on the supply, demand, and affordability in the market.

“We are trending toward a more neutral market. In Ulster County we are, of course, affected by the National market in the sense that many sellers who may wish to retire, downsize or just relocate are running into the same challenges in many parts of the country” Ellis explains.

Average loan rates for a 30-year mortgage currently sits at 6.13 percent, compared to November 2022 where it was at 7.2 percent. And currently banks are offering products in the 5 percent range.

Current buying trends suggest what people tend to look for are single family homes (under 1,800 sq ft.) with privacy and land being valuable commodities under $500,000. Prices have also increased in single homes (one bedroom), followed by larger homes (five bedrooms or more).

At this moment there are more buyers than sellers because of the value Ulster County has in terms of retirement and starting a family life. Even before 2022, this location was attracting home buyers for lifestyle and safety concerns.

Stephan Bolz, owner of Hello Dolly Real Estate in Highland, explains the COVID-19 pandemic led people from New York City to relocate to the Hudson Valley. Since it’s so dense in the city, the risk of getting COVID-19 was much higher. In Ulster County, there was less of a risk of contracting the virus because of the small population in the area.

The Hudson Valley Area also has more recreational and entertainment activities in the outdoors such as farm markets in the fall, parks for hiking, and different cuisines/breweries to visit. It’s a healthier lifestyle and an easy commute from Ulster County to the city for work.

Bolz says that Zoom was another factor in people moving to Ulster County. Since people had to work at home because of social distancing, people began to realize they can work from home and not have to be in the office.

During the COVID-19 Pandemic, there was a rising trend of people resigning from their jobs nationwide often described as “The Great Resignation.”

According to the World Economic Forum and Middle Georgia University, the factors that led to people leaving their jobs during the pandemic included better work opportunities, reprioritizing life at home, the relationship between workers and customers, and high competition in the job market.

Local people within Ulster County looking to purchase a home couldn’t compete with people coming from the city who had income levels starting at $70,000. Today outsiders from Long Island, Westchester, and Rockland tend to be buyers within the Ulster County area.

Boltz shares that median sales prices in 2021 were around $349,000, and now it’s currently at $380,000.

Susan Ann Mohart, Salesperson at Rita Levine Real Estate, says that people had to get financially creative in buying a home. This included adjustable mortgage rates and even having family members loan them money to buy a home.

For Susan, 2022 was one of her best years due to getting referrals from former clients to families who were looking for homes near the Wallkill School District.

General real estate home buying gets busy around the early summertime due to families getting their children prepared for the upcoming school year, with winter tending to be slower. To stay ahead in the business, Susan explains staying active in the community your business resides in, having open houses, and posting on social media helps a real estate business stay relevant. Candida says it is important to have some comprehensive knowledge of the market and region. Having a real estate agent who has knowledge of both also helps as well.