octaweb.org

Though not in one of the typically famous overheated real estate markets that have suffered so heavily in the recent onslaught of the U.S. residential housing market crisis, real estate in the Catskills area of upstate New York has suffered nonetheless. Prices have fallen dramatically, giving those in the market for a new home some great deals, but offering those looking to sell homes a tough sell.

In November of this year, the Catskills real estate market reflected that of the greater national market. Sales continued to gradually increase. In Sullivan County, sales volume ending Nov. 30 for the three-month period was 133, up 7% from the three months ended Oct. 31 but down from the same period in 2008.

The median sales price of homes for sale in the Catskills also remained down, at around $134,000, down by around $2,000 from October figures and down from more than $150,000 at the same period last year. The median price at the high in 2006 was $190,400. Foreclosure sales activity began to retreat slightly, with foreclosed homes accounting for 10.5% of sales, down from 12.1% of October’s sales.

Listing prices stood at an average of $271,223 and a median of $199,000, while the prices for closed sales during September through November clocked in at an average of $162,250 and a median of $134,000, suggesting that sellers must be willing to shave off the prices in order to close the deal.