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 full 2009 year with the previous year's statistics.
The average and median price for single family homes sold in 2009 decreased considerably from 2008.
One of the major reasons for this decline was the federal government offering an $8,000 tax credit to first-time homebuyers in 2009. As a result, many of the homes sold were to first-time homebuyers, and these buyers tend to purchase lower-priced homes. This brought down the average and median price of sold homes in 2009.
Another reason for the decline in prices was the "great recession" that began in late 2008. Existing and prospective homeowners suffered major losses of income and deep declines in the value of their investments. As a result, some homeowners had to sell because they could no longer afford to maintain their home, and some homebuyers had less money to purchase a home. This brought about downward pressure on home prices.
The average sold price for single family homes decreased by about 17% from 2008 to 2009, from $297,505 to $246,530.
The median sold price for single family homes decreased by about 22% from 2008 to 2009, from $245,000 to $215,000.
The number of days a sold house was on the market from the time it was listed until the closing date, increased by 9 days (about 6%) from 2008 to 2009, from 162 to 171.
The sale price to list price ratio decreased by less than 1% from 2008 to 2009, from 93.80% to 93.33%. That means that in 2009 the average single family home sold for about 7% less than the final listing price for that home.
The number of single family homes listed in 2009 decreased by about 5% from 2008, from 2,945 to 2,807.
The number of single family homes sold in 2009 increased by about 1% from 2008, from 960 to 971.