Hudson Valley Home Sales, Prices Remain Strong; Inventory Continues to Fall
Real Estate In-Depth | October 2017
WHITE PLAINS—Real estate sales continued at a brisk pace in the lower Hudson Valley region, albeit at a slightly slower pace as the year has progressed, according to the “Third Quarter Residential Real Estate Report for Westchester, Putnam, Rockland and Orange Counties, New York” released by the Hudson Gateway Multiple Listing Service, Inc. With the exception of Orange County where sales increased by 8.2%, third quarter sales figures were generally flat in the remainder of the lower Hudson Valley region that is served by the HGMLS.
Sale prices, however, remain strong in all counties. The primary driver of spotty sales figures can most likely be attributed to the lack of inventory; down 16% in Orange, 16% in Putnam, 15% in Rockland and 9% in Westchester as compared to third quarter of 2016.
Westchester, the most populous county and the county with the highest number of sales, recorded a third quarter median sale price of $680,000 for a single-family home as compared to $668,000 for the same period last year. This represented an increase of 1.8%. Orange County had the highest percentage increase in median sales price at 4.3% going from $245,000 to $255,000 for the period. The single-family median sales price in Rockland County, for the third quarter, rose to $445,000, an increase of 3.7% over last year. In Putnam County the median of $340,000 in the third quarter of this year was unchanged from the third quarter of 2016.
Total third quarter residential sales numbered 5,646, which was less than 0.5% fewer sales than third quarter 2016. Inventory has been consistently lower each quarter in each of the last four years, which could indicate a headwind for healthy sales numbers going forward. It is difficult to ascertain at what point rising prices, due to lack of supply, will begin to affect sales.
The 2017 year to date sales figures continue to trend significantly higher than the previous year for most of the lower Hudson Valley region. The macro environment, e.g. attractive mortgage rates, high employment and a healthy economy should be an indication that the market will remain vibrant.
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The Hudson Gateway Multiple Listing Service, Inc. (HGMLS) is a subsidiary of the Hudson Gateway Association of Realtors, Inc. (HGAR). HGMLS’s principal service area consists of Westchester, Putnam, Rockland and Orange counties. It also provides services to Realtors in the Bronx, Dutchess, Sullivan and Ulster counties. The reported transactions do not include all real estate sales in the area or all sales assisted by the participating offices, but they are fairly reflective of general market activity. HGMLS does not provide data on sub-county areas but persons desiring such data are invited to contact Realtor offices in the desired areas. Prior reports back to 1981 as well as current market information and a directory of Realtor members are available on the Association’s website, www.hgar.com.