OneKey MLS: NY Metro Region Residential Closed Median Sale Price Holds Steady; Pending Transactions Increased Significantly in March
Real Estate In-Depth | April 19, 2023
FARMINGDALE, NY—OneKey MLS reported today that for March 2023, a regional closed median sale price of $550,000, representing no change as compared to the figure reported in February 2023. OneKey service area spans from Montauk to Manhattan, north through the Hudson Valley and the Catskill Mountains.
Between February 2023 and March 2023, closed regional sales transactions, including residential, condo, and co-op sales, increased to 3,525 from 3,046, representing an increase of 15.75%. Across the region, pending sales transactions rose in a month-over-month comparison as well, reaching 5,268 in March, an increase of 35.70% in pending transactions than the 3,883 reported in February.
Six of nine counties reported an increased closed median sale price in a month-over-month comparison, while three counties reported a decreased median sale price. Westchester (+7.90%, $572,000), Putnam (+6.00%, $445,000), Rockland (+3.70%, $575,250), Queens (+2.50%, $615,000), Bronx (+1.90%, $550,000) and Nassau (+0.80%, $645,000) Counties reported month-over-month increases in closed median sale price. Suffolk (-3.20%, $515,000), Orange (-4.80%, $345,000), and Sullivan (-16.70%, $233,250) counties reported month-over-month decreases in closed median sale price.
Richard Haggerty, CEO OneKey MLS stated, “Historically, the number of home sales increases significantly in the springtime, so I am not surprised to see pending sales activity ticking upwards across our region, amid economic uncertainty.”
Indicating that seasonality has always been a reliable predictor of market activity, Haggerty continued, “After more than two years of unprecedented market activity, we are finally seeing a recalibration back to more normal market conditions.”
OneKey MLS, the largest MLS in New York, aggregates the real estate transactional data from nine counties making up the regional MLS coverage area, and reports individually on each county represented.