Second Quarter Home Sales Lower in Most Hudson Valley Markets
Real Estate In-Depth | July 2018
In most areas of the region the median sales price for a single-family residential home increased by about 6% as compared to the second quarter of 2017, according to the “2018 Second Quarter Residential Real Estate Sales Report for Westchester, Putnam, Rockland and Orange Counties, New York” report authored by the Hudson Gateway Multiple Listing Service Inc.
In Westchester County the median sales price of $710,800 as compared to $670,000 in 2017 was 6.1% higher. The one exception was Putnam County where the median price of a single-family residential dwelling rose only 1.4%.
Both Orange and Rockland counties saw similar gains in median price with the median in Rockland being $468,750, a 6.2% gain over the second quarter of 2017 and Orange with a median sales price of $250,000, a 6.4% gain from the same period a year ago.
The continuing dearth of inventory contributed to upward pressure on prices. While overall inventory in Westchester County remained fairly stagnant, cooperative listings were down 23% from the second quarter of 2017. Cooperatives are often a more affordable alternative to a single-family home. Other counties in the region all experienced drops in their respective available inventory; 9.5% in Putnam, 8.1% in Orange and 4.1 % in Rockland County.
This set of circumstances is beginning to manifest itself in somewhat lower sales figures throughout the region. Overall, residential sales in Westchester were down 5.7% although a healthy 2,511 sales were recorded for the quarter, HGMLS noted. Sales were down 4.6% in Putnam County and a significant 11.3% in Rockland. Orange County was the exception with an increase in sales during the second quarter of 1.9% overall and a 2.9% increase in single-family residential sales as compared to the second quarter of 2017.
It is too early to determine what effect the recently passed tax reform law, whose impact has not yet been felt, may be having on sales, which remain at historic highs. New construction, still attractive mortgage rates and a vibrant Hudson Valley economy continue to point to prospects for a good year, despite head winds created by chronic low inventory.
Editor’s Note: 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.