HGAR Region Posts Solid Sales in Third Quarter
Real Estate In-Depth | October 7, 2019
WHITE PLAINS—A solid third quarter for residential sales in the lower Hudson Valley region served by the Hudson Gateway Multiple Listing Service, Inc. (HGMLS) appears to indicate that the housing market remains vibrant, experiencing modest, but sustainable gains.
Single-family residential sales remained on solid footing with anywhere from a 1% gain in unit sales in Westchester County to an 8.4% gain in Putnam County. Rockland County experienced an 8.1% jump in unit sales and Orange County saw unit sales increase by 2.5%. Sullivan County had neither an increase nor decrease in unit sales, according to the “2019 THIRD QUARTER RESIDENTIAL REAL ESTATE SALES REPORT Westchester, Putnam, Rockland, Orange, Sullivan Counties, New York,” released by the Hudson Gateway Multiple Listing Service on Oct. 7.
The median sale price of a single-family home increased in every county of the region with the exception of Rockland County where there was no change from the third quarter 2018 median price of $475,000.
Westchester County had a 3% increase in the median sale price to $699,000 from $678,500; Putnam’s median was $373,000 (from $360,000), a 3.8% increase; the Orange County median increased by 4.7% to $288,000 (from $275,000) and the median price in Sullivan County increased by 5.6%.
Overall residential sales decreased by 1.6% in Westchester, as a result of a 16.5% decrease in co-op sales. Westchester is the only market in the region with a significant co-op market. Other counties in the region all experienced an increase in overall residential sales; sales increased 6.0% in Putnam, 2.1% in Rockland, 1.5% in Orange and 1.8% in Sullivan County. Residential sales in the region for the third quarter totaled 5,765 units as follows: Westchester, 2,985; Putnam, 349; Rockland, 812; Orange, 1,286 and Sullivan, 271.
There was virtually no relief from the low inventory numbers that Realtors have been bemoaning for several years and that continues to be a hindrance to sales growth. With low inventory, buyers often find it difficult to find housing that fits their criteria.
The region is experiencing an active commercial market with several economic development projects in progress, e.g. LEGOLAND in Orange County and plans to build a $100-million film studio in Yonkers.
Tourism revenue in every county in the region had significant increases for 2018 and unemployment remains at historic lows. A healthy economy coupled with low mortgage interest rates indicates that the housing market is on solid ground for the foreseeable future.
The Hudson Gateway Multiple Listing Service, Inc. is a subsidiary of the Hudson Gateway Association of Realtors, Inc. (HGAR). HGMLS’s principal service area consists of Westchester, Putnam, Rockland, Orange and Sullivan Counties. It also provides services to Realtors in Bronx, Dutchess 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.