Residential Sales Post Strong Gains Regionwide in Third Quarter
Real Estate In-Depth | October 6, 2021
WHITE PLAINS—Third quarter residential home sales for the Lower Hudson region, served by OneKey Multiple Listing Service, surpassed the historically high third quarter sales figures of 2020 which were attributed in large part to a response to COVID-19, according to the 2021 Third Quarter Residential Real Estate Sales Report for Westchester, Putnam, Rockland, Orange, Sullivan, and Bronx counties released on Oct. 6.
Although some sales, no doubt, were still a result of buyers’ desire for more space, both indoors and out as a result of COVID, there appears to be organic growth occurring, as well. Residential sales figures for all counties in the region, with the exception of Sullivan County, were up from the third quarter of 2020. The median price of a single-family home rose in every county.
Westchester County experienced an increase of 9% in single-family home sales to 2,377 units from 2,181 units in 2020, Q3. There was an increase of 5.6% in the county’s median sale price to $855,000 from $810,000 in the third quarter of 2020. While Orange County inexplicably saw a decrease of 1.3% in single-family home sales, 1,180 sales as compared to 1,196 in 2020, the median price increased 16.7% to $385,000, an historic high, from $330,000 in the third quarter of 2020. Orange County has been suffering from a dearth of inventory, which appears to be inhibiting sales.
In Putnam County, single-family residential sales numbered 364 units up 3.4% from third quarter 2020 sales of 352 units. The median sales price increased 13.3% to $466,500 from $411,750. Rockland County single-family home sales increased by 5.6% to 715 units from 677 units in the third quarter of last year. The median sales price increased 13.5% to $579,000 from $510,000 in 2020.
Bronx County, which was more directly impacted by COVID-19 than the more suburban counties, had a 42.9% increase in single-family residential sales to 170 units from 119 in the third quarter of 2020. The median single-family home sales price in the Bronx rose 13.8% to $597,500 from $525,000 in 2020. While single-family sales were down 24% due to low inventory in Sullivan County, prices rose a significant 25.8% to $250,250 from $199,000 in the previous year.
On a percentage basis, condominium and co-op sales stole the show in the third quarter. Co-op sales which had been lagging, even pre COVID, in Westchester took on a life of their own increasing by 67.4% to 569 co-op sales as compared to 340 in the third quarter of last year. Co-op prices rose 11.1% to $200,000 from $180,000 in 2020. Condominium sales in Westchester, for the quarter, rose 44.4% to 488 units from 338 last year. Condominium sales were up 40.3% in Rockland County (202 units vs, 144 in 2020) with prices increasing 13% to $309,950 from $274,000 in 2020, Q3. In Orange County sales of condominiums increased 29% from 2020, Q3 (178 vs. 138). Condominium and co-op sales also rose in Bronx County with condo sales up 129.4% to 78 from 34 the previous year with a small price decrease of 4.2%. Co-op sales were up 108% for the quarter (196 vs. 94) with prices increasing 3.7% to $245,000 from $236,250. In Putnam County, condominium sales increased 26% to 63 units from 50 in 2020, Q3. The median sale price rose to $300,000 from $248,500 in 2020 an increase of 20.7%. These significant increases in unit sales can be attributed, at least in part, to the lower cost of purchase of co-op and condominium units particularly in view of the seemingly unending price increases in single-family dwellings.
Multi-family sales showed surprising strength in every county where units sales and prices increased in every county except for a small price decrease (2.8%) in Rockland County. Orange County was up 107%; Rockland County 115.4%; Bronx County, 4.7%; Sullivan County, 12.5%; Putnam County, (with a small number of units) 300% and Westchester, 79.2%.
With the exception of the second quarter of 2020, the real estate market has been an anomaly outperforming the economy. Sales and prices have enjoyed a trajectory, which is likely unsustainable going forward, however the economy of the Hudson Valley continues to improve and grow more vibrant, which bodes well for real estate. It is likely that price increases will moderate and additional product will come on the market, which will sustain a strong market in the near term.
Data was provided by OneKey MLS, one of the largest Realtor-subscriber-based MLS’s in the country, dedicated to servicing more than 41,000 real estate professionals that serve Manhattan, Westchester, Putnam, Rockland, Orange, Sullivan, Nassau, Suffolk, Queens, Brooklyn, and the Bronx. OneKey MLS was formed in 2018, following the merger of the Hudson Gateway Multiple Listing Service and the Multiple Listing Service of Long Island.