Home Sales in Hudson Valley Region While Still Strong, Fell Sharply in First Quarter
Real Estate In-Depth | April 5, 2022
WHITE PLAINS—Residential sales in the first quarter of 2022 in the counties served by OneKey MLS, LLC were down from the historic peaks of 2021, but still posted strong results when compared with 2019 and 2020. The one county served by OneKey MLS that posted stronger numbers in 2022 compared to 2021 was Bronx County which was up 6.1% with 613 residential sales posted in the first quarter.
Residential sales, which include single-family homes, condominiums, co-operatives and 2-4 family multi-family homes, decreased 6.3% in Westchester County, a 28.1% decrease in Putnam County, a 11.6% decrease in Rockland County, a 14.7% decrease in Orange County, and a 19.8% decrease in Sullivan County. One bright spot when comparing 2022 sales to 2021 sales was the condominium market in Westchester County, which saw a 27.8% increase in the number of transactions.
While these overall decreases may seem significant at first glance, the significance is diminished when viewed over a two-year period. When comparing the 2022 first quarter residential sales numbers to the first quarter of 2020, the sales numbers in Westchester County increased 26.9%, Putnam County increased 16.7%, Rockland County increased 21.2%, Orange County increased 31.7%, Sullivan County increased 30.5% and Bronx County increased 42.2%.
In all areas served by OneKey MLS, single-family median sales prices continued to rise, with a modest increase of 2.7% in Westchester County, a 21.8% increase in Putnam County, a 14.9% increase in Rockland County, a 10.3% increase in Orange County, a 20.3% increase in Sullivan County and an 11% increase in Bronx County.
For the first quarter of 2022, the average median sales price for single-family homes in Westchester County was $729,000, the average median sales price in Putnam County was $475,038, the average median sales price for Rockland County was $600,000, the average median sales price in Orange County was $375,000, the average median sales price in Sullivan County was $267,000, and the average median sales price for single family homes in Bronx County was $600,000 for the first quarter of 2022.
It has been apparent for some time that affordability issues are becoming critical in many parts of OneKey’s geography. In 2019, the average median sales price for a single-family home in Westchester County was $600,000, compared with $729,000 for the first quarter of 2022, a 21.5% increase over a three-year period. The fact that the Westchester median sales price increase was the smallest compared to the other OneKey counties at 2.7% YOY may be a sign of sales prices beginning to stabilize and moderate.
A dearth of inventory continues to plague the market in all parts of OneKey’s footprint, and days on market continue to decline. The market is also facing the dual headwinds of rising interest rates and increasing inflation. However, the market continues to exhibit strength in spite of these headwinds as the economy in the Hudson Valley, greater New York City and suburban area continues to rebound from the pandemic. All in all, 2022 is off to a solid start, the OneKey MLS report states. Click Here to read the full report.