Home Sales Still Strong, Prices Rise in Most Hudson Valley Markets
Real Estate In-Depth | October 10, 2018
WHITE PLAINS—Third quarter real estate sales in the lower Hudson Valley remained robust, although slightly lower than third quarter 2017 sales. While unit sales were generally lower in the Hudson Valley region served by the Hudson Gateway Multiple Listing Service, sale prices remained strong.
With the exception of Westchester County, which experienced a one tenth of 1% drop in median sales price, all other counties in the region saw the median price of a single-family residential unit increase by more than 5%, according to the recently released “2018 Third Quarter Residential Real Estate Sales Report for Westchester, Putnam, Rockland, Orange and Sullivan Counties, New York” report authored by the Hudson Gateway Multiple Listing Service Inc.
Westchester, which is the most populous of the counties in the HGAR market area, had a median sale price for a single-family home of $679,000, which was fractionally lower than the third quarter of 2017. The median sale price in Putnam was $360,000, up 5.9% from the third quarter of 2017; the median sale price in Rockland was $475,000, up 6.7%; the Orange County median was $275,000, up 7.8% and in Sullivan County, the newest area to join HGMLS, the median price was 12.7% higher than the third quarter of last year.
Cooperatives (co-ops), which play a significant role in the Westchester market, although not for the rest of the region, experienced a 3% increase in median price to $170,000. Co-op sales in the third quarter were down 7.8% as compared to a year earlier.
Condominium sales in Rockland County totaled 170 units for the quarter, a nearly 20% increase from third quarter of 2017 and in Orange County condominium sales increased 10.9% in the third quarter of 2018 as compared to the same period a year earlier, for a total of 143 units. Condominium sales in Westchester County were down 1.2% and totaled 401 units in the third quarter.
As the sales season begins its fall wind down, inventory appears to be stabilizing, albeit at the lowest levels the market has experienced in many years. For example, residential inventory in Putnam County has dropped 42% in the last three years, while Orange County has seen a drop of 33% and Westchester and Rockland counties have experienced a 27% and 28% decline respectively. The figure for Sullivan County was not available. This lack of inventory invariably contributes to upward pressure on prices and lower sales figures.
As of the third quarter of 2018, it does not appear that the tax reform law passed earlier in the year has had a material effect on sales, nor have gradually rising mortgage interest rates. While both could manifest an influence at a later date, the housing market in the lower Hudson Valley currently remains strong, the HGMLS report concludes.
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, Orange and Sullivan counties. It also provides services to Realtors in the 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, www.hgar.com.