Rand Country Blog January 22, 2019

Fourth-Quarter 2018: Real Estate Market Report – Bronx, NY

With Better Homes and Gardens Rand Realty’s recent expansion into the Bronx, we are delighted to present the Rand Quarterly Market Report for Bronx County. We have been providing these quarterly market analyses for almost 15 years for the markets we service, which include Westchester and the Hudson Valley, Northern New Jersey, and now the Bronx. We hope you enjoy the Report, and if you have any questions, please reach out to your Rand Realty agent.

The Bronx housing market surged again in the fourth quarter of 2018, with prices rising sharply in a growing seller’s market, even while low levels of inventory held back sales growth. Going forward, we expect that strong demand will continue to drive meaningful price appreciation through a robust winter and spring market.

Prices were up across the board. For all property types, the average price rose over 13% from the fourth quarter of last year, and was relatively balanced: single‑family homes were up almost 6% on average and over 10% at the median, multi‑families were up 8% on average and almost 9% at the median; coops were up 10% on average and 8% at the median; and condos were up over 40% on average and 67% at the median. We caution not to read too much into the striking condo results because the market is relatively thin (only 45 sales in the quarter) and can be skewed by a couple of outliers. That said, even for the more reliable full 2018 year, we have some eye‑popping results for Bronx condos: up 16% on average and 13% at the median. Moreover, we’re seeing sustained price appreciation across the board, with the average price rising over 13% for all property types and up in every market segment.

But sales were down overall, and for most property types. For the borough as a whole, sales fell about 8%, even while they were relatively flat for the year. Most likely, we’re just seeing the impact of restricted inventory holding back sales, with the market lacking enough “fuel for the fire” to satiate demand. We would expect that these rising prices will eventually tempt more sellers into the market, which could help drive sales up.

Inventory continues to fall. We measure inventory by looking at the number of homes available for sale, and the rate at which homes are selling. A balanced market has about six months of inventory, meaning that at the current rate of home sales, it would take six months to sell all the homes currently available. What we’re seeing, though, is a clear sign of a seller’s market, with the months of inventory well below six months for all property types: 4.2 for single‑family homes, 5.0 for multi‑families, 4.9 for coops, and 5.6 for condos.

Overall, this is exactly what a robust seller’s market looks like. We have high demand and falling inventory driving sales and prices up throughout the borough. Textbook economics tells us that rising prices will eventually attract more sellers into the market, but in the meantime we can expect that high demand will continue to drive prices up through a robust winter and spring market.

Editor’s Note: This report includes only those sales reported through the Hudson Valley Gateway Multiple Listing Service.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on TwitterPinterest, and Instagram.

Rand Country Blog October 10, 2018

Real Estate Market Report: Third Quarter 2018 – The Bronx

With Better Homes and Gardens Rand Realty’s recent expansion into the Bronx, we are delighted to present the Rand Quarterly Market Report for Bronx County. We have been providing these quarterly market analyses or almost 15 years for the markets we service, which include Westchester and the Hudson Valley, Northern New Jersey, and now the Bronx. We hope you enjoy the Report, and if you have any questions, please reach out to your Rand Realty agent.

The Bronx housing market surged again in the third quarter of 2018, with both prices rising sharply in a growing seller’s market, even while low levels of inventory held back sales growth. Going forward, we expect that strong demand will continue to drive meaningful price appreciation through the end of the year and into 2019.

Prices were up across the board. The average price rose almost 12% from the third quarter of last year and was relatively balanced: Single‑family homes were up almost 10% on average and 6% at the median; multi‑families were up 11% on average and almost 10% at the median; coops were up 2% on average, but almost 20% at the median; and condos were up over 12% on average and over 3% at the median. Moreover, we’re seeing sustained price appreciation, with the average price rising almost 11% for all property types and up in every market.

But sales were flat overall, and for most property types. For the borough as a whole, sales fell just a tick during the quarter, even while finishing the rolling year up 6%. Most likely, we’re just seeing the impact of restricted inventory holding back sales, with the market lacking enough “fuel for the fire” to satiate demand. We would expect that these rising prices will eventually tempt more sellers into the market, which could help drive sales up.

Inventory continues to fall. We measure inventory by looking at the number of homes available for sale, and the rate at which homes are selling. A balanced market has about six months of inventory, meaning that at the current rate of home sales, it would take six months to sell all the homes currently available. What we’re seeing, though, is a clear sign of a seller’s market, with the months of inventory well below six months for all property types: 5.2% for single‑family homes, 6.0% for multi‑family, 5.3% for coops, and 4.8% for condos. Inventory might be stabilizing, though, something we’ll be watching in the fourth quarter.

Overall, this is exactly what a robust seller’s market looks like. We have high demand and falling inventory driving sales and prices up throughout the borough. Textbook economics tells us that rising prices will eventually attract more sellers into the market, but in the meantime, we can expect that high demand will continue to drive prices up through a strong fourth quarter and into 2019.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on TwitterPinterest, and Instagram.

Editor’s Note: This report includes only those sales reported through the Hudson Valley Gateway Multiple Listing Service.

Rand Country Blog July 24, 2018

Real Estate Market Report: 2nd Quarter 2018 – Bronx (Introduction Overview)

With Better Homes and Gardens Rand Realty’s recent expansion into the Bronx, we are delighted to present the inaugural Rand Quarterly Market Report for Bronx County. We have been providing these quarterly market analyses for almost 15 years for the markets we service, which now include Westchester and the Hudson Valley, Northern New Jersey, and now the Bronx. We hope you enjoy the Report, and if you have any questions, please reach out to your Rand Realty agent.

The Bronx housing market surged again in the second quarter of 2018, with both sales and prices rising sharply in a growing seller’s market. Going forward, we expect these trends to continue through a robust summer and fall selling season.

Sales were up overall, and for most property types. For the borough as a whole, sales rose 4% in the quarter, continuing a yearlong trend that saw transactions go up over 8% for the rolling year. And sales were up for most property types, rising over 3% for single‑family, 5.7% for coops, and a whopping 32% for condos. Although sales fell about 4% for multi‑families, that was after a tremendous run‑up over the last year, where sales spiked almost 16%.

Prices were also up sharply. For all property types, average prices were up about 7% for the quarter, and now up almost 10% for the rolling year. And we saw the same story in each individual property type, with quarterly average prices for single‑families up 7%, multi‑family up almost 14%, coops up 3%, and condos up just a tick.

Inventory continues to fall. We measure inventory by looking at the number of homes available for sale, and the rate at which homes are selling. A balanced market has about six months of inventory, meaning that at the current rate of home sales it would take six months to sell all the homes currently available. What we’re seeing, though, is a clear sign of a seller’s market, with the months of inventory well below six months for all property types: 4.7 for single‑family homes, 5.6 for multi‑family, 4.7 for coops, and 4.5 for condos. Moreover, inventory is still falling, dropping sharply for every property type, which means we still continue to see upward pressure on pricing.

Overall, this is exactly what a robust seller’s market looks like. We have high demand and falling inventory driving sales and prices up throughout the borough. Textbook economics tells us that rising prices will eventually attract more sellers into the market, and maybe stifle sales simply by reducing the options available to buyers. But in the meantime we can expect that high demand will continue to drive prices up through a sizzling summer and fall market.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.

Press Room June 22, 2018

Exit Realty Search Joins Better Homes and Gardens Rand Realty

NANUET, NY – Better Homes and Gardens Rand Realty is proud to announce that Exit Realty Search, located in the Bronx, New York, has merged with their company.

“Throughout my time in this industry, I can’t think of a better opportunity than the one that I’ve had in leading my wonderful team,” said Benny Diasparra, broker/owner of Exit Realty Search.  “Our team has loved serving the Bronx real estate community and surrounding areas and will continue to provide the same excellent service.”

Prior to joining Rand Realty, Exit Realty Search serviced all areas of Westchester, Long Island, the Bronx, and Queens.  Their expertise lies in helping buyers, sellers, and investors with all forms of transactions, including residential leases, commercial transactions, short sales, and foreclosures.  In the merger with Rand Realty, Diasparra brings a team of over 60 agents.

“This is a momentous occasion, not only for our Westchester offices, but for our company as a whole,” said Denise Friend, Rand Realty’s regional manager of Westchester County and the Bronx.  “We couldn’t be happier to have Ben and his team join us as we continue to tackle these thriving markets.”

“Exit Realty Search is the largest and most-respected real estate brokerage in the Bronx,” said Matthew Rand, CEO of Rand Realty.  “With more than 60 agents, this is one of the biggest offices with which we’ve merged.  Our Bronx office will be moving into their space, which will now make us the top office in this region.”

 

About Better Homes and Gardens Rand Realty

Better Homes and Gardens Rand Realty, founded in 1984, is the No. 1 real estate brokerage firm in the Greater Hudson Valley, with 28 offices serving Westchester, Rockland, Orange, Putnam, and Dutchess Counties in New York, as well as Bergen, Passaic, and Morris Counties in New Jersey. 

Better Homes and Gardens Rand Realty has more than 1,000 residential real estate sales associates, as well as a commercial real estate company (Rand Commercial) and the Hudson United Group, which provides residential mortgage lending, title services, and commercial and residential insurance. 

These companies can be found online at www.RandRealty.com, www.RandCommercial.com, and www.HudsonUnited.com.  Better Homes and Gardens Rand Realty can also be found and interacted with on Facebook, Twitter, Pinterest, and Instagram.

Press Room May 21, 2018

Better Homes and Gardens Rand Realty Welcomes New Manager for Yonkers and Bronx Offices

NANUET, NY – Better Homes and Gardens Rand Realty is thrilled to welcome Nicole Borsey to their leadership team for the Yonkers and Bronx offices.

“Rand Realty teaches their agents groundbreaking techniques for navigating the real estate industry, and I’m grateful for the opportunity to lead my agents as we use those strategies to tackle some of the Hudson Valley’s most-active markets,” said Borsey.

Borsey has 15 years of residential and commercial real estate experience. She has collaborated with homebuyers, homebuilders, and investors, and has gained a comprehensive knowledge in development, property management, real estate-owned asset management, and short sales. During her career, Borsey reached top-producer status as a sales agent, was named best real estate agent by Fairfield Weekly for two consecutive years, and has been given specialized training to sell distressed properties.

Borsey graduated from Fordham University, after which she attended New York University, where she earned a certificate in digital media production. She utilized that experience to establish her own residential real estate firm, The Property Network, which was based in Stamford.

Borsey’s dually licensed in New York and Connecticut. She’s a member of the National Association of REALTORS®, the Hudson Gateway Association of REALTORS®, the Bronx-Manhattan North Association of REALTORS®, the Connecticut Association of REALTORS®, and the Stamford Board of REALTORS®.

“Nicole comes to us with a wealth of talent that will be of significant help as she guides her agents towards future successes,” said Denise Friend, Rand Realty’s regional manager for Westchester County. “I can’t think of anyone else who’s more qualified to lead these two offices.”

 

About Better Homes and Gardens Rand Realty

Better Homes and Gardens Rand Realty, founded in 1984, is the No. 1 real estate brokerage firm in the Greater Hudson Valley, with over 28 offices serving Westchester, Rockland, Orange, Putnam, and Dutchess Counties in New York, as well as Bergen, Passaic, and Morris Counties in New Jersey.

Better Homes and Gardens Rand Realty has over 900 residential real estate sales associates, as well as a commercial real estate company (Rand Commercial) and the Hudson United Group, which provides residential mortgage lending, title services, and commercial and residential insurance.

These companies can be found online at www.RandRealty.com, www.RandCommercial.com, and www.HudsonUnited.com. Better Homes and Gardens Rand Realty can also be found and interacted with on Facebook, Twitter, Pinterest, and Instagram.