Hudson County’s lack of inventory had its expected impact, driving sales down sharply but prices up dramatically in a strong first quarter. Although overall sales for all property types were up 1.6% from the prior rolling year, they were down 9% from last year’s first quarter, dropping for the first time in over three years. They were down for all property types, falling about 7% for single‑family and multi‑family homes, and over 10% for condos, simply because we don’t have enough inventory to meet demand. But lots of buyers chasing fewer homes had its expected impact on average prices, which spiked across the board: rising over 16% for single‑family, over 21% for multi‑family, and over 11% for condos. That kind of price appreciation is not sustainable, but even the yearlong trends are pretty impressive: up 5% for single-family, 15% for multi-family, and 5% for condos. The Hudson market, bolstered by demand emanating out of Manhattan, is simply on fire, and we expect that to continue for a torrid spring.
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.