Rand Country Blog July 24, 2018

Real Estate Market Report: 2nd Quarter 2018 – Orange County

Pricing in Orange’s housing market exploded again in the second quarter, driven by high demand and low supply. Unlike the other Hudson Valley counties, sales were actually up, with house sales rising 3% for the quarter and 6% for the year. Condo sales were down for the quarter, but were still up almost 10% for the year. The real story, though, was pricing. After years of slow leaks, Orange prices are roaring back, with quarterly house prices up almost 11% on average, 7% at the median, and almost 10% in the price‑per‑square foot. And condo pricing was up over 7% on average, 2% at the median, and almost 11% in the price‑per‑square foot. Going forward, we see these trends continuing through the end of the year, with low supply and high demand driving meaningful price appreciation through a robust summer and fall.

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.

Rand Country Blog July 23, 2018

Real Estate Market Report: 2nd Quarter 2018 – Rockland

Activity in Rockland’s housing market continued to be shackled by low levels of inventory in the second quarter, which drove sales down again, even while pushing prices up sharply. Transactions fell almost 10% for houses and 13% for condos, the largest drops since the market correction almost 10 years ago. As a result, pricing is way up from last year, with house prices rising over 8% on average, almost 6% at the median, and almost 5% in the price‑per‑square foot (condo pricing is more mixed). But we are starting to see signs that rising prices might be attracting more sellers into the market, which should eventually stabilize sales. Going forward, though, we think that high demand and low inventory will continue to stifle sales and drive price appreciation at least through the end of the year.

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 July 23, 2018

Real Estate Market Report: 2nd Quarter 2018 – Westchester

Westchester’s lack of inventory again held back sales while driving pricing up in the second quarter. Sales fell for the fourth quarter out of the last five, with activity dropping by almost 5% for houses, 13% for coops, and almost 9% for condos. But high levels of demand, coupled with this depleted supply, continued to push the rolling-year average price up: rising about 2% for houses, 4% for coops, and 1% for condos. The supply shortage may be easing, though, with the months of inventory actually rising for both houses and condos for the first time in several years. Going forward, we expect that rising prices will continue to bring sellers into this market, which will probably stabilize sales for the third quarter. But we still think that prices have significant upside potential, simply because of the high levels of demand in the market, relatively low inventory, and good economic conditions.

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.