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Third-Quarter 2017 Real Estate Market Report: Westchester & Hudson Valley Market Overview
The housing market in Westchester and the Hudson Valley surged again in the third quarter of 2017, with strong buyer demand driving meaningful price appreciation even while declining inventory stifled sales growth. With inventory rates continuing to fall, we expect this trend to continue through the rest of the year.
Inventory throughout the region continues to fall. Regional inventory was down almost 23%, and is now down to 6.1 months– right at the level that the industry considers a “balanced” market. But many of the individual counties in the region are now at‑or‑below six‑months’ worth of inventory, which usually signals a rising seller’s market: Westchester single family homes are now at 5.5, Putnam at 6.4, Rockland at 5.5, and Orange at 6.3.
The lack of inventory is stifling sales growth. Regional sales were down for the second straight quarter, falling over 5% from the third quarter of last year. Even though sales were up just a tick for the rolling year, we’re definitely seeing some pressure on sales growth from the lack of inventory on the market. Essentially, we need more “fuel for the fire.” That said, sales are now at levels we have not seen down since the height of the last seller’s market in 2005
These inventory levels are starting to drive meaningful price appreciation. The regional average sales price was up for the third quarter in a row, rising just about 1%. Most importantly, though, we’re starting to see long‑term meaningful price appreciation, with the average price up almost 3% for the rolling year. And quarterly average prices were up in almost every county in the region, rising 1% in Westchester, over 5% in Rockland, 1% in Orange, and over 3% in Dutchess (prices fell about 3% in Putnam).
Going forward, we expect that prices will continue to appreciate through the rest of the year. Demand is strong, bolstered by near‑historically‑low interest rates, prices that are still near 2003‑04 levels (without controlling for inflation), a generally strong economy, and sharply declining inventory. We will need fresh new listings to drive more sales growth, but we expect that we will continue to see price appreciation through a strong fall market and into 2018.
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.
Better Homes and Gardens Rand Realty Opens Office in Morristown, NJ
NANUET, NY – Better Homes and Gardens Rand Realty is pleased to announce that they have opened a new office in Morristown, New Jersey, at 163 Madison Avenue, Suite 110.
“It’s a modern-day workplace in an office building, which is a perfect meeting spot for agents and clients,” said Jeffrey Halpern, business development manager for the New Jersey offices of Better Homes and Gardens Rand Realty. “It has all of the technology, support, and space that’s necessary for the agents’ success, and we look forward to tackling this market with our growing team of Realtors.”
Morristown is at the center of Morris County, making it the ideal location from which Realtors can reach out to the community. It’s a small urban area in a suburban environment, complete with a train station that has a direct line into New York City, eateries, offices, upscale shops, the famous Mayo Performing Arts Center, and the highly rated Morristown Medical Center. This office will serve all of Morris County, as well as Upper Union County.
“I couldn’t be more thrilled to join forces with the Rand family and their amazing company,” said Keith Kirkwood, manager of the Morristown, New Jersey office. “I’ve always admired the exquisite design and lifestyle brand of Better Homes and Gardens, and I feel blessed and optimistic about the future.”
Kirkwood, originally from Edinburgh, Scotland, moved with his family to New Jersey in 2011, and he has been a licensed realtor ever since. For his excellence in the field, Kirkwood earned the New Jersey REALTORS® Circle of Excellence Sales Award at the Platinum level for 2016. To reach the Platinum level, a member must achieve a minimum of $20 million in closed dollar volume and 30 units, or 125 units. Last year, Kirkwood and his team, “The Kirkwood Group,” successfully helped over 50 families buy and/or sell their homes.
“Morristown is one of the most vibrant areas in New Jersey, and we’re thrilled to be given the chance to immerse ourselves in this market,” said Matthew Rand, CEO of Better Homes and Gardens Rand Realty. “Morris County is a fast-growing market and represents a huge opportunity for growth of our firm.”
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 and Twitter.
Better Homes and Gardens Rand Realty Welcomes New Manager for Suffern, NY and Ramsey, NJ Branches
NANUET, NY – Better Homes and Gardens Rand Realty is pleased to announce they have named Daniel Brozyna as the new manager for their offices in Suffern, New York and Ramsey, New Jersey.
“I’m excited to have the opportunity to work with this productive team of associates and the Rand family,” said Brozyna. “I hope to continue what Joy Dorn helped to build, and I wish her all of the best in her retirement.”
First licensed in 2004, Brozyna holds a real estate broker’s license in New York and New Jersey. Throughout his career, he has assisted hundreds of clients in buying and selling their homes in Bergen, Essex, Hudson, Morris, and Passaic Counties in New Jersey and Rockland and Orange Counties in New York. Aside from selling real estate, Brozyna has aided others in developing and growing their careers within the industry.
Brozyna is a graduate of Don Bosco Preparatory High School in Ramsey, New Jersey and Quinnipiac University in Hamden, Connecticut. Professionally, he is a New Jersey Association of REALTORS® Circle of Excellence recipient, member of the National Association of REALTORS®, the New Jersey Association of REALTORS®, the Passaic County Board of REALTORS®, and the Hudson Gateway Association of REALTORS®.
“Dan is a great leader who has shown considerable dexterity when it comes to handling real estate in New York and New Jersey,” said Matthew Rand, CEO of Better Homes and Gardens Rand Realty. “Because of his abundant experience and lauded career, I know he has the capability of leading two groups of agents and providing them with the guidance that will help them continue their successful careers.”
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 29 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 and Twitter.
Better Homes and Gardens Rand Realty Acquires Riverside Realty in Hoboken, NJ
NANUET, NY – Better Homes and Gardens Rand Realty is pleased to announce that it has acquired Riverside Realty, which is located at 209 Washington Street in Hoboken, New Jersey.
“We received a high demand of requests from agents in Hoboken to find out when we were going to be entering that market, and we’re very excited to arrive there and work with Riverside Realty,” said Justin Wrobel, New Jersey regional manager for Better Homes and Gardens Rand Realty. “Over the past few years, our company has worked hard to build a strong presence in New Jersey, just as we have in New York, and our expansion into Hoboken will continue that enterprise as we establish lasting connections in that locale.”
Riverside Realty was founded by Neima Grandela on July 7, 1986, and is currently owned and managed by Mary M. Knapp, a 21-year experienced and respected broker. Riverside Realty has been a dedicated group of agents in Hoboken for more than 31 years.
Today, Riverside Realty has 25 agents, most of whom were born and raised in Hoboken, which gives them a great advantage, as they have created strong bonds with the community as a whole. The company has always been known as a boutique agency that cares about their customers and their needs.
“We are so proud of what we have accomplished with our team of experts in Hudson County and the surrounding areas over the years,” said Knapp. “We chose to join Rand Realty because they share our same core values, which are to provide the best service and create lasting relationships with our customers. We care about our community and are eager to take a hold of the countless opportunities that will come our way in this new stage of our careers.”
“With beautiful properties, a thriving economy, and a close proximity to New York City, Hoboken is going to be a wonderful area in which to work,” said Matthew Rand, CEO of Better Homes and Gardens Rand Realty. “Mary has served this region for many years, and everyone at Riverside is going to be of great assistance to our company as we transition into that market.”
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 29 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 and Twitter.
Better Homes and Gardens Rand Realty Holds Staging Certification Class
NANUET, NY – Better Homes and Gardens Rand Realty is pleased to announce that over 350 of their agents were in attendance at a staging certification class on Wednesday, July 26, 2017, at the Crowne Plaza in Suffern, New York.
“As Certified Home Marketing Specialists, CHMS agents have gained staging and marketing skills to help sellers strategically prepare their property for the market,” said Martha Webb, home-staging pioneer and author of “Dress Your House for Success.” “CHMS agents have proven that application of these skills results in faster sales at higher prices.”
This course brings staging and marketing together to help real estate agents formulate a marketing plan for their sellers. It’s regarded as one of the top courses in the industry because of its comprehensive knowledge that can instantly improve an agent’s business. Approximately 10,000 real estate professionals have achieved this designation.
“The skills learned through this certification apply to selling houses in all markets and all price ranges and will differentiate an agent in today’s market,” said Webb.
In contrast to staging seminars, this course is formatted for agents, rather than individuals who want to become stagers. The class focuses on such topics as the psychology of color and buyer appeal; scripts to handle difficult issues; and low-cost/high-impact staging methods.
“When it comes to selling a house, one of the most important steps a realtor must take is bringing out the best in the home’s appearance,” said Joseph Rand, managing partner of Better Homes and Gardens Rand Realty. “The real estate industry is fortunate to have an individual like Martha who can educate agents on the elements of staging, and I know our agents are eager to use this valuable knowledge with their future clients.”
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 29 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 and Twitter.
Second Quarter 2017 Real Estate Market Report – Sussex County, New Jersey
Activity in the Sussex County housing market surged yet again in the second quarter of 2017, with sales up sharply even while prices continued to soften.
Sales. Sussex sales were up yet again in the second quarter, rising over 25% from last year. And for the year, sales increased over 20%, with over 2,600 home sales representing the highest 12-month total in over 10 years. Indeed, Sussex sales are now up almost 125% from the bottom of the market in 2011.
Prices. Prices in Sussex have been bouncing around for the last year. The average was up 8% in the fourth quarter, then down 2% in the first quarter, and now down again by almost 2% in the second quarter. So what’s going on? Most likely, we’re just seeing some noise in the short-term data. If we look at the rolling year, the numbers make more sense, with both the average and the median up about 1%. That’s probably the kind of appreciation we’ll be looking at for the rest of the year.
Inventory. The Sussex inventory of available homes for sale fell dramatically again, dropping almost 26% and now down to under 10 months. That’s a significant decline, but inventory is still higher than in other Northern New Jersey counties, which are all approaching the six-month inventory line that usually signals the beginning of a seller’s market. But if inventory continues to go down, we would expect that to put some additional upward pressure on pricing.
Negotiability. The negotiability metrics indicated that sellers were gaining some negotiating leverage with buyers . The days-on-market fell again, dropping by 12% (20 days) and now down to under five months of market time. And sellers were retaining a lot more of their asking price, with listing retention jumping three percentage points and now up to almost 97%.
Going forward, we expect that Sussex is going to continue to see rising sales coupled with more consistent price appreciation. With an improving economy, homes priced at attractive levels, and near-historically low interest rates, we expect buyer demand coupled with declining inventory to drive a robust Summer market and a strong 2017.
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.
Second Quarter 2017 Real Estate Market Report – Essex County, New Jersey
The Essex County housing market surged again in the second quarter of 2017, with increases in both sales and prices coupled with another drop in available inventory.
Sales. Essex sales activity was up again, rising over 13% from the second quarter of last year. For the rolling year, sales are now up over 7%. Indeed, Essex closed over 5,300 units over the rolling year, the largest 12-month total since the height of the last seller’s market over 10 years ago, and up almost 70% from the bottom of the market in 2011.
Prices. Essex buyer demand is finally showing signs of an impact on pricing. Compared to the second quarter of last year, the average price was up over 2% and the median was up almost 4%. More importantly, we’re starting to see meaningful long-term price appreciation, with the average up almost 2% for the rolling year. With inventory continuing to fall and buyer demand relatively strong, we would expect prices to gain some momentum in the Summer.
Inventory. Essex inventory fell again, dropping over 24% from last year’s second quarter and now down to just about six months. We measure “months of inventory” by calculating the number of months it would take to sell all the available homes at the current rate of absorption, and generally consider anything below six months to signal a seller’s market that would normally drive prices up.
Negotiability. The negotiability indicators – the amount of time sold homes were on the market, and the rate at which sellers were able to retain their full asking price – suggested that sellers might be gaining significant negotiating leverage. Most notably, the listing retention rate crossed the 100% threshold for the first time in memory, rising over two percentage points to 101.8%. That’s remarkable. Similarly, the days-on-market fell by two weeks, and is now down to under four months of market time. Those are both positive signals of potential future appreciation.
Going forward, we expect that Essex County’s sales activity will continue to have a meaningful impact on pricing. With homes still at historically affordable prices, interest rates low, and a generally improving economy, we believe that low inventory levels coupled with stable buyer demand will drive modest but meaningful price appreciation through a robust Summer market and the rest of 2017.
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.
Second Quarter 2017 Real Estate Market Report – Morris County, New Jersey
Prices in the Morris County housing market showed meaningful signs of appreciation in the second quarter of 2017, even while low levels of inventory stifled sales growth.
Sales. Morris County sales were up slightly, rising over 3% from the second quarter of last year. This continued a streak in which year-on-year sales have now gone up for 11 straight quarters, almost three years of sustained buyer demand. For the year, sales were up over 6%, and are now up over 60% from the bottom of the market in 2011.
Prices. These sustained levels of buyer demand are finally having some modest impact on pricing. Continuing a trend we saw in the first quarter, prices were up, this time by about 3% on average and at the median. For the year, prices are up slightly, demonstrating that we might be seeing the first meaningful and lasting Morris price appreciation in years. We believe that sustained buyer demand coupled with falling inventory is likely to drive pricing up through the rest of the year.
Inventory. Morris inventory fell again, dropping almost 31% from last year’s second quarter and now down to just over six months’ worth of inventory. We measure “months of inventory” by calculating the number of months it would take to sell all the available homes at the current rate of absorption, and generally consider anything below six months to signal a seller’s market that would normally drive prices up. So the fact that Morris inventory is now close to that six-month mark indicates that we could be in for some meaningful price appreciation throughout 2017.
Negotiability. The negotiability indicators showed that sellers are starting to gain negotiating leverage with buyers. The days-on-market indicator was down by 10 days, falling almost 8%, indicating that homes were selling more quickly. And the listing price retention rate continues to rise, now up to just about 98% for the quarter and the year, signaling that sellers are having more success getting buyers to meet their asking prices.
Going forward, we expect that Morris County’s sales activity and low levels of inventory will continue to have a meaningful impact on pricing. With homes still at historically affordable prices, interest rates low, and a generally improving economy, we believe that Morris will have a robust Summer market and a strong 2017.
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.
Second Quarter 2017 Real Estate Market Report – Passaic County, New Jersey
The Passaic County housing market rose again in the second quarter of 2017, with sales up and prices continuing to show some signs of meaningful appreciation.
Sales. After a dramatic start to the year, Passaic pulled back just a little, but sales were still up over 8% for the quarter and are now up almost 13% for the rolling year. We’ve now seen sustained increases in buyer demand for over five years, with quarterly sales up in 22 out of the last 24 quarters. As a result, Passaic closed over 3,500 homes for the calendar year, the highest total we’ve seen since the height of the last seller’s market ten years ago.
Prices. More importantly, we’re starting to see these sustained levels of buyer demand have their first impact on pricing. Prices were up across the board, rising over 1% on average and almost 2% at the median. Prices are still flat or down for the year, due to the lackluster performance in most of 2016, but they seem to be finally heading in a positive direction. With buyer demand strong, and inventory falling, we would expect prices to continue to rise.
Inventory. The Passaic inventory of available homes for sale fell again, down over 31% from last year. We measure “months of inventory” by calculating the number of months it would take to sell all the available homes at the current rate of absorption, and generally consider anything below six months to signal a seller’s market that would normally drive prices up. So the fact that Passaic is now down to just over six months of inventory is important, since it presages the possibility of price appreciation for the rest of the year.
Negotiability. Sellers continued to gain negotiating leverage, with homes selling more quickly and for closer to the asking price. The days-on-market fell again, dropping over 10% and now down to almost four months on the market. And the listing price retention rate jumped almost two percentage points, and is now up over 98%.
Going forward, we believe that Passaic’s fundamentals are sound, with homes priced at relatively attractive levels, rates near historic lows, and a stable economy. Accordingly, we expect these levels of buyer demand, coupled with declining inventory, to continue to drive price appreciation in a robust Summer market and throughout 2017.
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.
Second Quarter 2017 Real Estate Market Report – Bergen County, New Jersey
Prices in the Bergen County housing market surged again in the second quarter of 2017, even while low levels of inventory suppressed sales growth.
Sales. With inventory continuing to decline, Bergen lacks “fuel for the fire” to satisfy the existing buyer demand. As a result, home sales were relatively flat again, up only about 1% from last year’s second quarter and now up less than 4% for the rolling year. This does, though, mark the 11th straight quarter of year-on-year sales growth. What’s holding sales back right now is not a lack of demand, but a lack of inventory. If we start seeing more homes hit the market, we’ll see sales go up sharply.
Prices. Bergen prices spiked again in the second quarter, up 6% on average and almost 5% at the median. That’s probably not a sustainable level of price appreciation, but Bergen homeowners can certainly start to depend on the 3-4% increases that we are seeing on average and at the median for the last rolling year.
Negotiability. Inventory continued to tighten in the second quarter, with the months of inventory falling almost 12% and now down to well under six months, which normally marks the beginning of a seller’s market. Similarly, homes are continuing to sell more quickly and for closer to the asking price, which is what we would expect of an emerging seller’s market. The listing retention rate is now almost 97%, and the days-on-market is down to two months. As inventory tightens and the market heats up, we would expect to see sellers continue to gain negotiating leverage.
Condos. Activity in the Bergen condo market was up sharply in the second quarter, with sales up over 9% from last year. Prices were more mixed, with the average down a tick but the median up almost 4%. With inventory now down well below six months, though, we would expect to see more meaningful price appreciation this year.
Going forward, we expect Bergen County will enjoy a robust Summer market with both rising sales and prices. With inventory tightening, a relatively strong economy, near-historically-low interest rates, and prices still at attractive 2004 levels, we believe that sustained buyer demand will continue to drive meaningful price appreciation through the rest of 2017.
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.
