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

The Rockland seller’s market continues to be constricted by low levels of inventory, which are holding back sales, even while driving prices up. Single‑family home sales were down sharply in the fourth quarter, falling almost 14%, finishing a full year in which they fell almost 11%. But prices were up, rising a tick on average and almost 3% at the median, closing a year in which pricing rose 5% on average and almost 5% at the median. We see the same story with condos, with sales down and prices up for the quarter. So what’s going on? Basically, Rockland needs more fuel for the fire. Demand is strong, but supply is too low to sustain sales increases, even while too many buyers chasing too few homes is driving prices up across the board. But that might be changing, with inventory starting to rise after years of falling, as home owners see prices going up and are tempted into the market. Going forward, we expect that demand will sustain meaningful price appreciation through the winter and spring markets, and that increased inventory might help boost sales as well.

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.

Posted on January 21, 2019 at 4:56 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , ,

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

The Westchester housing slowed slightly in the fourth quarter of 2018, particularly in the higher‑priced segments of the market, perhaps as a result of the Tax Reform cap on state and local tax deductions. For the quarter, sales of single‑family homes fell almost 6%, and pricing was mixed: down about 2% on average, up a tick at the median, and down almost 3% in the price‑per‑square‑foot. In contrast, sales in the lower‑priced entry‑level coop and condo markets were more robust, with transactions up over 11% for coops and almost 2% for condos, and average prices up 5% for coops and 1% for condos. The divergence between the higher‑priced single‑family market and the coop/condo market might come from the tax changes, which would particularly hit higher‑income home‑buyers in the higher‑priced markets. Still, though, demand is relatively strong, and with inventory starting to creep up, we might see a more robust start to 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.

Posted on January 21, 2019 at 4:30 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , ,

Fourth Quarter 2018: Real Estate Market Report – Lower Hudson Valley, NY

Sales in Westchester and the Hudson Valley housing markets were down throughout the region, even while high buyer demand, coupled with low levels of inventory, drove meaningful price appreciation in most of the regional markets.

Sales were down throughout the region. Regional transactions fell across the board in the fourth quarter, dropping almost 7% for single‑family homes and 5% for condos. We saw the same story for the full 2018 year, with sales down over 4% for single‑family homes and about 1% for condos. To put these numbers in perspective, though, we closed almost 15,000 single‑family homes and almost 3,000 condos in 2018, up from about 9,000 single‑family homes and 2,000 condos back at the bottom of the market 10 years ago. So we’ve had a pretty good run‑up of sales in the past 10 years and were due to plateau at some point.
Prices were up in most of the markets of the region, particularly in the lower‑priced market segments.

Essentially, we had a “tale of two markets” developing in the region, with pricing flat only for the highest‑priced property type in the region – Westchester single‑family homes – even while average prices were up for every other county in the region for the year: up 6% in Putnam, 5% in Rockland, 9% in Orange, and 10% in Dutchess. And full‑year pricing in the entry‑level condo and coop markets was up in every market: rising 6% for Westchester coops, with condos up 0.1% in Westchester, 15% in Putnam, 1% in Rockland, 12% in Orange, and 7% in Dutchess.

So what was holding back pricing for Westchester single‑family homes? We might be seeing the effects of the 2018 Tax Reform, which capped deductions for state and local taxes, and could be having a disproportionate impact on high‑end buyers in high‑property‑tax Westchester. Unlike buyers in the entry‑level condo and coop market, or in the lower‑priced counties, Westchester luxury buyers are more likely to itemize their taxes, so they might be feeling the bite of the cap more acutely. This could be reducing demand at the higher‑ends of the market, suppressing the price appreciation we are seeing in the rest of the region.

Going forward, we believe that the market is still poised for growth. Sales are falling mostly due to a lack of supply, not a lack of demand. Essentially, the market needs more “fuel for the fire” – more viable inventory for the buyers who are looking. And that might be happening: regional single‑family home inventory was up almost 10% from last year, rising for the second quarter in a row after 25 straight quarters of year‑on‑year declines. This makes some economic sense, of course, since we would expect that sustained price appreciation over a period of time should tempt more homeowners into the market. The question is whether buyer demand is strong enough to continue driving price appreciation, even while absorbing this increased inventory. Ultimately, we believe that the region is still growing as a seller’s market, which should allow for both increases in sales and prices in what will be a robust spring 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 TwitterPinterest, and Instagram.

Posted on January 21, 2019 at 3:52 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , , , , , ,

Real Estate Veteran Lydia Hendricks Named Career Development Manager at Better Homes and Gardens Rand Realty New City

Better Homes and Gardens Rand Realty announced that Lydia Hendricks, a seasoned real estate manager, has joined its New City office as the Career Development Manager.

Lydia, a licensed Real Estate Associate Broker for 17 years, “happily made the move to Better Homes and Gardens Rand Realty” last month.

“My decision to move to Better Homes and Gardens Rand Realty is one of the greatest career moves I have ever made. I look forward to assisting the agents in the New City office with their career direction so that they can achieve the greatest level of growth and success possible,” she said.

“Its focus on career development is what sets Better Homes and Gardens Rand Realty apart from other real estate firms. They really care about the success of their agents,” Lydia added.

According to JP Endres, manager of the Better Homes and Gardens Rand Realty New City, office: “Lydia’s experience and success in the industry will have an important impact on our agents and give them added support and every possible advantage in all areas of their business.”

She continues, “I have never been so excited for our future. Lydia completes our management dream team, she is the perfect fit for our office culture and our continued growth plan. Our office offers the best talent in the industry, working together as a team for the benefit of our agents and our clients.”

Prior to her new position, Lydia has been managing real estate offices and coaching agents. “I understand all levels and areas of the real estate industry,” she said. “I started as an agent, then I worked in recruiting and training, and now managing. I know what it takes to be successful in real estate and I look forward to passing this knowledge on to my new colleagues.”

Posted on January 4, 2019 at 11:32 am
Vincent Abbatecola | Category: In the News, Rand Country Blog | Tagged , , , ,

Better Homes and Gardens Rand Realty Announces Growth in Central Valley Office – Julie Piazza Joins Leadership Team

Better Homes and Gardens Rand Realty has announced the promotion of Julie Piazza to Branch Manager of the Central Valley Better Homes and Gardens Rand Realty office — the company’s top producing office in Orange County.

Prior to her new position, Julie was the Business Development Manager for all five of the Better Homes and Gardens Rand Realty offices in Orange County, where she was responsible for recruiting, training and coaching agents. She began her career in real estate in 2004 and joined Better Homes and Gardens Rand Realty in October 2010, where she quickly rose to become one of the company’s top producing agents.

“Julie has been a tremendous asset to our Central Valley office, as well as to our entire Orange County region,” said Renee Zurlo, Regional Manager for Better Homes and Gardens Rand Realty Orange County. “Her vast sales experience combined with her knowledge of our systems, technology and coaching techniques has helped our new and experienced agents thrive, meet their goals and quickly build successful businesses.”

Renee adds, “Julie has a strong team of hard working and extremely successful sales associates, who continually support and encourage each other to stay on top. I am confident that our Central Valley office will experience continued growth and success.”

Julie joins Renee Zurlo as the leadership team in Central Valley, with over 80 agents.

Says Julie Piazza: “I am looking forward to continued growth for the office as a whole and individually, and will work very hard to ensure that everyone feels supported and reaches their goals.”

Posted on December 27, 2018 at 4:25 pm
Vincent Abbatecola | Category: In the News, Rand Country Blog | Tagged , , , , , , ,

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.

Posted on July 24, 2018 at 9:28 am
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , ,

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.

Posted on July 23, 2018 at 5:04 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , ,

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.

Posted on July 23, 2018 at 4:33 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , ,

Real Estate Market Report: 2nd Quarter 2018 – Lower Hudson Valley (New York)

The regional housing market in the New York City northern suburbs surged again in the second quarter of 2018, with high demand and low supply driving prices up throughout the area.

We are clearly in a “seller’s market.” The main story in the market right now is a textbook illustration of basic economic principles: when demand is high, and supply is low, prices go up. This is essentially what a seller’s market looks like, with low levels of inventory coupled with high demand holding sales down while driving prices up. And that’s exactly what we’re seeing throughout the region:

Sales are down. Regional single‑family home sales in the quarter fell almost 3%, and condo sales fell 7%, continuing a trend we’ve been watching for the past year ‑‑ indeed, the rolling-year sales were down about 2% for all property types. To put this in perspective, rolling-year sales had gone up in 24 out of the last 25 quarters prior to the first quarter of this year. And the decline is universal, with single‑family sales down in virtually every county in the region: falling almost 5% in Westchester, 4% in Putnam, and 10% in Rockland (sales rose slightly in Orange and Dutchess).

Prices are up. But all this demand, coupled with a lack of supply, is having its expected impact on pricing. Single‑family average prices were up across the board, rising over 3% for the region and up in every county in the region: up over 2% in Westchester, almost 3% in Putnam, over 8% in Rockland, almost 11% in Orange, and over 10% in Dutchess. And for the first time in over 10 years, single‑family average prices for the rolling year were up in every county in the region.

Inventory is low, but is starting to rise. The key to this market, of course, is the amount of available supply: the number of homes for sale in the market. Inventory has been falling for several years now, holding back sales and driving prices up. But that same economics textbook teaches us that as prices go up, eventually supply starts to rise. Why? Because rising prices attract sellers into the market.

And that is exactly what we’re starting to see: stabilizing inventory. Inventory is still low, but it’s starting to settle at about the six‑month level that signals a balanced market. Indeed, the months of inventory in the region was at 6.2 months, flat compared to the second quarter of last year. And inventory was actually up in both Westchester and Rockland. It might be too early to call a shift in the market, but this was a noticeable change after several years of sharp inventory declines quarter after quarter.

Going forward, we expect the market to continue to grow through 2018. The seller’s market is really just starting to hit its stride, where high demand meets higher supply and pushes both sales and prices up over last year. Higher prices might be tempting more sellers into the market, but we believe that demand is strong enough to accommodate this supply, and drive price appreciation 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 Twitter, Pinterest, and Instagram.

Posted on July 23, 2018 at 3:56 pm
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , , , , ,

Better Homes and Gardens Rand Realty Quarterly Market Report For 2016Q4 – Sussex County, New Jersey

Sussex 2016Q4The Sussex County housing market surged yet again in the fourth quarter of 2016, with sales up sharply and an eyeopening spike in prices.

Sales. Sussex sales were up again in the fourth quarter, rising over 18% from the fourth quarter of last year. And for the year, sales increased almost 19%, finishing 2016 with the highest yearly transactional total in over 10 years, since the height of the last seller’s market. Indeed, Sussex sales are now up 113% from the bottom of the market in 2011. Essentially, Sussex buyer demand is as strong as we have ever seen it.

Prices. Sussex prices absolutely spiked, rising over 8% on average and almost 10% at the median compared to the fourth quarter of last year. Those kinds of surges are probably unsustainable statistical aberrations, particularly since the calendar year increases were much more modest, with prices up just 0.2% on average and 1.5% at the median. That said, for Sussex homeowners, price appreciation has been a long time coming, so unsustainable good news is still good news.

Inventory. The Sussex inventory of available homes for sale fell by 22%, dropping to just over 11 months. That’s a significant decline, but inventory is still significantly 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 were mixed. Homes took a little longer to sell, with the days-on-market rising by five days. But sellers were retaining a little more of their asking price, with listing retention jumping up to 95.4% for the quarter. As the market heats up, we would expect both these indicators to show that sellers are gaining negotiating leverage with buyers.

Going forward, we expect that Sussex is likely to see some meaningful and sustained price appreciation in 2017. With an improving economy, homes priced at relatively attractive 2004 levels (without adjusting for inflation), and near historically low interest rates, we expect buyer demand coupled with declining inventory to drive a rising market in 2017.

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

Posted on January 16, 2017 at 11:58 am
James Troia | Category: Rand Country Blog | Tagged , , , , ,