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Real Estate Market Report: 1st Quarter 2018 – Passaic County, NJ
Passaic sales growth was stifled by a lack of available homes for sale, which fell over 21% and is now down to 5.3 months of inventory. That lack of inventory drove sales down almost 4%, but also had a dramatic impact on pricing, which was up almost 6% on average and 7% at the median. We’re now seeing a sustainable appreciation trend, with yearlong prices up almost 4% on average and 5% at the median. These rising prices will eventually attract more homeowners into selling their homes, but probably not in time for the spring market. So we expect that the next quarter will continue to see low inventory suppress sales while driving prices higher.
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.
Real Estate Market Report: 1st Quarter 2018 – Bergen County, NJ
Growth in the Bergen market was stifled by a lack of inventory, which suppressed sales even while it drove meaningful price appreciation. Sales were down for both property types, falling 5% for single-family homes and over 13% in condos. This was not due to a lack of demand, but a lack of supply, as inventory fell again and is now well under the six-month level that usually signals a seller’s market. That drove significant appreciation, with single-family homes now up almost 3% on average and 4% at the median for the rolling year. This appreciation might start attracting more sellers into the market, which would ease the inventory shortage. But that will not happen in time for a spring market, which will be marked by low inventory, stifled sales, and rising prices.
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.
Real Estate Market Report: 1st Quarter 2018 – Northern New Jersey
The housing market in the Northern New Jersey suburbs of New York City has become a fully‑realized seller’s market, with declining inventory stifling sales growth while driving meaningful price appreciation throughout the region.
The regional market continues to suffer from a lack of inventory. The number of homes available for sale compared to last year fell sharply in every market in the region. At the current absorption rate, we are now down to well under six months of inventory in every county for single‑family homes (other than Sussex), which usually denotes a seller’s market.
This lack of inventory is holding back sales. While regional transactions were up 3% for the year, they were down over 3% for the first quarter, and quarterly sales fell in most of the counties. We saw this most acutely in Bergen, where quarterly condo sales were down over 13%, and in Hudson County, where sales fell over 7% for single‑family and multi‑family homes, and over 10% for condos. But this isn’t a demand problem ‑‑ demand is strong everywhere in the region. This is more of a supply problem ‑‑ we simply don’t have enough “fuel for the fire.”
But with all this demand chasing fewer homes, prices are up significantly across the region. The regional average sales price was up over 5% in the quarter, rising for every county and property type, particularly in the markets closest to the city: Bergen was up 1% for single‑families and 19% for condos, and Hudson was up 6% for single‑family, 21% for multi‑family, and 11% for condos. This type of double‑digit appreciation is not sustainable, but the long‑term trend for the rolling year is still very positive, up about 3% for the region and rising in every county except Sussex.
Going forward, this is what a seller’s market looks like. Low levels of inventory will continue to hold sales back even while driving prices up. At some point in 2018, this price appreciation will attract more sellers into the market, which will increase supply, bring sales up, and maybe moderate price increases. But that will not happen right away, so we expect a spring market with even lower levels of inventory, which will stifle sales growth but continue to drive robust price appreciation.
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.
Real Estate Market Report: 1st Quarter 2018 – Dutchess County, NY
Dutchess single‑family home sales were down sharply in the first quarter, a consequence of a lack of inventory unable to meet strong demand. That’s why prices were up dramatically, rising over 10% for single‑family and almost 18% for condos. This kind of appreciation is probably not sustainable, but the yearlong numbers are also good, with average prices up almost 5% for single‑family and over 2% for condos. We expect that this pricing will eventually attract more sellers into 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 Twitter, Pinterest, and Instagram.
Real Estate Market Report: 1st Quarter 2018 – Putnam County, NY
Putnam’s housing market exploded in the first quarter, with sales and prices sharply up. Inventory continues to fall, which will likely suppress sales in the spring market but should continue to put pressure on prices. Although the eye-popping quarterly 10% average and 9% median sales price increases are not sustainable, the yearlong appreciation of 5% on average and over 6% at the median is a welcome trend for Putnam homeowners. Indeed, the average single‑family price for the past year is now higher than at any time since the market correction in 2009. We expect restricted inventory will continue to drive prices up in 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 Twitter, Pinterest, and Instagram.
Real Estate Market Report: 1st Quarter 2018 – Orange County, NY
Orange’s housing market was stifled by a lack of inventory, which fell 23% and is now down to 4.7 months. But continued demand drove average prices up sharply, rising almost 5% for single‑family and almost 8% for condos for the first quarter. We’re now seeing sustained price appreciation, with average prices up 4% for single-family and 8% for condos for the rolling year. Indeed, Orange has now had seven straight quarters of price appreciation for the first time since the height of the seller’s market. We expect that to continue 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 Twitter, Pinterest, and Instagram.
Real Estate Market Report: 1st Quarter 2018 – Rockland County, NY
Rockland’s housing market was absolutely stifled in the first quarter by a depleted inventory, which was drove sales down almost 19%. Rockland demand is high, which is why single‑family prices were up across the board: almost 6% on average, over 2% at the median, and a whopping 10% in the price‑per‑square‑foot. Average prices for the year are now up over 4% for single‑family and 1% for condos. If prices keep going up, more homeowners will be tempted into the market, which should help bring sales back up in what is likely to be 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.
Real Estate Market Report: 1st Quarter 2018 – Westchester County, NY
Westchester’s activity was again stifled by a depleted inventory, which drove sales down in single‑family homes and held them flat for condos and coops. Prices were mixed, with average prices down 3% for single‑family homes and 4% for condos, even while the entry level coop market soared, rising almost 13%. Over the full year, though, average prices are trending up for all property types, rising 3% for single‑family, 2% for condos, and 5% for coops. We expect that low inventory and high demand will drive more price appreciation in a robust spring, and that eventually these rising prices will bring more sellers into the 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.
Real Estate Market Report: 1st Quarter 2018 – Lower Hudson Valley (NY)
The housing market in the New York City northern suburbs of Westchester and the Hudson Valley has become a fully‑realized seller’s market, with declining inventory stifling sales growth while driving meaningful price appreciation throughout the region.
The regional market continues to suffer from a lack of inventory. The number of homes available for sale compared to last year fell sharply in every market in the region. At the current absorption rate, we are now down to well under five months of inventory in every county for single‑family homes, and down to under four months for the lower‑priced condo market. That’s significantly below the six‑month level that usually denotes a seller’s market.
This lack of inventory is holding back sales. Regional transactions were down over 6% from last year’s first quarter, and were down in every county except Putnam: falling 6% in Westchester, 19% in Rockland, 0.3% in Orange, and 13% in Dutchess. For the rolling year, the drop was more moderate, with sales down just 1.5% regionally. But this isn’t a demand problem—demand is strong everywhere in the region.
But with all this demand chasing fewer homes, prices are up significantly across the region. The average sales price was up for every county and property type except for Westchester single‑family homes and condos, which might be a reflection of stronger demand at more entry‑level price points. The longer‑term trend, though, indicates that prices are generally appreciating at a moderate but meaningful rate, with the rolling-year average sales price for single‑family homes up over 2% for the region, and up in each county: rising 3% in Westchester, 5% in Putnam, 4% in Rockland, 4% in Orange, and 5% in Dutchess.
Going forward, this is what a seller’s market looks like. Low levels of inventory will continue to hold sales back even while driving prices up. At some point in 2018, this price appreciation will attract more sellers into the market, which will increase supply, bring sales up, and maybe moderate price increases. But that will not happen right away, so we expect a spring market with even lower levels of inventory, which will stifle sales growth but continue to drive robust price appreciation.
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.
Better Homes and Gardens Rand Realty to Hold Open-House Event
NANUET, NY – Better Homes and Gardens Rand Realty is excited to announce that they will be holding an open-house event, where attendees can receive advice on buying and selling homes. It will take place on Saturday, April 14, and Sunday, April 15, from 12:00-4:00 p.m. on both days.
“We’re a few weeks into spring, which means it’s the prime season for the housing industry,” said Denise Friend, Rand Realty’s regional manager for Westchester County. “Our brokerage receives many potential clients during this time of the year, and we would like to offer them guidance on how to achieve their real estate goals.”
All 27 of Rand Realty’s sales offices will be participating in the event, with listings located throughout the Lower Hudson Valley and Northern New Jersey. At these sites, attendees can engage with an agent for one-on-one assistance on how to conduct a home search or market their home for sale. They will also have the opportunity to enter a raffle to win a gift basket, with one being provided by each of the four regions that Rand Realty serves: Rockland, Orange, and Westchester Counties in New York, and Northern New Jersey.
“Being involved in a real estate transaction can be challenging, so it’s important for us to interact with buyers and sellers to make sure that their questions are being answered,” said Friend. “We want them to feel confident when they enter the 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 28 offices (including a corporate location), 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 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.
