Real Estate Market Report: 2nd Quarter 2018 – Bronx (Introduction Overview)

With Better Homes and Gardens Rand Realty’s recent expansion into the Bronx, we are delighted to present the inaugural Rand Quarterly Market Report for Bronx County. We have been providing these quarterly market analyses for almost 15 years for the markets we service, which now include Westchester and the Hudson Valley, Northern New Jersey, and now the Bronx. We hope you enjoy the Report, and if you have any questions, please reach out to your Rand Realty agent.

The Bronx housing market surged again in the second quarter of 2018, with both sales and prices rising sharply in a growing seller’s market. Going forward, we expect these trends to continue through a robust summer and fall selling season.

Sales were up overall, and for most property types. For the borough as a whole, sales rose 4% in the quarter, continuing a yearlong trend that saw transactions go up over 8% for the rolling year. And sales were up for most property types, rising over 3% for single‑family, 5.7% for coops, and a whopping 32% for condos. Although sales fell about 4% for multi‑families, that was after a tremendous run‑up over the last year, where sales spiked almost 16%.

Prices were also up sharply. For all property types, average prices were up about 7% for the quarter, and now up almost 10% for the rolling year. And we saw the same story in each individual property type, with quarterly average prices for single‑families up 7%, multi‑family up almost 14%, coops up 3%, and condos up just a tick.

Inventory continues to fall. We measure inventory by looking at the number of homes available for sale, and the rate at which homes are selling. A balanced market has about six months of inventory, meaning that at the current rate of home sales it would take six months to sell all the homes currently available. What we’re seeing, though, is a clear sign of a seller’s market, with the months of inventory well below six months for all property types: 4.7 for single‑family homes, 5.6 for multi‑family, 4.7 for coops, and 4.5 for condos. Moreover, inventory is still falling, dropping sharply for every property type, which means we still continue to see upward pressure on pricing.

Overall, this is exactly what a robust seller’s market looks like. We have high demand and falling inventory driving sales and prices up throughout the borough. Textbook economics tells us that rising prices will eventually attract more sellers into the market, and maybe stifle sales simply by reducing the options available to buyers. But in the meantime we can expect that high demand will continue to drive prices up through a sizzling summer and fall 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.

Posted on July 24, 2018 at 10:59 am
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , ,

Exit Realty Search Joins Better Homes and Gardens Rand Realty

NANUET, NY – Better Homes and Gardens Rand Realty is proud to announce that Exit Realty Search, located in the Bronx, New York, has merged with their company.

“Throughout my time in this industry, I can’t think of a better opportunity than the one that I’ve had in leading my wonderful team,” said Benny Diasparra, broker/owner of Exit Realty Search.  “Our team has loved serving the Bronx real estate community and surrounding areas and will continue to provide the same excellent service.”

Prior to joining Rand Realty, Exit Realty Search serviced all areas of Westchester, Long Island, the Bronx, and Queens.  Their expertise lies in helping buyers, sellers, and investors with all forms of transactions, including residential leases, commercial transactions, short sales, and foreclosures.  In the merger with Rand Realty, Diasparra brings a team of over 60 agents.

“This is a momentous occasion, not only for our Westchester offices, but for our company as a whole,” said Denise Friend, Rand Realty’s regional manager of Westchester County and the Bronx.  “We couldn’t be happier to have Ben and his team join us as we continue to tackle these thriving markets.”

“Exit Realty Search is the largest and most-respected real estate brokerage in the Bronx,” said Matthew Rand, CEO of Rand Realty.  “With more than 60 agents, this is one of the biggest offices with which we’ve merged.  Our Bronx office will be moving into their space, which will now make us the top office in this region.”

 

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, Twitter, Pinterest, and Instagram.

Posted on June 22, 2018 at 11:12 am
Vincent Abbatecola | Category: In the News, Rand Country Blog | Tagged , , , , ,

Better Homes and Gardens Rand Realty Welcomes New Manager for Yonkers and Bronx Offices

NANUET, NY – Better Homes and Gardens Rand Realty is thrilled to welcome Nicole Borsey to their leadership team for the Yonkers and Bronx offices.

“Rand Realty teaches their agents groundbreaking techniques for navigating the real estate industry, and I’m grateful for the opportunity to lead my agents as we use those strategies to tackle some of the Hudson Valley’s most-active markets,” said Borsey.

Borsey has 15 years of residential and commercial real estate experience. She has collaborated with homebuyers, homebuilders, and investors, and has gained a comprehensive knowledge in development, property management, real estate-owned asset management, and short sales. During her career, Borsey reached top-producer status as a sales agent, was named best real estate agent by Fairfield Weekly for two consecutive years, and has been given specialized training to sell distressed properties.

Borsey graduated from Fordham University, after which she attended New York University, where she earned a certificate in digital media production. She utilized that experience to establish her own residential real estate firm, The Property Network, which was based in Stamford.

Borsey’s dually licensed in New York and Connecticut. She’s a member of the National Association of REALTORS®, the Hudson Gateway Association of REALTORS®, the Bronx-Manhattan North Association of REALTORS®, the Connecticut Association of REALTORS®, and the Stamford Board of REALTORS®.

“Nicole comes to us with a wealth of talent that will be of significant help as she guides her agents towards future successes,” said Denise Friend, Rand Realty’s regional manager for Westchester County. “I can’t think of anyone else who’s more qualified to lead these two offices.”

 

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 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 over 900 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.

Posted on May 21, 2018 at 1:14 pm
Vincent Abbatecola | Category: In the News, Rand Country Blog | Tagged , , , , , , , ,