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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.
AXRE, Corp. Joins Better Homes and Gardens Rand Realty
NANUET, NY – In what continues to be Better Homes and Gardens Rand Realty’s further expansion throughout Westchester County, New York, they’re excited to announce that AXRE, Corp. of White Plains has merged with their company.
“My team and I have been working in this market for almost two years, and we’re thankful to have the opportunity to join Rand Realty, who’ve made a strong impression in Westchester,” said Nikolas Stanovic, president and principle broker of AXRE, Corp. “Our team is passionate about this industry, and we’re thrilled to be taking this next big step in our profession.”
Stanovic has been involved with real estate since 2007, finding success in managing residential and commercial properties throughout New York and Connecticut, and he continues to do so today. He holds a broker’s license.
Stanovic opened AXRE, Corp. in July 2016. Their brokerage served New York City, Westchester County, Putnam County, and from Greenwich to New Haven in Connecticut. For the transition to Rand Realty, Stanovic brings his team of eight dedicated salespeople, who will be working out of Rand Realty’s branch in White Plains, while Nik will be working as the new manager at Rand’s branch in the Bronx.
“Nikolas and his agents have a strong ambition that makes them tailor-made for our company,” said Denise Friend, Rand Realty’s regional manager for Westchester County. “It’s impossible for their achievements to go unnoticed, and their experience guarantees that they’ll bring us some of our highest successes to date.”
“AX Real Estate is a young, ambitious team that began with rentals and has grown into a respected boutique firm,” said Matthew Rand, CEO of Rand Realty. “Not only are we proud to have these agents join our company, but we’re also excited to have Nikolas as our new Bronx manager.”
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.
Sharon Tucker Appointed as Manager of Rand Realty’s Pearl River Office
NANUET, NY – Following the retirement of Teresa O’Shaughnessy, Better Homes and Gardens Rand Realty has selected Sharon Tucker as the new manager for their office in Pearl River, New York.
“This past year with Rand Realty has been one of the most-memorable of my career,” said Tucker. “I’ve learned so much in my time here thus far, and I’m thankful that I had Teresa to help me transition into this new role.”
Tucker came to Rand Realty in the spring of 2017, during the acquisition of her brokerage, ERA Tucker Associates, which was located in Nanuet and serviced Rockland County for 19 years. Throughout her career, Sharon has earned many REALTOR® designations, including: AHWD – At Home with Diversity; SRES – Senior Real Estate Specialist, and SFR – Short Sales and Foreclosure Resource. She also has dual certification as a real estate instructor in New York and New Jersey.
“I’m grateful for everything that Rand Realty has provided and taught me over the years,” said Teresa. “With Sharon’s experience in running her own brokerage, I’m sure she will do a superb job leading the Pearl River branch.”
“Sharon is an incredible leader and the perfect person to guide the Pearl River office as we continue to grow the number-one office in Orangetown,” said Matthew Rand, managing partner for Rand Realty.
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 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.
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.
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.
