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Third-Quarter 2017 Real Estate Market Report: Rockland County Market Overview
Prices in the Rockland County housing market soared in the third quarter of 2017, even while a lack of inventory stifled sales growth.
Sales. After spiking at the beginning of the year, sales gave some of that growth back, dropping over 8% from the third quarter of last year. This was only the second time in the last four years that year‑on‑year sales have gone down. That said, sales were still up slightly for the year, marking the highest twelve‑month total in over 12 years.
Prices. These sustained increases in buyer demand had a dramatic impact on prices, which were up over 5% on average, almost 4% at the median, and almost 9% in the price‑per‑square foot. And we are continuing to see meaningful and sustainable price appreciation over the longer term, with the rolling year average price up almost 3%, the median up almost 4%, and the price‑per‑square‑foot up almost 5%. Rockland is now up over 14% from the bottom of the market in 2012.
Negotiability. Inventory continued to fall in the third quarter, depriving Rockland of the “fuel for the fire” that would drive more sales growth. The months of inventory fell over 14%, and is now consistently at that six‑month market that denotes a seller’s market. Similarly, the listing retention rate rose and the days‑on‑market fell sharply again, indicating that sellers are increasingly gaining negotiating leverage with buyers.
Condos. The Rockland condo market cooled a little in the third quarter, with sales up a tick and prices mixed. For the year, sales are up over 21%, and prices are showing the first signs of life in a decade. With inventory falling, we expect that prices will continue to rise.
Going forward, we expect that buyer demand in Rockland will continue to drive prices up and inventory down. With prices still at attractive 2004 levels, interest rates near historic lows, inventory falling, and the economy generally strengthening, we believe that sustained buyer demand will continue to drive meaningful price appreciation through the rest of 2017 and into next 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.
Third-Quarter 2017 Real Estate Market Report: Westchester County Market Overview
Prices in the Westchester housing market rose again in the third quarter of 2017, even while a lack of inventory suppressed sales growth.
Sales. Home sales were down in the third quarter, falling about 5% from the third quarter of last year and marking the second straight quarter of declining sales in a row. This is almost certainly a lack of inventory stifling sales growth, though, rather than a decline in buyer demand. Still, though, sales are at levels we have not seen in over ten years, almost doubling from the bottom of the market at the end of 2009.
Prices. Low levels of inventory had some impact on prices, up 1% on average, 2% at the median, and down a tick in the price‑per‑square foot. Over the longer‑term, we’re starting to see some meaningful price appreciation, with average prices up almost 4%, and the median up almost 3%, for the rolling year.
Negotiability. The negotiability indicators continue to signal the emergence of the seller’s market. Inventory declined again, falling over 5% and now at the lowest level of inventory we have had in Westchester in over 12 years, since the height of the last seller’s market. Similarly, the listing retention rate was up again, and is now at almost 99% of the last listed price. And the days‑on‑market fell sharply ‑‑ homes are now selling in Westchester within about four months from listing to closing.
Condos and Coops. The condo and coop market was even more robust. Sales of coops were up almost 10%, and condo sales were up just a tick. But that shortage of available condos and coops is having its expected impact on pricing, which was up sharply across the board for both property types in the quarter and for the rolling year.
Going forward, we expect that Westchester is going to continue to see meaningful price appreciation through the rest of the year, especially as inventory continues to tighten. With pricing near 2004‑05 levels and interest rates near historic lows, we believe that the market will continue to thrive in the 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.
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.
Second Quarter 2017 Real Estate Market Report – Dutchess County, New York
The Dutchess County housing market showed clear signs of an emerging seller’s market in the second quarter of 2017, with the first meaningful signs of price appreciation in years.
Sales. Dutchess sales were down a tick for the quarter, probably a reflection of falling inventory in the market. For the rolling year, sales are still up a tick, but Dutchess definitely needs some “fuel for the fire” to accommodate strong buyer demand.
Prices. Home prices showed the first signs of life in a long time, with pricing up across the board: rising almost 5% on average, 3% at the median, and over 8% in the price-per-square foot. We can see the same story in the rolling year numbers, indicating that Dutchess is moving into a sustained seller’s market.
Negotiability. Dutchess inventory declined sharply in the second quarter, down 51% from last year. This might be partly caused by a change in the way we are measuring Dutchess inventory, so we don’t know that the percentage change is reliable. But the prevailing months of inventory at 7.5 months does support the idea that we’re moving into a seller’s market.
Condominiums. The condo market was up sharply after a slow start to the year, with sales up almost 52% from the second quarter of last year. Similarly, prices were way up for the quarter, with meaningful appreciation for the rolling year. The condo market is in great shape right now.
Going forward, we still believe that the Dutchess market will have a strong summer. With tightening inventory, a stable economy, near-historically-low interest rates, and homes still priced at appealing 2003-04 levels, Dutchess is likely to see meaningful 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.
Second Quarter 2017 Real Estate Market Report – Putnam County, New York
The Putnam County housing market showed the clear signs of constricted inventory levels, with a slowdown in sales coupled with a spike in pricing.
Sales. Putnam single-family home sales were down over 12% for the quarter, the second straight quarter of a significant decline in transactions. After over five years of steadily increasing sales, Putnam is now seeing the impact of a lack of inventory, with sales now flat for the rolling year.
Prices. The lack of inventory is also having its impact on pricing, which was up across the board: rising over 6% on average, almost 10% at the median, and almost 2% in the price-per-square foot. For the year, the pricing results are more mixed, with the average down just a tick, the median up a tick, and the price-per-square-foot flat. We have been expecting meaningful appreciation in Putnam for some time now, and still believe that low levels of inventory and stable demand will continue to drive prices up this year.
Inventory. Inventory continued to tighten, falling 23% and now down to the six-month level that usually denotes a tightening seller’s market. This lack of available homes is what’s been restricting sales, since we don’t have enough “fuel for the fire” to keep the market going. But it’s also driving prices up, as buyers chase and compete for the limited inventory that’s available.
Negotiability. The negotiability indicators support the idea that a seller’s market is emerging, with the listing retention rate up just a tick and the days-on-market continuing to fall. This is exactly what we would expect in a strengthening seller’s market — homes selling more quickly and for closer to the asking price.
Condos. The impact of low inventory on the condo market was even more severe, with sales down almost 18%. In this case, though, prices also fell, dropping over 10% on average and over 13% in the median. The Putnam condo market is very thin, though, with only a few dozen sales, so we try not to read too much into one quarter’s worth of data.
Going forward, we believe that Putnam is poised for a strong 2017, especially if some new inventory comes onto the market to satiate the available demand. The fundamentals of the market are tremendous: inventory is low, rates are near historic lows, and prices are still at attractive 2004-05 levels.
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 – Orange County, New York
The Orange County housing market surged again in the second quarter of 2017, with both sales and prices up sharply while inventory continued to fall.
Sales. Orange sales were up yet again, rising over 6% from last year’s second quarter. Quarterly transactions have now gone up in 11 straight quarters and 20 out of the last 21. Indeed, for the rolling year, sales were up almost 13%, and the 3,655 single-family sales were the highest total we have seen since the second quarter of 2006 — at the height of the last seller’s market.
Prices. These sustained levels of buyer demand are finally having their expected impact on pricing. Home prices surged again in the second quarter, rising 9% on average, almost 7% at the median, and over 5% in the price-per-square foot. And home prices are now showing meaningful signs of appreciation over the longer-term, with the rolling year prices up over 5% on average, 4% at the median, and 3% in the price-per-square foot.
Negotiability. The available inventory continues to tighten, with the months of inventory falling almost 25% and now down close to the six-month level that usually indicates a seller’s market. Meanwhile, homes are selling more quickly and for closer to the asking price, with the days-on-market falling and the listing retention rate rising.
Condominiums. The condo market was also up sharply, continuing a welcome trend that we finally saw in the first quarter. Sales were up almost 27%, and prices were up sharply. We wouldn’t read too much into the eye-popping quarterly results, but even the rolling year totals were impressive: up 4% on average, over 2% at the median, and over 4% in the price-per-square foot.
Going forward, we believe that the Orange County housing market is poised for a strong summer. The fundamentals are tremendous: demand is high, prices are still at attractive 2003-04 levels, interest rates are at historic lows, and the economy is generally strong. With inventory continuing to decline, we expect to see 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.
Second Quarter 2017 Real Estate Market Report – Rockland County, New York
The Rockland County housing market cooled down a little in the second quarter, with transactions and prices up only slightly after a sizzling start to the year, as the lack of inventory continues to stifle sales growth.
Sales. After spiking almost 24% in the first quarter, sales cooled down in the second, rising a little over 4% from last year. But this did continue a trend we’ve been watching for almost three years, the tenth time out of the last 11 quarters that year-on-year sales have gone up. Indeed, the 2,154 sales over the past rolling year marked the highest 12-month total since the third quarter of 2004.
Prices. These sustained increases in buyer demand are starting to have a tangible impact on pricing. Home prices were up for the quarter across the board, rising over 1% on average, almost 3% at the median, and over 1% in the price-per-square foot. And we are seeing meaningful and sustainable price appreciation over the longer term, with the rolling year median price and price-per-square-foot up over 2%. Similarly, Rockland’s average is now up over 11% from the bottom of the market in 2012.
Negotiability. Inventory continued to fall in the second quarter, depriving Rockland of the “fuel for the fire” that would drive more sales growth. The months of inventory fell almost 19%, and is now consistently at that six-month level market that denotes a seller’s market. Similarly, the listing retention rate rose and the days-on-market fell sharply, indicating that sellers are gaining negotiating leverage with buyers.
Condos. The Rockland condo market absolutely surged in the second quarter, with sales up almost 36% and prices up almost 7% on average 4% at the median. For the year, sales are up over 32%, and prices are showing the first signs of life in years. With inventory falling almost 40%, and now down to well below six months, we expect that prices will continue to rise.
Going forward, we expect that Rockland will have a strong summer market, with prices up and sales rising as much as they can with these levels of inventory. With prices still at attractive 2004 levels, interest rates near historic lows, inventory falling, and the economy generally strengthening, 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.
Second Quarter 2017 Real Estate Market Report – Westchester County, New York
Prices in the Westchester housing market surged forward in the second quarter of 2017, even while a lack of inventory stifled potential sales growth.
Sales. Home sales were basically flat through the second quarter, falling just about 1% from the second quarter of last year. This marked the first quarter in almost three years where sales fell from the prior year, reflecting the lack of inventory available in the market. Still, though, sales are at levels we have not seen since the last seller’s market in 2005, and up almost 90% from the bottom of the market at the end of 2009.
Prices. Low levels of inventory also had an impact on prices, which were up significantly over last year. Home prices rose across the board: up over 7% on average, almost 4% at the median, and 3% in the price-per-square foot. Over the longer-term, we’re starting to see some meaningful price appreciation, with average prices up almost 3% for the rolling year.
Negotiability. The negotiability indicators continue to signal the emergence of the seller’s market. Inventory declined again, falling almost 12% and now at the lowest level of inventory we have had in Westchester in over 12 years, since the height of the last seller’s market. Similarly, the listing retention rate was up a full percentage point, exactly what we would expect when sellers start to gain negotiating leverage.
Condos and Coops. The condo and coop market was mixed. Sales of coops were up over 12%, but condo sales were down over 6%, the clear result of constricted inventory levels. But that shortage of available condos and coops is having its expected impact on pricing, which was up across the board for both property types.
Going forward, we expect that Westchester is going to continue to see meaningful price appreciation through a strong summer market. With inventory still tightening, pricing at 2004-05 levels, and interest rates still near historic lows, we expect that buyer demand will stay strong for the rest 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.
Second Quarter 2017 Real Estate Market Report: Westchester & Hudson Valley – Market Overview
The housing market in Westchester and the Hudson Valley continued to show signs of meaningful price appreciation in the second quarter of 2017, with prices up in every county in the region. With inventory rates dropping, and demand strong, we expect this trend to continue through a robust Summer market and through the rest of 2017.
Inventory throughout the region continues to drop. Regional inventory was down almost 18%, and is now down to 7.1 months — right at the level that the industry considers a “balanced” market. But many of the individual counties in the region are now down around six months, moving into “seller’s market” territory.
The lack of inventory continues to stifle sales growth. Regional sales were down just a tick compared to the second quarter of last year, just barely breaking a 10-quarter streak of year-on-year sales growth. We noted in our last report that the pace of growth was slowing. Now, it has stalled, at least until we get more “fuel for the fire.” All that said, buyer demand is as strong as we’ve seen in over 10 years, with regional sales up 5% for the year and reaching the highest 12-month sales total 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 over 6% for the quarter, following a similar 7% increase in the first quarter. After several years of slow declines, prices are now up over 1% for the rolling year. That may not seem like much, but it’s a sign of things to come. Indeed, average prices were up in every county in the region, rising over 7% in Westchester, over 6% in Putnam, over 1% in Rockland, 9% in Orange, and almost 5% in Dutchess. We should not be surprised — sales have been going up year after year, and it was only a matter of time before this type of demand drove some meaningful price appreciation.
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 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.
First Quarter 2017 Real Estate Market Report – Dutchess County, New York
The Dutchess County housing market struggled through the first quarter of 2017, with sales and prices down after a strong 2016. We believe that this is just a short-term retreat in what will be a strong year for the market.
Sales. Dutchess sales were surprisingly down in the first quarter. Transactions fell over 7%, the first time we have seen year-on-year sales go down in almost three years. For the year, sales are still up over 6%, but the current trend is a little perplexing given that most of the Hudson Valley has been up significantly.
Prices. Home prices were also down, falling about 2% on average and the median, and down almost 3% in the price-per-square foot. For the year, though, prices are still up, so the first quarter results might just be an anomalous blip in the data.
Negotiability. Dutchess inventory continues to decline, down almost 19% and now down to under 12 months of inventory. Although we are nowhere near the six-month level of inventory that usually signals a “seller’s market,” we are certainly seeing some tightening that could support future price appreciation. The other negotiability indicators suggest that homes were selling just a little more quickly and for closer to the asking price — which is what we would normally expect with a tightening market.
Condominiums. The condo market was also down, with sales falling almost 23% and average prices down. For the year, sales and prices are still up, so, again, we might be seeing a short-term blip in the data.
Going forward, we still believe that the Dutchess market will improve in 2017, and that these first quarter results are just a short-term stall. With tightening inventory, a stable economy, near-historically-low interest rates, and homes still priced at appealing 2003-04 levels, Dutchess is likely to see rising sales and prices in the traditionally 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.
