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 , , , ,

Real Estate Market Report: 2nd Quarter 2018 – Dutchess County, NY

Pricing in the Dutchess housing market spiked in the second quarter, as low levels of inventory, coupled with high demand, drove prices up. Single‑family home prices rose over 10% on average and 8% at the median for the quarter, with both the average and median now up over 6% for the year. The condo market is a little more mixed, but the overall story is that Dutchess demand is still high, inventory is still low, and as a result, we’re seeing significant pressure on pricing. Going forward, we expect these trends to continue, with stabilizing sales and rising prices through a robust summer and 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 24, 2018 at 10:30 am
Vincent Abbatecola | Category: Quarter Market Report, Rand Country Blog | Tagged , , , , , ,

Real Estate Market Report: 2nd Quarter 2018 – Putnam County, NY

Low levels of inventory in Putnam continued to stifle sales in the second quarter, even while pushing prices up to post‑correction highs. Sales of houses were down over 4% for the quarter, and now down almost 2% for the year, reflecting the lack of available supply on the market. But high levels of demand, coupled with that low inventory, continued to drive price appreciation, with house prices now up over 4% on average and almost 5% at the median for the rolling year. The condo market was even more robust, with sales and prices up sharply. Going forward, we believe that inventory will stabilize as sellers come into the market to take advantage of rising prices, but that we will continue to see strong sales and rising prices 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 Twitter, Pinterest, and Instagram.

Posted on July 24, 2018 at 9:59 am
Vincent Abbatecola | Category: Quarter Market Report, 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 , , , , , , , , ,

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.

Posted on June 21, 2018 at 3:50 pm
Vincent Abbatecola | Category: In the News, Rand Country Blog | Tagged , , , , , , , , , , ,

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.

Posted on June 11, 2018 at 3:44 pm
Vincent Abbatecola | Category: 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 , , , , , , , ,