REAL ESTATE SURGE

real estate sign.jpgStatistics in the sale of homes in 2013 are on an increase. The Westchester County Business Journal reported on October 14, 2013, newly released third quarter sales report rose 31% in Westchester County alone. Closings jumped 29% in a four county region of Rockland, Putnam, Orange and Westchester counties. In Westchester, the listing service was notified of 2,943 completed sales of single family homes, condominiums and cooperatives and 2 – 4 family homes. Cooperatives saw the greatest spike in third quarter deals with 469 sales which represented a 38% increase from a year ago. The article points out that third quarter activity included 1,991 closings on single family homes, a 30% increase from the same quarter in 2012. HGAR CEO Richard Haggerty reported that was the highest total for any quarter since 2005.

HGAR reported the median price for a single family home in Westchester County was $652,050, up 3.5% from last year. The median price for coops was unchanged from last year at $155,000. 372 condos sold in Westchester County from July through September, a 35% increase from 2012. Condos median price was $355,500, a 2% increase in price.

High end properties had an average sales price of $862,356 for single family homes, an 8% increase from a year ago. More than 24% of Westchester County homes sold for 1 million or more in the last quarter. Throughout the year, million dollar plus sales accounted for 16% – 22% of total sales throughout 2013.

The fast paced sales have driven inventory to “low but not marketing killing amounts”. Condos had the deepest drop in inventory of 22%. Houlihan-Lawrence President and CEO, Stephen Meyes said third quarter reports expected brokers in Westchester to close out 5,400 sales for the year, the most since 2005. The real estate industry feels we are in a long period of stability where prices will not spike and yet, not decline and gives a modest appreciation in values which makes a perfect climate for home sales.

An article in the Journal News of October 24, 2013, gives NY State statistics which show in the last three months sales jumped 17.4% in July – August, compared to 2012. The Siena Poll predicts the real estate market will continue to stabilize and grow.

The Somers Record of October 24, 2013 confirmed third quarter residential real estate sales soared 29% for four counties, Westchester, Putnam, Rockland & Orange. The percentage increased in sales in Westchester County was the greatest at 31%, Rockland 26%, Orange 24% and Putnam 22%. Median prices also rose in Westchester County to $652,050 a 3.5% price increase. In Rockland County, a 5.4% price increase to $410,000 as a median price. Putnam County posted a 5% increase in median prices to $332,750 and condos posted a 6.9% increase in prices. Only in Orange County the median price fell 2% lower than last year. The article points out Orange County provides the most affordable housing in the region and Orange County condo section posted a 4.4% increase to a median price of $166,000.

All of the statistics show that now is the time to jump into the real estate market. If you are in need of a real estate attorney, please contact the Law Office of Dominick J. Robustelli & Associates, PLLC. You can reach us at (914) 288-0800.