HOME PRICES & HOME SALES

We have blogged on three prior occasions on the state of the real estate market in the Hudson Valley area. Today, we revisit the area with continued good news.

In an article in the Wall Street Journal on Sunday, March 2, 2014, it points out that home prices last year posted their largest annual gain since 2005. These numbers come from S&P/Case Shiller price index. A sub index measuring prices in 20 major metropolitan areas rose 13.4%. The article also points out that “gains are slowing from month to month and the strongest point of recovery in the values may be over”.

The gains vary sharply by location. The wealthiest 10% of cities account for 52% of the housing wealth, while the poorest 40% held just 8%. The article ends on a positive note. After prices fell 35% between 2006 & 2012, home prices have risen 21% since the bottom in early 2012.

A later article in Westfair Communications paper by John Golden points out sales of single family houses in Westchester County rose more than 19% in the first quarter from a year ago. The realtors in a four county Hudson Gateway Multiple Listing Service reported 925 closings on single family homes in Westchester in the first 3 months of 2014, up from 775 in the first quarter of 2013. For the first time since the recession, the median or midpoint sale price of a single family home in Westchester climbed back to a $600,000 level, a 16.5% increase from a year ago.

Activity in the County’s high end residential market returned to pre-recession levels. The average price of a single family house was $849,102 in the first quarter, a 19.5% increase from the first three months of 2013. The higher end properties priced $1,000,000 or more made up 23% of this year’s first quarter compared to 16% in 2013. The County’s overall residential market which also includes condominiums, cooperatives and two – four family buildings totaled 1526 closings in the recent quarter, a 13.8% increase from 2013. Quarterly sales of co-op apartments in Westchester jumped 21% from 2013. Westchester accounts for 60% of house sales in the Hudson Gateway Multiple Listing Services which includes Rockland, Putnam and Orange Counties. Realtors in the four county region reported 2552 closed deals in the first quarter, a 10.8% increase in sales volume to 2013.

If you are in the need of a real estate attorney, contact the law firm of Dominick J. Robustelli & Associates, PLLC at (914) 288-0800.