REAL ESTATE MARKET – REVISITED

Starting in September, 2014, a series of articles have been written about the real estate market in the Hudson Valley. In the Journal News on September 23, 2014, an article written by Joseph Spector reports realtors note a 9.5% drop in sales compared to the same period in 2013. The median price of homes has been flat. The State Associations of Realtors cautioned against viewing the numbers as significant through the first 8 months of 2014 shaping up to be a strong market despite declines from 2013. Closed sales in August, 2014 reached the third highest total for the month in 7 years.
Nearly 11,000 homes were sold in New York State, a drop of 9/5% compared to 12,127 homes sold in August, 2013. The year to date sales total of 66,635 was a 4.4% drop compared to 2013. The State median sale price was $225,000 unchanged from 2013. The August supply of homes inventory dropped 4.6 to 10/4 months supply. The group said a 6 months’ supply is considered a balanced market.
In Westchester, Putnam & Orange Counties, 3195 closing during the period, a 9.2% decline from 2013. From January through August, 2014, the number of homes for sale in Dutchess County increased 16% from 1815 to 2104 while the median sale price rose 6% from $245,000 to $260,000.
In an article in The Journal News on October 18, 2014, by Barbara Livingston noted home sales are returning to a more stable market. The lower number of closings recorded in the third quarter compared to 2013 is a reflection of the long, bad weather winter of 2013 held down showings and inventory. Home sale in 4 Mid Hudson Counties according to Hudson Gateway Multiple Listing Service was 4545 units, just 90 units or 1.9% fewer. Sales in 2013 in Westchester posted a decreased in 2.7%. Rockland followed closely with a 2.4% decrease in sales and Putnam County sales increased by 3.1%. Joseph Rand of Better Homes & Gardens Realty state that “even though sales are down, prices are up which is a very good sign of recovery”. He stated “don’t read too much into one quarter. Now the trajectory is very good and well paced”. The article further points out the median sale price in Westchester was $682,500, up by 4.7% over 2013. In Rockland, the median sale price was $415,000 up by 2%. However, in Putnam County there was a decrease in the median price to $320,000, down 3.8% from last year. At the end of the third quarter, there were 12,359 homes for sale in the Mid Hudson Region, an increase of 9.5% over last year.
The predictions of home sales increase after a slight decline in the fourth quarter of 2014 has proven true. On January 13, 2015, by Bill Cary points out the real estate market in the lower Hudson Valley has nearly climbed out from under dismal days of 2008-09 recessions.

In Westchester, the median cost of a single family home was up 4% from last year, $610,000 in 2013 to $634,000 in 2014. , just 7% lower from the peak price of $685,000 in 2007. In Rockland, the median cost of a single family home was $400,000, a 3.2% increase. The median home prince in Putnam was $310,000, up 6% from 2013. The numbers come from the annual report by the Hudson Gateway Association of Realtors and encompass multiple listing service members in Westchester, Rockland, Putnam & Orange counties.
The condo & coop sales shot up in the fourth quarter. The number of sales of condos rose 13.7% in Westchester, coops rose 24%. In Rockland, sales of condos during the same quarter rose 27.6%. The MLS group reported 14,169 residential closing including condos and coops in the four counties in 2014 the highest number for any year since 2008-09 recessions and 1.1% more than 2013.
In Westchester, the average number of days a single family house in Westchester sits on the market is 99 days for 2014, compared to 112 days in 2013. This close to peak market of 2006 of 95 days.
The luxury market has also boomed. In Rye School district, the median price for a single family home shot up 23% in 2014 from $1.487 million to $1,835 million and the number of days homes sat on the market plummeted to a 10 year low of 70 days in 2014, compared to 126 days in 2013. Beyond Rye, the luxury market in Westchester, $2 million and up had a huge surge at the end of 2014 shooting up 28% versus 2013. For the entire year, the luxury market was up 16%.
The fourth quarter closings in all four counties were up 6% compared to 2013. Comparing the entire year of 2014 to 2013, single family homes sold in Westchester, 5,394 dipped about 1% in 2014 from 5442 in 2013. In Rockland, 1514 units were sold in 2014 versus 1523 in 2013. In Putnam County, sales for 2014 were up about 6% for 2013 (719-763). The article points out that the highest price sale in 2014 was Ron Howard’s 32 acre property in Armonk & Greenwich for $27.5 million.
The real estate market is back to prerecession levels.
If you, or someone you know, are planning on selling or buying property, we request that you contact our office so that we can help take you through all of the necessary steps required to close on that property. You can reach us at (914) 288-0800. We look forward to helping you through this frustrating time and prevent you from becoming overwhelmed in the process.