REAL ESTATE MARKET RECOVERY

We have been following all the reports since January, 2015 concerning real estate sales of single family homes, condominiums and cooperatives. In an article in The Westchester County Business Journal by John Golden on January 26, 2015, he reports increased demand for co-op apartments which drove an 8% increase in sale in the fourth quarter of 2014. Sales of single family homes in Westchester County dropped 1% from 2013 and the median price rose 4.1% to $635,000. Overall, house sales in Westchester County totaled 8609 unit in 2014, a 0.6% increase from 2013. Condominium sales totaled 100 units for 2014, a 5.2% drop from 2013 and 1709 co-ops sold in Westchester County in 2014, an 11.3% increase from 2013. The fourth quarter medical sale price of co-ops rose from $145,000 in 2013 to $146,000 in 2014. For all of 2014, the median price of co-ops was $147,500, down 1.7% from 2013. Sales of condominiums surged in the fourth quarter of 2014, a 13.7% increase from the fourth quarter of 2013. The median price of a condo rose 2.8% to $335,000.
In an article in The Journal News on Wednesday, January 14, 2015 by Bill Cary entitled “Soaring Condo, Soaring Sales” where he discussed the luxury real estate market in the lower Hudson Valley was back. A 41st floor condo at the Ritz-Carlton in downtown White Plains sold for $10.5 million. This was a 10,700 square foot full floor elevator penthouse. The largest condo ever sold in Westchester County. The last penthouse in Tower I of the Ritz-Carlton was a 5200 square foot condo sold on the 41st floor for $5 million.
The Journal News reported the luxury market in Westchester $2 million and up had a hugh surge at the end of 2014, shooting up 28% and for the entire year of 2014. Luxury markets were up 16%. The median sale price of condos in Westchester County went up 2% from 2014 – $343,000 to $350,000. In Rockland County, the number of condo sales in the fourth quarter was up 6.5% for a median of 200,000 in 2013 to $213,000 in 2014. In Putnam County, 34 condos were sold in the fourth quarter, up from 28% in the last quarter of 2013. The median sale price rose 5.7% from $211,500 to $223,000.
Bill Cary continued to write about “the Lower Hudson housing sales on a Roll”. The first quarter of sales figures in 2015 showed strong sign of continuing momentum. Realtors in 4 counties in Hudson Gateway Multiple Listing Service reported 2861 residential closings in the first quarter of 2015, a 12% climb from 2014. The 4 counties included Westchester, Rockland, Putnam and Orange Counties. In Westchester, the first quarter sales were up 6% , most of which were condominium sales except for Rockland County, the average prices in these four counties remained close to or slightly lower than last year. In Westchester, a single family home was $600,000 equal to 2014 first quarter. In Rockland, the median price was up 5% from $380,000 to $400,000.

Putnam County saw a surge in closings in the first quarter of 2015. The County had a 29% jump in closings but the median price of a single family home dropped by nearly 15% from $318,000 to $271,500. Within the four counties, there was a 6% decline in inventory of homes compared to 2014. Westchester had the deepest drop in inventory at 10%.
In an article in The Journal News by Denise Nikerson on April 23, 2015 entitled “Home Sales on the Rise in New York”, the housing market increased to more than5% in the entire state of New York. In March, 2015, there were 7004 closing with a statewide average price of $225,000, a 5.4% increase from 2014. The statewide sales price increased in March, 2015 selling at an average price of $225,000, a 4.7% increase from 2014. During, 2015 first quarter, there were 19,792 closing with an average sales price of $230,000, a 1.6% increase in sales and a 2.2% increase in average home price from the first quarter of 2014. According to the article, a combination of sales growth and a lag in the number of new listings, homes continue to keep inventory levels at a nine year low. This year’s monthly supply of inventory dropped 13% at the end of the first quarter of 2015.
In an article in The Westchester Business Journal by John Golden on April 27, 2015, The Hudson Gateway Association of Realtors reported 2861 home closings at the end of the first quarter of 2015, a 12.1% increase from the first quarter of 2014. The increased activity in Westchester County was driven by a 36% increase in condo sales. Despite the rising demand in Westchester for condos, the median sale price in the county dropped to $335,000 and the sale price for two – four family homes rose 5.9% to $410,000.
In Putnam County sale of all house types increased 30% from 2014. In Orange County, a 24% increase from 2014 and in Rockland County, sales rose 13.6%.
The Westchester Real Estate, Inc. states sellers are “more cautious about interpreting the economic environment when deciding to list their homes”. The buyer demand for housing is reportedly twice as high as the same time in 2014. The article finishes on a high note that in the lower Hudson Valley market has made a good start for 2015 with high sales volume, stable prices and adequate inventory.
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.