2017 HOUSING MARKET

The housing market report from the third quarter of 2017 found 38,475 homes sold in New York.  That is the second best number for the third quarter just behind 2017’s third quarter of 39,963.  The number of homes listed for sale at the end of the quarter was 71,930, a drop of 7.7% compared to the same time in 2016.  “Home sales remained strong across the empire state through the third quarter constrained only by the ongoing decline in the number of home available for sale” according to Duncan Mackenzie, the states Association of Realtors Chief Executive Officer.

In an article in The Journal News on October 23, 2017 entitled “Home Sales just miss N.Y. Record” by Natasha Vaughn.  The total number of closed sales for the first nine months of 2017 was 98,176, a 1.7% increase over 2016.  The cost of homes in New York has also gone up.  The median sales price during the third quarter of 2017 was 261,000, a 5% increase over the median price over 3rd quarter of 2016.

“It’s a sellers housing market” is the title of an article in The Journal News on December 13, 2017 by Akiko Matsuda where he explains that the United States housing market has been branded a seller’s paradise with limited home inventories pushing up the prices.  Thight housing supplies create faster price increases and plentiful inventories keep a lid on value.  The lower Hudson Valley homes with access to New York City priced under $1 million drew the most buyers to Westchester County has been having record sales volume and record low inventory because of the buyers who have been priced out of New York City.  Westchester’s northeast town of Bedford, Byram Hills, Pleasantville and Sound Shore, Blind Brook, Harrison, Mamaroneck and Rye markets where housing have been historically higher than other areas are showing some weakness. “We service significant outflow of buyers from New York City to Westchester and Putnam searching for affordability.  Holly Millstorm, a real estate agent with Julia B. Sotheby’s in the Pelham area states “medium to low price range has been very hot” with those buyers who want to down size as well as first time home buyers haven flocked to relatively small homes priced below $1 million.

In Rockland County, the river towns have been buyer’s favorites in Nyack, Upper Nyack, Grandview, Piermont, Palisades and the surrounding areas.  A number of people come from Brooklyn and Manhattan who want a city feel and like villages with restaurants, boutiques and yoga studios.  In Nyack, the magic number is $695,000 and $795,000 which always gets a lot of buyers.

An article in the Somers Record entitled “Real estate sales continue at brick pace” by the Hudson Gateway Multiple Listings Service, Inc. with the exception of Orange County where sales increased by 7.9%, third quarter figures were flat.   The primary driver of spotty sale figures can most likely be attributed to lack of inventory: down 16% in Orange, 16% in Putnam and 15% in Rockland and 8% in Westchester from 2016.  In Rockland County, the third quarter rose to $445,000 an increase of 3.7% over 2016.  In Putnam, the median price of a home is $340,000, the same as 2016.  The 2017 year to date sale figures continue to trend significantly higher than previous years for most of the lower Hudson Valley Region.

If you are in the market to sell or buy residential real estate, contact the law firm of Dominick J. Robustelli & Associates, PLLC at (914) 288-0800 or on the web at White-Plains-Injury-Lawyer.com.