In an article in The Journal News on Sunday, June 28, 2015, Bill Cary published an article entitled “Real Estate Market Takes Off”. He points out experts are saying that the multiyear real estate slump is finally over. According to Houlihan Lawrence in the Pelham’s “It’s the best market we’ve had since 2007, both in price and velocity of sales”. In Rockland County the number of home sales is up 16% for the Spring, 2015 vs. 2014. In Putnam County, sales shot up 23% compared to last Spring. Westchester County lags behind with an increase of 6% in sales in 2015.
Nationally, sales of existing homes rose 5.1% late 2015. The fastest pace since late 2009. According to the National Association of Realtors, this year is on track to be the best home sales since 2007 when the U.S. entered a recession. Accordingly to Brian Levine, Manager of Houlihan Lawrence in Irvington, “We’re seeing bidding wars and all cash offers”. The endless winters put a big damper on early Spring sales. But for parts of the lower Hudson Valley, the market has come roaring back to life in the last couple of months. Some realtors feel it’s a sellers’ market. At least 30 of 59 houses sold in Pelham had multiple bids.
Buyers demand remains strong locally and a shortage of homes on the market continue to be a problem in Yonkers. Houlihan Lawrence has seen a low inventory shortage. At the beginning 0f 2015, there were only 199 houses on the market in Yonkers. 45% of the sales in Westchester has been in the $700,000 price. In Rockland, 54% of the sales were for $300,000 or less. The people who are selling the smaller homes now have liquidity to step up to their next house. Fluid with cash, they can now buy a $600,000 – $700,000 home. In most years by June, you are at the end of the Spring market but in 2015, sales are still in the thick of it.