HOME SALES DROP – PRICES INCREASE

The number of home sales in the first quarter of 2018 dropped in Westchester and Rockland Counties for the first time in four years. According to an article in the Journal News on April 23, 2018 by Akiko Matsuda, the lack of inventory has been an issue but also the implications of the new tax laws might have had an additional hand in home sales in the first quarter of 2018. Sales figures in the first quarter reflect transactions that were negotiated in the last quarter of 2017.

Westchester’s single family home sales from Jan. – March, 2018 declined 5.6% to 1034 from the same period in 2017 which was 1095. In Rockland, the sales dropped 18.9% to 360 from 444 in 2017 according to the Hudson Gateway Multiple Listing Services. However, in Putnam County, single family sales rose by 8.1% from 209 in 2017 to 226 in 2018. In all three Counties, single family home inventory (the number of home for sale) saw a significant drop from a year ago; down 7.3% in Westchester, 12% in Rockland and 2.15% in Putnam. The lack of inventory pushed up overall prices in all three counties. In Westchester, the median price for a single family home went up 2.2% to $613,250 from 2017. In Rockland, the median home price went up 10.7% to 357,011.

According to The Somers Record on April 19, 2018, Westchester County, the most popular county in the region, dropped 2.3%, co-op sales continue to be resilient and increased by 1.1% for the first quarter of 2018. Single family residence sales decreased by 5.6% from 2017 while the median sales price for a single family home in Rockland rose 2.4%. In Orange County, sales of single family homes dropped by only 0.5% and the single family home price rose to a median of 240,000, a 4.3% increase from 2017.

According to the same author, Akiko Matsuda in an article in The Journal News on July 19, 2018, entitled “Westchester prices reach 2-decade high”. For the first time in two decades the median sales price of single family home in Westchester exceeded $700,000 according to Hudson Gateway Multiple Listing Service. Westchester single family home median sale price in the second quarter of 2018 was $710,800, up 6.1% from 2017 which was $670,000. In Rockland County, the single family home median in the same period as 2017 was up 6.2% to $468,750 from last year when it was $41,387. Putnam Counties single family home median price in the second quarter of 2018 was $350,000, a 1.4% increase from a year ago of $345,000. Prices are going up because inventory is low. Inventory of single family homes in Westchester was up 4.8%. Most dramatic in Westchester was a decline of 23.3% inventory of cooperative unit.

Finally, according to an article in USA Today – The Journal News by Paul Davidson on July 12, 2018, the housing market maybe starting to benefit from that one thing that can loosen a long time squeeze that has caused that crimped sales and driven up prices which is more homes. The nation’s inventory houses increased 12.2% in the second quarter of 2018. Thirty of the national 100 largest metro areas saw their housing supplies increase during the last quarter. This is attributed to the increase and acceleration in new homes construction as well as more existing homeowners to put their houses on the market. Some want to benefit from big price gains which may be peaking. Baby boomers who have stayed in their homes while delaying retirement may be retiring in greater numbers.

If you or someone you know are in the need of a real estate attorney, contact the law firm of Dominick J. Robustelli & Associates, PLLC at (914) 288-0800 or on the web at WhitePlains-Injury-Lawyer.com