In an article in Westchester County Business Journal by John Golden states residential brokers closed on more than 15,000 sales in the lower Hudson Valley four county region in 2015. The last time this many sales occurred was pre-recession years of 2006 & 2007.
Unlike the peak years of 2006 & 2007, the step up buying activity in 2015 was not accompanied by soaring home prices in the lower Hudson Valley. The median sale price of a single family house dropped or held steady in Westchester, Orange and Putnam Counties. Rockland County’s median price of $415,000 in 2015 was 4% above 2014.
The 15,324 sales for 2015 includes single family homes, condominiums, cooperatives and two – four family houses in Westchester, Putnam, Rockland & Orange Counties. This was an increase of 1769 units or 13% higher than 2014. Westchester lead in sales in 2015 with 9,401 sales, a 9% increase from 2014. In Orange County there was 3,284 closed deals, a 26% increase from 2014. This was the largest percentage increase in the region.
Condos which became attractive in the recession and a tighter home mortgage market continued to sell “exceptionally well” throughout the region in 2015. In Westchester County, 1315 condos sold in 2015, a 20% increase from 2014. Orange County condo market was up a whopping 31% in 2015. In Putnam County, condo sales posted a more modest increase of 2.3% from 2014. Two – four family homes increased by 39% over a year ago.
Westchester had a median sales price of $628,875 in 2015, down 1% from 2014. Orange County’s median price of $225,000 was down 3% in 2014 and Putnam County’s median price for a single family home was unchanged at $310,000. Hudson Gateway analysis called the stable median prices and increase in sales volume “a pattern of balance and restraint” that characterizes the regions housing market.
This good news should continue in 2016 as the four county inventory of residential properties for sale at the close of 2015 was 8913 units, a 1.2% increase from 2014. “The outlook for our real estate market is bright” according to Hudson Gateway Multiple Listing Service.
If you, or someone you know, are planning on selling or buying property, contact the law firm of Dominick J. Robustelli & Associates, PLLC at (914) 288-0800 or on our website of White Plains-Injury-Lawyer.com