Home sales in the region appear to be emerging from economic recovery and have jumped “significantly” in the lower Hudson Valley, says the Hudson Gateway Association of Realtors, a four-county group which released its second quarter home sales report Monday morning.
The sales volume for the second quarter of 2013 represents a 24 percent increase from the same period in 2012 and “was the highest second quarter posting since 2010.” Most of the homes are those marketed during the first months of the year showing not only increased activity, but a quick turn-around on well-marketed properties. Sales in previous quarters were of homes that had been on the market for multiple quarters.
Realtors participating in the Hudson Gateway Multiple Listing Service reported a total of 3,445 closed residential transactions in the four-county MLS service territory consisting of Westchester, Putnam, Rockland and Orange counties. This sales number was up from 2,263 closed transactions in the first quarter.
Westchester County, which the HGAR says accounts for nearly two-thirds of all sales in the region, posted a 23.8 percent increase in its single family house sector, and 27.8 percent in its cooperative unit sector. Putnam and Rockland County posted sales gains in their single family house sectors of 10.6 percent and 7.2 percent respectively. Among the four-county region, the northern Orange County posted the largest percentage increase, 34 percent, in its single-family house sector where there were 528 sales this second quarter of 2013 as compared to 394 sales in the second quarter of 2012.
One major consequences of the faster pace of home sales is that number of available properties for sale has improved. In the period since 2008 the association cited low inventory which were attributed to prospective sellers’ reticence to enter a difficult market. Now, however, it appears there is “a more classic supply and demand condition is informing the market as new listings barely keep up with sales,” says the association.
Housing prices increased region wide and most notably in Westchester, where the median sale of $650,000 represented a 5 percent increase from 2012.
Median prices in Rockland County increased 4.8 percent to $395,000. One downturn was Rockland where the condominium median of $205,000, represents 9.4 percent lower price than last year.
In Putnam, the median house price was $308,000 or 2.8 percent higher than last year at this same time period.
Check back to Lohud.com for updates on this report and realtors’ reactions.