There is no doubt among real estate professionals throughout the lower Hudson Valley that the last quarter of 2013 was a strong one in terms of the number of properties sold — and with higher sales and higher pending sales recorded.
And this is happening while median prices are only slightly inching up, inventory remains low and mortgage rates are creeping higher.
But of particular note in Houlihan Lawrence’s detailed Fourth Quarter 2013 Market Report is the strength of a market segment that heretofore been quiet.
“Just as the recovery tricked up to higher price points over the past 24 months, the recovery also spread into other forms of home ownership. For example, Westchester condominium and co-op sales increased 15 percent and 22 percent respectively in 2013. Many 2013 condo and co-op buyers were downsizers, who sold their single-family homes and desired more manageable, easier to maintain residences,” reads the says newly-issued report.
For example, in Westchester County there were 1,157 condominiums sold in 2013, as compared with 1,007 in 2013 — and the average time on the market was 167 days in 2013 , compared with 187 days in 2012. The average sale price rose from $371,925 in 2012 to $396,685 in 2013. In 2011, the average sale price was $411,994.
The market overall “surged,” says the Houlihan analysis with sales in Westchester rising by 22 percent to 5,435 units representing the highest level since 2005.
“In Putnam, single-family home sales were up 13 percent for 2013, with the median home price up 3 percent to $307,000. Garrison, a popular second-home market for New York City residents, led the rebound in Putnam by tripling homes sales to 39 from 13 in 2012,” continues the report.
To read the complete report and check out the town by town analysis, go to this link.