Hudson Valley Posts Strongest Home Sales Since The Recession -

LARCHMONT-MAMARONECK, NY—Last year posted the region’s best real estate sales results since the post-recession recovery period, which began in 2011. Realtors participating in the four-county Hudson Gateway Multiple Listing Service, Inc., a subsidiary of the Hudson Gateway Association of Realtors, Inc., reported 18,145 closings of residential transactions comprising single-family houses, condominiums, cooperatives, and 2-4 family houses. This was a significant 12.5% increase over 2015’s total of 16,126 sales.

It was noted in the MLS’s prior third quarter report that the pace of sales slowed moderately at that time in comparison to the first half of the year, but these current fourth quarter results show a speedy bounce-back. The fourth quarter closings largely resulted from marketing activity and contracts that took place in the late summer and autumn months.

Westchester

Westchester County actually experienced a small downward tick in its 12-month median for a single-family house: from $628,875 in 2015 to 624,000 in 2016. Westchester’s mean or average price also decreased, and by a larger amount. When this happens it usually means that the high-end market was squeezed by sales inactivity and/or by price reduction. MLS Realtors have reported difficulty in the high-end segment of the market.

Putnam

Putnam’s $325,000 median sale price of a house was 4.8% above last years although its condominium and cooperative sectors posted price decreases. (It is always noted in these reports that Putnam’s data, especially its percentages, are subject to large swings because Putnam’s sale base is small.)

Rockland

Rockland’s median house price of $425,000 was 2.4% higher than last year. Rockland also performed well especially in its condominium sector with a 19.0% year-to-year increase in sales volume.

Mid Hudson Valley

The most impressive gains on both a percentage and volume basis were those posted for Orange County. There were 4,083 home sales, most of them (3,479) single-family houses, representing a 24.3% increase over 2015. Looking at just the fourth quarter, sales in Orange County exceeded 2015’s fourth quarter sales by 18.8%. For the past several years the Orange County real estate market has been powered by sales of single-family houses in a rather narrow median price range, about $225,000 to $235,000, but prices have been creeping up. The 12-month median sale price of an Orange County house was $229,000, an increase of 1.8% over last year. For the fourth quarter the median was $235,000, an increase of 3.5% over last year.

2016 was a good year for the real estate market in the four-county service territory of the Hudson Gateway MLS. Buyers and sellers were able to work the market on a level playing field, notwithstanding the fairly low levels of inventory. Unemployment rates decreased through the year and they show no signs of increasing again soon. The Federal Reserve’s small, incremental rate hikes appear not to be harming the mortgage lending community. The equity markets, particularly the Dow Jones Index, set records. Both employment and investment security provide confidence to prospective purchasers to act on their intentions.

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