3rd Quarter Real Estate Prices Stay Strong in Orange County

ORANGE COUNTY, NY — Real estate sales in the lower Hudson Valley slowed a little in the third quarter of 2017, according to a report from the Hudson Gateway Association of Realtors. That is because prospective homebuyers were operating in a market that has seen reductions in the supply of for-sale housing over the past four years.

In terms of price, the market is still strong.

"The 2017 year to date sales figures continue to trend significantly higher than the previous year for most of the lower Hudson region," they said. (For more stories on local real estate, sign up for Patch’s daily newsletter, news alerts and updates.)

Meanwhile, the double-digit percentage rate of shrinking inventory is continuing, HGAR officials said: down 16 percent in Orange, 16 percent in Putnam, 15 percent in Rockland and 8 percent in Westchester as compared to third quarter 2016.

They predicted the market will remain vibrant, citing . conditions including attractive mortgage rates, high employment and a healthy economy.

Median sale prices by county: (The median sale price is the mid-point of all reported sales, i.e., half of the properties sold for more than the median price and half for less.)

• Westchester, the most populous county and the county with the highest number of sales, recorded a median sale price of $680,000 for a single-family home as compared to $668,000 for the same period last year. This represented an increase of 1.8%.
• Orange County had the highest percentage increase in median sales price at 4.3% going from $245,000 to $255,000 for the period.
• Single family median sales price in Rockland County, for the third quarter, rose to $445,000, an increase of 3.7% over last year.
• In Putnam County the median of $340,000 was unchanged from the third quarter of 2016.

Other highlights:

• Westchester continues to see its biggest increases in sales of and median prices for multi-family housing and co-ops.
• Putnam's median sales price rose for condominiums over this time last year.
• Rockland's inventory of condos and multi-family housing dropped more than 20 percent.
• For the first time in five years, the inventory of single-family houses in Orange County dropped below 2,000.

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