Housing Sales and Inventory Still Below Normal: HGAR Monthly Report

HUDSON VALLEY, NY — Across the entire region, demand for all types of housing remains high and prices continue to rise, but sales continue to decline because few houses, condos and co-ops are on the market, the Hudson Gateway Association of Realtors said in its report on March.

"Interest rates are likely keeping potential sellers and buyers on the fence," said HGAR CEO Lynda Fernandez.

Single-family home sales in March continued to decline, led by Orange County with a 28.8 percent drop from 12 months previously. All other areas experienced double-digit declines in single-family homes sales, HGAR reported.

"The current real estate climate of low supply and high demand is really the new norm until supply increases and/or interest rates come down," Aaron Velez, Regional Director Putnam County, Hudson Gateway Association of Realtors, told Patch. "This reality does cause frustration, especially with the buyers that we serve. As prices continue to rise, sellers who may be on the fence about selling should know that they could get the absolute top dollar if they listed now. Buyer demand is high and skilled professional buyer's agents can give buyers a competitive advantage in this highly competitive real estate market."

The shortage of properties on the market spread to condos and co-ops in March, the report said, with sharp drop-offs in sales except for Rockland County, where condo sales rose by 8.6 percent.

Pending sales for all property types were down in most of the Hudson Valley, except for a slight uptick in Orange County.

The continuing lack of houses on the market meant single-family home prices escalated in all areas in March, with the highest rate in Putnam County — a 19 percent hike — followed by Orange County with a 13 percent increase.

The report by the Hudson Gateway Association of Realtors, based on data supplied by OneKey® MLS, indicates inventory levels declined among all property types in all regions.

Orange County’s single-family inventory dropped by almost 40 percent, for example, and Westchester County's dropped by 31.3 percent.

Westchester County

Co-op sales in Westchester County experienced the largest decline at 28.4 percent, followed by single family homes at 14.3 percent, and condos, at 12.8 percent. Sales prices for all three property types rose, with condos seeing the highest jump at 9.4 percent to a median of $499,500. Single-family home sales rose by 4.2 percent to a $758,000 median and co-ops, 4.1 percent with a median of $202,000.

New condo listings were up by just 4 percent, while co-op and single-family home listings fell by 18.3 percent and 14.9 pecent, respectively. Inventory was down in all three sectors, with the largest drop in co-ops at 41.4 percent, followed by single-family homes at 31.3 percent and condos at 16.8 percent.

Westchester’s overall pending sales were down by 2.3 percent.

Putnam County

Single-family home sales in Putnam County decreased by 16.4 percent over March 2023, while the median sales price saw a 19 percent hike to $547,450 from $460,000. Condo sales remained the same, but the median price increased 9.5 percent to $353,000. There were no co-op sales reported.

New listings for single-family homes declined by close to 10 percent, while condo listings dropped by over 18%. Inventory for both property types decreased by 38.5 percent for condos, and 24.2 percent for single-family homes.

Putnam County’s pending home sales were also down by 6.5 percent.

Rockland County

Rockland County saw an uptick in condo sales at 8.6 percent, but March sales of co-ops and single-family homes dropped 60 percent and 15.3 percent, respectively. Co-op sales represented the largest increase by over 17 percent to $158,500.

The single-family home median sales price increased 9.3 percent to $699,500, and condos by 4.7 percent to $354,000. All three property types saw new listings rise, with co-ops receiving the largest hike at 37.5 percent. Both condos and single-family home listings increased by over 5 percent.

Meanwhile, inventory declined in all three areas, with co-ops seeing the largest decrease of over 46 percent, followed. by condos at 27.5 percent and single-family homes at 18.2 percent.

Rockland’s pending sales were also down, by just over 3 percent.

Orange County

In Orange County, sales of both single-family homes and condos tumbled by over 28 percent.

Single-family home prices jumped 13.2 percent to a median of $427,500 from $377,500 at this time in 2023. Condo prices also increased by 5.5 percent to $279,500. There were no reported co-op sales this time, but the median price increased almost. 50 percent to $147,750 from just $99,250 in 2023.

Inventory for single-family homes fell by almost 40 percent, and 28.8 percent for condos. New listings for single-family homes dropped 25.7 percent, but there were 25 percent more condos for sale than this time last year.

Pending sales for all property types in Orange County were up by 4.4 percent.

"Pending sales of single-family homes in the Bronx in March and throughout our market area earlier in the year are an indication of increasing future sales in the suburban New York City market," Fernandez said.

“The Spring market is typically a more active time for both sellers and buyers, so we expect to see more sales activity in the coming months,” HGAR President Carmen Bauman added.