Lower Hudson Valley Home Sales: 3rd Quarter Was Historically High

HUDSON VALLEY, NY — Another year, another historically high third-quarter for real estate sales in the lower Hudson Valley, according to the report published this week by the Hudson Gateway Association of Realtors.

It seems mostly to be related to the pandemic. Last year's third quarter was historic, and this year's surpassed it.

"Although some sales, no doubt, were still a result of buyers’ desire for more space, both indoors and out as a result of COVID, there appears to be organic growth occurring, as well," HGAR officials said.

The big news for single-family home sales in Orange, Putnam and Rockland counties was the rise in the median sale price. In Orange County, the median sale price jumped 16.7 percent, to $385,000, a historic high, from $330,000 in the third quarter of 2020. The median price in Rockland rose 13.5 percent, to $579,000 from $510,000 in 2020. In Putnam, the median price increased 13.3 percent, to $466,500 from $411,750.

In Westchester, the median price increased 5.6 percent, to $855,000 from $810,000 in the third quarter of 2020.

The other big news in the region's real estate was the hot condo and co-op market.

"On a percentage basis, condominium and co-op sales stole the show," HGAR officials said. Co-op sales which had been lagging, even pre-COVID, in Westchester took on a life of their own increasing by 67.4 percent. Co-op sale prices rose 11.1 percent to $200,000 from $180,000 in 2020.

Condominium sales in Westchester, for the quarter, rose 44.4 percent. Condo sales were up 40.3 percent in Rockland County with prices rising 13 percent to $309,950 from $274,000 in the third quarter of 2020. In Orange County, sales of condominiums increased 29 percent from
2020. In Putnam County, condominium sales increased 26 percent and the median sale price rose to $300,000 from $248,500 in 2020 — an increase of 20.7 percent.

"These significant increases in unit sales can be attributed, at least in part, to the lower cost of purchase of co-op and condominium units particularly in view of the seemingly unending price increases in single-family dwellings," HGAR officials said.