House Prices Up For All But Westchester In The 3rd Quarter

Third quarter real estate sales in the lower Hudson Valley remained robust, according to the Hudson Gateway Association of Realtors. With the exception of Westchester county, which experienced a 0.1 percent drop in median sales price, all other counties in the region saw the median price of a single-family residential unit increase by more than 5 percent.

In fact, the farther away from New York City, the higher the median price jumped, HGAR pointed out in its latest report.

• Westchester had a median sale price for a single-family home of $679,000, fractionally lower than third quarter 2017
• The median sale price in Putnam was $360,000, up 5.9 percent from third quarter 2017
• Median sale price in Rockland was $475,000, up 6.7 percent
• The Orange county median was $275,000, up 7.8 percent
• In Sullivan County, the newest area to join the Hudson Gateway Multiple Listing Service, the median was up 12.7 percent from the third quarter of last year.

Real estate officials said inventory of houses for sale appears to be stabilizing, "albeit at the lowest levels we’ve experienced in many years."

For example, residential inventory in Putnam county has dropped 42 percent in the last three years while Orange has seen a drop of 33 percent and Westchester and Rockland 27 percent and 28 percent respectively. The figure for Sullivan was not available.

Lack of inventory invariably contributes to upward pressure on prices and lower sales figures, HGAR officials said.

Meanwhile, condominium sales rose — except in Westchester County.

In Rockland County totaled 170 units for the quarter, a nearly 20 percent increase from third quarter of 2017 and in Orange County condominium sales increased 10.9 percent in the third quarter of 2018 as compared to the same period a year earlier, for a total of 143 units.

Condominium sales in Westchester County were down 1.2 percent and totaled 401 units in the third quarter.

On the other hand, cooperatives, which play a significant role in the Westchester market, although not for the rest of the region, experienced a 3 percent increase in median price to $170,000. Co-op sales in the third quarter were down 7.8 percent as compared to a year earlier.

The conclusion:

As of the third quarter, it does not appear that the tax reform law passed earlier in the year has had a
material effect on sales, nor have gradually rising mortgage interest rates. While both could manifest
an influence at a later date, the housing market in the lower Hudson Valley currently remains strong.

Chart: HGAR

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