Second quarter sales figures in the lower Hudson region served by the Hudson Gateway Multiple Listing Service Inc. (HGMLS) appear to be following a pattern of déjà vu in terms of price appreciation and constricting inventory. In most areas of the region the median sales price for a single-family residential home increased by about 6% as compared to the second quarter of 2017. In Westchester County the median sales price of $710,800 as compared to $670,000 in 2017 was 6.1% higher. The one exception was Putnam County where the median price of a single-family residential dwelling rose only 1.4%.

Orange and Rockland counties saw notable gains in median price with the median in Rockland being $468,750, a 6.2% gain over the second quarter of 2017 and Orange with a median sales price of $250,000, a 6.4% gain over the same period last year. The continuing dearth of inventory contributed to upward pressure on prices. While overall inventory in Westchester County remained fairly stagnant, cooperative listings were down 23% from the second quarter of 2017. Cooperatives are often a more affordable alternative to a single-family home. Other counties in the region all saw drops in their available inventory; 9.5% in Putnam, 8.1% in Orange and 4.1 % in Rockland County.

This set of circumstances is beginning to manifest itself in somewhat lower sales figures throughout the region. Overall, residential sales in Westchester were down 5.7% although a healthy 2,511 sales were recorded for the quarter. Sales were down 4.6% in Putnam county and a significant 11.3% in Rockland. Orange County was the exception with an increase of 1.9% overall and a 2.9% increase in single family residences.

This set of circumstances is beginning to manifest itself in somewhat lower sales figures throughout the region. Overall, residential sales in Westchester were down 5.7% although a healthy 2,511 sales were recorded for the quarter. Sales were down 4.6% in Putnam county and a significant 11.3% in Rockland. Orange County was the exception with an increase of 1.9% overall and a 2.9% increase in single family residences.

It is too early to determine what affect the recently passed tax reform law, whose impact has not yet been felt, may be having on sales which remain at historic highs. New construction, still attractive mortgage rates and a vibrant Hudson Valley economy continue to point to prospects for a good year, despite head winds created by chronic low inventory. Read the complete report here.