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Below is the Hudson Gateway Association of Realtors’ (HGAR) 2013 first quarter report for Westchester Putnam real estate.
The fast pace of the region’s recovering real estate market continued into the first quarter of 2013 as Realtors participating in the Hudson Gateway Multiple Listing Service, Inc., a subsidiary of the Hudson Gateway Association of Realtors, Inc. reported significantly more closings of residential transactions throughout the four-county region served by the MLS. There were 2,263 closed transactions during the recent first quarter, constituting a large 8% increase over the 2,090 transactions reported in the first three months of 2012. The closed transactions were largely of properties that had been listed and marketed during the winter and early spring months of 2012-2013.
Orange County showed the greatest percentage increase in sales volume, 16%, followed by Westchester at 7%, Rockland at 5%, and Putnam at 2%. For Westchester, the surge in sales was concentrated among condominiums and cooperatives, 11% and 8% respectively; Orange County experienced high condo and co-op increases, 24% for the combined categories, whereas Rockland showed greatest strength in the single family house sector with an increase of 10% there. Rockland, however, was the only county to show a negative posting in one of its land uses, condos and co-ops, with a 5% decrease from last year.
The quickening market that commenced in 2012 has been responding to several factors, one of them being pent-up demand by consumers who need to be in the market for one reason or another, and who perceive that economic circumstances are supportive. For example, mortgage interest rates have been extremely low – at an average of 4% or less on a 30-year conventional loan – and there is little prospect for rates to lurch upwards in the next few quarters. Also, the equity markets – the Dow Jones in particular – have achieved record highs in recent days; while not directly or immediately affecting real estate, the daily DJIA has served as a morale booster for real estate consumers. An additional factor is the region’s unemployment rate; it has been stuck in the 7-8% range for many months, but it is at least stable. Continue reading this report here.
To compare this report with earlier reports, visit Market Statistics at HGAR.com.
