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The Lower Hudson Valley’s residential real estate market posted a significant increase in activity during the second quarter of 2013. Realtors participating in the Hudson Gateway Multiple Listing Service* reported a grand total of 3,445 closed residential transactions in the four-county MLS service territory consisting of Westchester, Putnam, Rockland and Orange Counties, New York. The residential properties consisted of single family houses, condominiums, cooperatives, and 2-4 family buildings.
The sales volume represented a 24% increase from the comparable period in 2012 and was the highest second quarter posting since 2010. These closed transactions largely flowed from properties that were marketed in the early months of this year.
Among the four counties, Orange County posted the largest percentage increase, 34.0%, in its single family house sector where there were 528 sales this quarter as compared to 394 sales in the second quarter of 2012. Westchester County, which accounts for nearly two-thirds of all sales in the region, posted a 23.8% increase in its single family house sector, and 27.8% in its cooperative unit sector. Putnam and Rockland County posted sales gains in their single family house sectors of 10.6% and 7.2% respectively. This level of activity, if maintained for the rest of the year, and taking into account the slower paced first quarter, will result in an estimated year-end volume of about 13,000 units throughout the region, taking us back to pre-recessionary levels posted in 2007 and earlier.
One of the major consequences of the quickened pace of sales is that inventory (the supply of units available for sale) is under pressure in all four counties. In Westchester, the county having the largest volumes, the end-of-quarter 6,156 available properties were 13.1% fewer than last year at this date, and fewer than in 2010 and 2011 as well. In the post recessionary period since 2008 we have ascribed low levels of inventory to prospective sellers’ reticence to enter what to them appeared to be an unpromising market. Now, however, it appears that a more classic supply and demand condition is informing the market as new listings barely keep up with sales. Continue reading this report here.
To compare this report with earlier reports, visit Market Statistics at HGAR.com.
