Third quarter real estate sales in the lower Hudson Valley remained robust although slightly lower than third quarter 2017 sales. While unit sales were generally lower in the Hudson region that is served by the Hudson Gateway Multiple Listing Service, sale prices remained strong. With the exception of Westchester county, which experienced a one tenth of 1% 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%.

Westchester, which is the most populous of the counties, had a median sale price for a single-family home of $679,000 which was fractionally lower than third quarter 2017. The median sale price in Putnam was $360,000, up 5.9% from third quarter 2017; median sale price in Rockland was $475,000, up 6.7%; the Orange county median was $275,000, up 7.8% and in Sullivan County, the newest area to join HGMLS, the median was up 12.7% from the third quarter of last year.

Cooperatives (co-ops), which play a significant role in the Westchester market, although not for the rest of the region, experienced a 3% increase in median price to $170,000. Co-op sales in the third quarter were down 7.8% as compared to a year earlier.

Condominium sales in Rockland County totaled 170 units for the quarter, a nearly 20% increase from third quarter of 2017 and in Orange County condominium sales increased 10.9% 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% and totaled 401 units in the third quarter.

As the sales season begins its fall wind down inventory 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% in the last three years while Orange has seen a drop of 33% and Westchester and Rockland 27% and 28% respectively. The figure for Sullivan was not available. This lack of Inventory invariably contributes to upward pressure on prices and lower sales figures.

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. Read the complete report here.