Residential sales in the region serviced by the Hudson Gateway Multiple Listing Service, Inc. were mixed in the first quarter of 2019 making it challenging to predict market trends for the spring and summer selling seasons.

Rockland County saw an increase in residential sales of 7.1% while Westchester County saw a decrease of 3.5% in its residential market sales in the first quarter of 2019. Orange County residential sales increased by 1.3%, while Putnam, Sullivan and Bronx counties experienced decreases in sales.

Overall, the median sale price for single-family homes sold in the first quarter increased with one exception—Westchester County. There the median price dropped by a modest 1.2% to $605,000 from the prior year first-quarter high of $612,500. Interestingly, sale prices for the condominium, co-op and 2-4 family sectors of the residential market in Westchester remained strong with all posting increases. Co-op sale prices increased by 9.7% from the first quarter of 2018 while 2-4 family homes increased by a significant 13.8% to $535,000 from $470,000 for the first quarter of 2018.

In the other counties in the HGMLS service area, median prices for single-family homes rose anywhere from 2.3% in Rockland County, to a historic high of $445,000, to an 18.2% in Sullivan County to a first quarter 2019 median price of $130,000. Putnam County’s median price increased by 2.4% to $329,000, Orange County’s median rose by 3.7% to $248,950 and in the Bronx the median price increased 5.9% to 476,500.

As in Westchester, alternative housing choices remained strong…

Westchester and Rockland counties, the areas with the highest price points, saw an easing of critical inventory shortages that could translate to healthier spring sales as a result of better product selection and an easing of upward pressure on prices. Orange County has seen no appreciable increases in its inventory but will hopefully see more new construction in the warmer months which, in turn, will likely result in an increase in median price, but an easing of the inventory shortage.

Overall, the entire service area is experiencing a high level of economic activity and very low rates of unemployment. These factors, coupled with particularly attractive mortgage rates are indications that the housing market, should continue on solid ground. Read the complete report here.