Residential sales for the second quarter in the lower Hudson Valley region served by the Hudson Gateway Multiple Listing Service Inc. (HGMLS) were very much a mixed bag, and don’t necessarily appear to be following a pattern as they normally do. At this juncture the sales numbers seem to emphasize the diversity of the markets and price points within the region. One area of commonality was in a slowing of sales of single-family residential properties from down 2.3% for the quarter in Rockland County to down 11.1% in Orange County.

Westchester experienced a drop of 3.9%. The one exception was Putnam County where sales of single-family residential units was up 4.3%. Overall, total residential sales remained robust with only modest decreases.

What makes the market difficult to categorize or pinpoint is the fact that, while sales of one type of housing in an area weakened, another strengthened. Case in point was Westchester, the largest market in the region, where both condominium and co-op sales increased by 3.6% and 3.8% respectively. At the same time, the median price for a condominium unit rose 8.3% to $400,000 and a co-op unit rose 5.9% to a median price of $180,000. The number of days on the market for a co-op unit dropped to 72 from 81 a year ago and the number of available units for sale dropped 19% to 474 from 580 one year ago making it difficult to ascertain whether a slowdown in sales of single-family homes was more a function of rising prices than market conditions. Also, not to be ignored is the impact of the 2018 tax reform legislation which has likely contributed to a slowdown in sales of high-end properties…

The area serviced by the Hudson Gateway MLS appears to be in a positive position going forward with a high level of commercial activity and a growing tourism sector. There is good job growth and unemployment in the area is at historic lows. Externally, the very low interest rate environment contributes to the outlook for a relatively strong market going forward. Read the complete report here.