house sales Q2 2020

Residential Sales Hard Hit In Q2 2020 But Brokers Expect Healthy Recovery

Real Estate

Rockland County Sales Down 24.1 Percent But Sales Prices Up 6.7 Percent


While residential sales in the Hudson Valley have taken a significant hit due to the coronavirus pandemic, real estate professional say demand is strong and they believe a healthy recovery is possible.

Notably, suburban market and exurban markets are being eyed by city dwellers who’ve discovered the challenges of living through a pandemic in tight quarters. Whether the desire to flee converts to sales remains to be seen but historically low mortgage rates should be an incentive.

Residential sales figures in the second quarter of 2020 were down anywhere from a high of 39.8% in Bronx County (hardest hit by COVID-19), which translates to a total of 296 total residential sales compared to 492 sales in Q2-2019 to a low of 6.2% in Putnam County which translates to 258 sales as compared to 275 sales in Q2-2019, according to OneKey™ MLS.

In Westchester County, residential sales were down 27.6% or 1,805 sales as compared to 2,493 sales in the second quarter of 2019; Orange county residential sales down 27.9% or 742 sales as compared to 1,029 sales in Q2-2019.

Rockland County Sales Were Down 24.1 Percent

Rockland County sales were down 24.1% or 482 sales compared to 635 sales in Q2-2019 and Sullivan county sales down 13.7% or 196 sales compared to 227 sales in Q2-2019.

Percentage declines for single family residential sales, as compared to Q2-2019, closely mirrored the overall drops with Putnam down 6.6%; Sullivan down 10.6%; Westchester down 21.3%; Rockland down 22.1% and Orange down 26.5%.

The Bright Spot

Single family residential sales prices did not reflect the turmoil wrought by COVID-19 and were, in fact, up in every county covered by OneKey™ MLS with the exception of Putnam county which experienced a relatively small decrease of 1.1% in median price. Median price in Putnam was $359,900 as compared to $365,000 one year ago. Sales prices increased 17.7% in Sullivan to $175,000; 6.7% in Rockland to $480,000; 12.5% in Orange to $298,000 and 1.2% in Westchester to $711,000. The median sales price is the midpoint price at which 50% of sales were higher and 50% of sales were lower.

Real estate trackers say it is difficult to predict the future given the unprecedented time we’re living in but they believe interest is robust and brokers report that there are multiple offers on properties, many above asking price.

Typically, third quarter registers the highest quarterly sales for the year. It is important to note that those sales are generally a reflection of activity from the prior quarter. But the aberrations of Q2 may negatively impact third quarter sales.

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