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Residential Real Estate Market Remains Hot; Sales Strong In Rockland County

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Home Sales Increased By 5.6 Percent In Third Quarter In Rockland; Median Sales Price Rose 13.5 Percent

REAL ESTATE NEWS

The real estate market is still hot as a branding iron with third-quarter residential sales significantly up over the same period for 2020. Experts agree the response to COVID-19 continues to drive interest in suburban living as buyers seek more space and leave urban settings.

In third quarter 2021, according to OneKey Multiple Listing Service, Rockland County sales increased by 5.6 percent to 715 units from 677 units in Q3, 2020. Median sales price increased 13.5 percent to $579,000 from $510,000 in 2020.

Residential sales figures for all counties in the Hudson Valley, except Sullivan County, rose third quarter year-to-date. The median price of a single-family home rose in every county.

With the exception of the second quarter of 2020, the real estate market has been an anomaly outperforming the economy.

Sales and prices have enjoyed a trajectory that industry experts say not likely to be sustainable.  Experts predict price increases will moderate and additional product will come on the market, which will sustain a strong market in the near term.

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Westchester County experienced an increase of 9 percent in single family home sales to 2,377 units from 2,181 units in 2020. There was an increase of 5.6 percent in median sale price to $855,000 from $810,000 in 2020.

While Orange County saw a decrease of 1.3 percent in single family home sales, 1,180 sales as compared to 1,196 in 2020, the median price increased 16.7 percent to $385,000, an historic high, from $330,000 in 2020. Orange County has been suffering from a dearth of inventory, which appears to be inhibiting sales.

In Putnam County, single family residential sales numbered 364 units, up 3.4 percent from 2020 sales of 352 units. Median sales price increased 13.3 percent to $466,500 from $411,750.

Bronx County, which was more directly impacted by Covid-19 than the more suburban counties, had a 42.9 percent increase in single family residential sales to 170 units from 119 in 2020. The median sales price in the Bronx rose 13.8 percent to $597,500 from $525,000 in 2020.

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While single family sales were down 24 percent due to low inventory in Sullivan County, prices rose a significant 25.8 percent to $250,250 from $199,000 in the previous year.

Multi-Family Sales

On a percentage basis, condominium and co-op sales stole the show.

Co-op sales, which had been lagging, even pre Covid, in Westchester took on a life of their own increasing by 67.4 percent to 569 co-op sales as compared to 340 in 2020. Co-op prices rose 11.1 percent to $200,000 from $180,000 in 2020.

Condominium sales in Westchester, for the quarter, rose 44.4 percent to 488 units from 338 last year.

Condominium sales were up 40.3 percent in Rockland County (202 units vs, 144 in 2020) with prices increasing 13 percent to $309,950 from $274,000 in 2020.

In Orange County, condominium sales increased 29 percent from 2020 (178 vs. 138).

In Putnam County, condominium sales increased 26 percent to 63 units from 50 in 2020. The median sale price rose to $300,000 from $248,500 in 2020, an increase of 20.7 percent.

Multi-family sales showed surprising strength in every county where unit sales and prices increased in every county except for a small price decrease (2.8%) in Rockland County.

Data provided by OneKey® MLS, one of the largest REALTOR® subscriber-based MLS’s in the country, dedicated to servicing more than 41,000 real estate professionals that serve Manhattan, Westchester, Putnam, Rockland, Orange, Sullivan, Nassau, Suffolk, Queens, Brooklyn, and the Bronx. OneKey® MLS was formed in 2018, following the merger of the Hudson Gateway Multiple Listing Service and the Multiple Listing Service of Long Island. For more information on OneKey® MLS visit onekeymlsny.com.