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FIRST QUARTER REAL ESTATE SALES REPORT For Westchester, Putnam, Rockland, Orange, Sullivan, and Bronx; Single-Family Median Sales Prices Rise Nearly 15 Percent In Rockland County
The frenzy has cooled.
Residential sales in the first quarter of 2022 in Westchester, Putnam, Rockland, Orange, Sullivan, and the Bronx were down from the historic peaks of 2021 but still posted strong results when compared with 2019 and 2020.
Residential sales, which include single-family homes, condominiums, co-operatives and 2-4 family multi-family homes, decreased 11.6 percent in Rockland County – nearly twice as steep a decrease as 6.3 percent in Westchester County. But not as severe as a 28.1 percent drop in Putnam County, 14.7 percent in Orange County, and a 19.8 percent in Sullivan County in first quarter 2022 compared to same time last year, according to OneKey MLS, LLC.
A bright spot comparing 2022 sales to 2021 sales was the condominium market in Westchester County, which saw a 27.8 percent increase in the number of transactions.
In contrast to drops in sales in the Hudson Valley, Bronx County saw a 6.1 percent increase with 613 residential sales posted in the first quarter.
While these overall decreases may seem significant at first glance, the significance is diminished when viewed over a two-year period, according to HGAR. When comparing the 2022 first quarter residential sales numbers to the first quarter of 2020, sales increased in Rockland County by 21.2 percent. Westchester was out ahead with a 26.9 percent increase, while Putnam saw a 16.7 percent increase.
But whopping jumps were seen in both the Bronx and in more northern corners of the Hudson Valley, with Orange County’s rise by 31.7 percent, Sullivan County’s 30.5 percent, and Bronx County increased by 42 percent.
Single-Family Median Sales Prices Rise Nearly 15 Percent In Rockland County
Single-family median sales prices continued to rise, with a modest increase of 2.7 percent in Westchester County, 21.8 percent in Putnam County, 14.9 percent in Rockland County, 10.3 percent in Orange County, 20.3 percent increase Sullivan County and an 11 percent in Bronx County.
For the 1st Quarter of 2022, the average median sales price for single family homes in Rockland County was $600,000. In comparison, the average median sales price for Westchester County was $729,000.
The average median sales price in Putnam County was $475,038; in Orange County, it was $375,000, and in Sullivan County, it was $267,000. The average median sales price for single family homes in Bronx County was $600,000 for the 1st quarter or 2022.
Affordability for single-family homes has become a critical issue in the suburbs and exurbs. In 2019 the average median sales price for a single- family home in Westchester County was $600,000, compared with $729,000 for the first quarter of 2022, a 21.5 percent increase over a three-year period. The fact that the Westchester median sales price increase was the smallest compared to the other counties at a 2.7 percent year-over-year may be a sign of that sales prices are beginning to stabilize and moderate.
However, a dearth of inventory continues to plague the market and days on market continues to decline. The market is also facing the dual headwinds of rising interest rates and increasing inflation.