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Market In 2022 Shows Consistency With Pre-Pandemic Conditions; Median Sales Continue to Rise
Low inventory, rising interest rates, and persistent inflation are impacting the residential real estate market, but the lower Hudson River Valley and greater New York City Suburban real estate markets showed resiliency in the second quarter of 2022 as compared to pre-pandemic activity, according to HGAR, which collects its data from OneKey MLS.
There is consensus among residential realtors that the over-heated market of 2021 is cooling and the decrease in sales from the second quarter of 2022 compared with same sales the previous year, have plunged deeply. But comparisons to pre-pandemic conditions reveal a stability in the market. Median sales numbers in the entire area continued to rise in the second quarter, still fueled by low inventory.
Rockland County experienced the steepest dip among the neighboring counties, with single family home sales down 22.8 percent and condo sales down 31.3 percent. However, when compared to the second quarter of 2019, the 2022 quarter numbers are slightly ahead. The single-family median sales price of $645,000 for the second quarter of 2022 in Rockland County was 17.3 percent higher than 2021.
In Westchester County, second quarter single-family home sales of 1,583 declined 14.2 percent compared to the second quarter of 2021. However, when compared to the second quarter of 2019, single-family home sales in Westchester were up 5.5 percent.
Condo sales in Westchester for the second quarter of 2022 were ahead of 2021 by 4.7 percent and co-op sales were even more robust, coming in 14.8 percent higher than the 2021 second quarter numbers.
The single-family median sale price of $885,000 rose 6 percent over last year, the condo median sale price of $450,000 was 11.1 percent higher than 2021, and the co-op median sale price of $203,000 was 6.8 percent higher than the previous year.
In Putnam County single-family home sales of 243 were down 19.8 percent compared to the second quarter of 2021, but when compared to 2019, the number of sales were identical. The median sales price of $480,000 was 8.6 percent higher than the second quarter of 2021.
In Orange County, second quarter single-family home sales of 846 was down 12.3 percent over the 2021 second quarter, and condo sales of 119 dipped 4.9 percent. The single-family home median sales price was up 15.3 percent at $415,000 and the median condo sales price of $275,000 was a 25 percent increase over the 2021 second quarter.
In Sullivan County the single-family sales of 273 was down 19 percent over the previous year but was up more than 25 percent when compared to the 2nd quarter of 2019.
The Bronx market continued to thrive in the second quarter of 2022, with single-family home sales ahead 19.7 percent over the second quarter of 2021. The median sales price of $617,500 was 9.3 percent ahead of last year.
Realtors predict significant head winds for residential real estate due to a declining stock market, rising inflation, rising interest rates, and the threat of a recession. For now they see a continued demand, low inventory, and a strong labor market.