Home Economy HGAR report shows mixed 2Q real estate results

HGAR report shows mixed 2Q real estate results

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The second-quarter residential real estate report from the Hudson Gateway Association of Realtors (HGAR) showed a combination of weakness in some market segments and strength in others. In Westchester, while sales of single-family and two- to four-family houses were down 3.9% and 4.4%, respectively, sales of condominiums and cooperatives were up slightly.

In the second quarter of 2019, 1,500 single-family houses in Westchester were sold, compared with 1,561 in the second quarter of last year. There were 151 two- to four-family homes sold, down from the 158 which changed hands in the second quarter of 2018. The number of condos that were sold in the second quarter of 2019 was 346 compared with 334 a year earlier. Co-op sales totaled 490 compared with 472 in the second quarter of 2018.

Westchester’s median sale price for a single-family house was $705,000 in the second quarter of 2019, down from the $710,000 recorded in 2018. Condo, co-op and two- to four-family house prices rose 8.3%, 5.9% and 14%, respectively. The mean, or average, sale price for a single-family home in Westchester was $885,306 in the second quarter of this year compared with $919,563 last year. Condo prices were up from $417,142 to $481,552. Co-ops rose from $204,823 to $217,301. The mean price of a two- to four-family property rose from $504,608 to $562,918.

At the end of the quarter, there were 3,259 single-family homes in inventory, with 487 condos, 474 co-ops and 226 two- to four-family houses waiting to be sold. When compared with the end of the second quarter of 2018, that represents increases of 4.6%, 16% and 1.8% for single-family houses, condos and two- to four-family properties, respectively. The inventory of co-ops dropped 18.3%.

Putnam County condo sales fell from 35 in the second quarter of 2018 to 24 in the same period this year. Single-family home sales increased to 241 units, compared with 231 in the second quarter of 2018.

In Rockland County, single-family sales in the second quarter were 470 in 2018 compared with 459 this year. Sales of two- to four-family homes rose from 18 to 26 sales. Condo sales dropped from 135 to 122. Co-ops jumped to 25 units from the 12 units sold in 2018.

Single-family and two- to four-family sales in Orange County were down 11.1% and 9.2%, respectively. Condo sales increased 1.8% from 112 to 114.

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