The Hudson Gateway Association of Realtors (HGAR) sees bright spots in the residential real estate picture for Westchester and nearby counties despite rising mortgage interest rates and persistent inflation. Its report on activity during the third quarter of the year found that while total transactions are down from the level during the third quarter of 2021, median sales prices continue to increase throughout the market, driven in large part by low inventory.
“We also are likely experiencing a return to a more seasonal market, which disappeared during the latter half of 2020 and the entirety of 2021,” the HGAR report said.
The report used data from the multiple listing service OneKeyMLS, which was formed in 2018 following the merger of the Hudson Gateway Multiple Listing Service and the Multiple Listing Service of Long Island. HGAR”™s report did not include Dutchess County sales.
In Westchester County, there was a total of 2,006 single-family home sales in the third quarter of 2022, down of 15.6% from the third quarter of 2021. HGAR pointed out that when compared with the third quarter of 2019, single-family home sales in Westchester were up 3.4%.
The percentage decline in condominium sales in Westchester for the third quarter of 2022 was a steep 24.5% with 370 condos changing hands compared with 490 in the third quarter of 2021.
The number of co-op units that were sold in the third quarter of 2022 matched what it had been in the same period during 2021: 570.
Putnam County saw 326 single-family home sales in the third quarter of the year, down 10.7% from the 365 sales in the third quarter of last year. The median selling price of $505,000 was 8.6% higher than the $465,000 recorded in the third quarter of 2021.
There were 50 condos sold in Putnam during the third quarter of 2022, down 21.9% from the 64 units sold in the third quarter last year. One co-op was sold in Putnam, compared with none in the third quarter of 2021. The price was $120,000.
In Rockland County, single-family home sales dropped from 716 in the third quarter of 2021 to 650 this year, a 9.2% decline. The median sale price went up by 14.2%, standing at $660,000 compared with $578,000 in the third quarter of 2021.
Condo sales in Rockland dropped by 15.8%, with 170 units sold in the third quarter of 2022 compared with 202 in the third quarter of 2021. The median sale price went up by 7.6% from $309,950 to $333,500. Co-op sales went down by 5.7%, with 66 units sold in the third quarter of this year compared with 70 in the same period last year.
Orange County”™s third quarter numbers showed 1,019 single family homes sold, down 14% from the 1,185 sold in the third quarter of 2021. The median sale price was up 9.1% from $385,000 to $420,000.
There were 138 condos sold in Orange County, down 23.3% from the 180 sold in the third quarter of 2021. The median sale price went up 13.4% from $239,000 to $270,950.
Sales of co-ops in Orange County nosedived 42.9% from seven units sold in the third quarter last year to four units sold in the same period this year. The median sale price dropped 8.4% to $109,913 from $120,000.
In Sullivan County, the number of single family homes sold in the third quarter of 2022 barely budged from where it was in the third quarter of 2021. There was only a 0.7% increase from 298 units sold last year to 300 sold in this year”™s third quarter. The median sale price did go up 10.3% to $277,000 from $251,125 last year.
There was a 200% increase in the number of condos sold in Sullivan when comparing the third quarter of this year to the same period in 2021. However, the dramatic percentage becomes not so impressive when actual units sold are counted because there were only three sold this year compared with one in last year”™s third quarter.
