The number of residences sold in the Hudson Valley dropped during the first quarter of 2022 while prices continued in their upward spiral, according to the Hudson Gateway Association of Realtors (HGAR). The organization, which draws from data in its OneKey MLS multiple listing service, reported a 6.3% drop in sales of single-family homes, condominiums, co-ops and 2-4 multifamily homes in Westchester. There were drops elsewhere, with overall sales down 11.6% in Rockland, 28.1% in Putnam, 14.7% in Orange and 19.8% in Sullivan.
The inventory continues to be tight, especially in Westchester where 26.5% fewer single-family homes, 33.3% fewer condos and 20.7% fewer co-ops were available in the first quarter of 2022 than were on the market in the fourth quarter of 2021.
The number of 2-4 family properties for sale in Westchester rose 17.9% from 134 in the fourth quarter of last year to 158 in the first quarter of 2022. At the end of the first quarter of this year, there also were 864 single-family homes, 238 condos and 665 co-ops listed for sale.
The median sale price for single-family homes in Westchester rose by only 2.7% to $729,000 in the first quarter of 2022, compared with $710,000 during the fourth quarter of 2021. Condominiums saw an 18.7% median price jump to $445,000 in the first quarter of this year from $375,000 in the fourth quarter of 2021. Co-ops experienced a slight shrinkage of median pricing, losing 1.4% to stand at $189,880 compared with $192,500 in the last year”™s fourth quarter. The median sale price of 2-4 family homes rose 11.6% to $697,500 in the first quarter of 2022 from $625,000 in the fourth quarter of 2021.
The median sale price of a single-family home in Putnam went up 21.8%. It stood at $475,038, compared with $390,000 in the fourth quarter of 2021. The median price for condos was up 3.2% at 264,950 in the first quarter of this year, compared with $256,750 in the fourth quarter of last year. The one co-op that sold in Putnam in the first quarter of 2022 went for $165,000.
The single-family median sale price in Rockland went up 14.9% in the first quarter of 2022 to reach $600,000, compared with $522,000 in the fourth quarter of last year. Condo prices were relatively steady, with the median rising only 0.6% to $289,250 from $287,500 in the previous quarter. The median co-op price hit $100,000, an increase of 12.7% from $88,725 in the fourth quarter of 2021.
Orange County saw a median sale price increase for single-family homes of 10.3%, coming in at $375,000 compared with the previous quarter”™s $340,000. The median sale price for condos went up 7.9%, reaching $231,000 compared with $214,000 in the fourth quarter of 2021. The median price for a co-op in the first quarter of this year was $90,000.
The median price for condos in Sullivan County soared by 59% to reach $159,000 in the first quarter of this year, up from $100,000 in the fourth quarter of 2021. Single-family house prices were up, with the median price reaching $267,000, which was 20.3% higher than the $222,000 in last year”™s fourth quarter.
“A dearth of inventory continues to plague the market in all parts of OneKey”™s footprint, and ”˜days on market”™ continues to decline,” HGAR said. “The market is also facing the dual headwinds rising interest rates and increasing inflation. However, the market continues to evidence strength in spite of these headwinds as the economy in the Hudson Valley and greater New York City and suburban area continues to rebound from the pandemic. All in all, 2022 is off to a solid start.”
