The Lower Hudson Valley real estate market showed some health in the second quarter, as the number of home sales in Westchester, Putnam and Rockland counties rose sharply compared to the same period last year.
In Westchester, the number of home sales from April to June was 2,241, up 11.5 percent from the 2015 figure, 2,009. The volume was second highest for a second quarter in a decade, according to Jonathan Miller, CEO and president of Miller Samuel Real Estate Appraisers & Consultants and the author of the Elliman report, which covers sales in Westchester, Putnam and Dutchess counties.
The number of homes up for sale in that quarter was 5,149 in Westchester, down 13.7 percent from the 2015 figure, 5,965.
“We’ve now had sales going up for over four years, with regional transactions rising in 16 out of the last 18 quarters,” Rand stated. “Most importantly, we’re now seeing sustained sales increases driving sales totals to levels that rival the height of the last seller’s market, with almost 15,000 single-family home and 3,000 condos sold over the past 12 months.”
Surges in sales haven’t directly translated into an increase in pricing, however, particularly in Westchester.
Westchester’s overall median sales price for residential properties in the second quarter was $492,000, up 6.3 percent from a year before. But the second quarter median sales price for single family homes went down to $640,750 from $650,500 in 2015, according to the Elliman report.
The drop was largely caused by a “relative lack of demand in the very high end of the market, for homes selling above $3 million,” Rand wrote.
The number of Westchester single-family home sales in the second quarter was 1,472, up by 20.1 percent from the 2015 figure, 1,226. The inventory was 3,417 in the second quarter, down by 10.7 percent from a year before, 3,826.
In Rockland, the second quarter median sale price for single family homes was $430,000, up 4.9 percent from the 2015 median, according to the Rand Report. The number of sales also rose 28.2 percent to 495 from the same time last year.
In Putnam, the second quarter median sale price for single family homes was $314,000, up 10.2 percent from 2015. The number of sales rose 36.3 percent to 274 in the second quarter compared to the same period last year, when the figure was 201.