The local real estate numbers are in for 2012's third quarter, and there's good news—along with the bad.
The good news:
Activity is up around 12-percent for the year for single family homes. There were 965 homes sold this year, compared with 866 home sales for this time last year. And if you just look at third quarter numbers, it's even more impressive. Sales in Rockland County grew by 22-percent this quarter, compared with the third quarter in 2011. There were 407 homes sold this year (3Q) compared with 333 homes sold last year (3Q).
Activity for condos is up around 5-percent (year to date) compared with 2011 condo sales; however, the number of condo sales for the third quarter is exactly the same as last year's—108 sales. Although the number of condo sales has remained the same, the number of condos "under contract" has risen by 35-percent over last year. This should help condo sales to end on a high note for 2012.
The not-so-good news:
Despite all this increase in activity, home prices are struggling to keep up. The year to date average selling price is down 7-percent to $419,035 compared to $449,406 last year. And if you compare just third quarters, the prices are down around 10-percent to $417,800, compared to $462,020 last year. The number of short sales and bank-owned properties still in the pipeline could be one of the reasons why prices may not have bottomed-out yet.
Although the news on home prices isn't great, the fact remains that activity is up and the county is on target to set a five-year record for number of homes sold. If we keep up this pace, and if most of the 373 homes currently under contract close this year, we will end this year on a positive note.
Browse the adjacent photo gallery for recent sales and new listings. And note that our featured home, a wonderful old Tudor home in South Nyack, had multiple offers and sold in just eight days.