There is much optimism for the real estate market in Rockland County! The median sales price of single family homes has increased, along with the number of closed sales.
As a Licensed Real Estate Salesperson, working for Better Homes & Gardens Rand Realty at the Nanuet office, I can say that I am cautiously optimistic the housing market will continue to grow and will lead to a stronger market for 2014! The reason I choose to use the word cautiously however, is because the recent surge in activity this past summer, may have been due to perceptions about the pending interest rate increases. Overall, I believe the market fundamentals are rather strong, interest rates are still near historic lows, and general economic conditions are improving.
Activity: The number of 3rd quarterly closed sales in Rockland County, is 524. This is a 28% increase compared to 3rd quarter of 2012. This is the largest year-on-year sales increase since the fourth quarter of 2004 (other than the two quarters artificially impacted by the home buyer tax credit in 2009-2010). There is a sustained rise in buyer demand, with six straight quarters of year-on-year number of closed sales increase. The good news is that this trend is accelerating. Wow, now that is impressive!
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Prices: Importantly, for Rockland homeowners, there are finally signs that the current sustained increase in buyer demands is impacting selling price. Prices are up across the board from 2012, the median sales price, which is $410,000, is up at 6%. This is the largest increase of the median price since 2006! The market still has some ways to go. Pricing is at 2003 levels and is off by almost 25% since the height of the market in early 2006. At the very least, the trend is uniformly positive for the first time in years.
This is the first time in a year, that I can say I am seeing hopeful signs that Rockland County pricing may be turning a new corner. Following two years of sustained increases in buyer demand, the market has now seen some meaningful price appreciation. I expect the market will experience its normal seasonal slowdown going forward. However, the current trends I have discussed will continue to sustain prices and sales above last year’s levels thought the end of the year. If you are considering selling your home, now is the time!
