Real Estate Food For Thought...
I get many calls from homeowners who want to know about how much their home would sell for in today’s market. There are several factors to consider when determining market value: current market conditions, homes that have recently sold or are under contract, homes currently for sale and homes that have failed to sell. The first step is to analyze the overall market with regard to price trends, buyer demand vs. the number of homes on the market and other factors. Then evaluate homes with similar characteristics to yours that have sold. Sold data is vital because it shows what buyers have actually been willing to pay for homes similar to yours. Then review homes currently on the market. It’s important to be careful here because, as these homes have yet to sell, the asking price may or may not accurately reflect the true value of the home. Finally, take a look at homes that were on the market but didn’t sell and evaluate the reasons why. By carefully and objectively analyzing these factors you will likely get a good idea of what buyers would be willing to pay for a home like yours. With that here are the homes that sold in the Rivertowns in December.
December 2017 Home Sales in the Rockland County Rivertowns
How is the Rockland County Rivertown Real Estate Market Doing?
2017 vs. 2016 Year-Over-Year - Single Family Homes
New Inventory (the number of homes coming on the market) increased 5.2% (245 in 2017 vs. 233 in 2016). There was a 14.9% increase in the number of sales (154 in 2017 vs. 134 in 2016). The average sales price for homes that have sold decreased 1.3% to $667,508. The median sales price decreased 6.7% to $541,000. Overall, the average sales price for homes that have sold in Rockland County (inclusive of the rivertowns) was $472,847, up 3.9% over last year. The median sales price in Rockland County (inclusive of the rivertowns) was $440,000, up 3.5% over last year.
2017 vs. 2016 Year-Over-Year - Condos/Co-ops
New inventory (the number of condos coming on the market) decreased 6.0% (78 in 2017 vs. 83 in 2016). There was an 10.9% decrease in the number of sales (49 in 2017 vs. 55 in 2016). The average sales price of condos that have sold increased 16.7% to $417,955. The median sales price increased 42.9% to $400,000. Overall, the average sales price for condos that have sold in Rockland County (inclusive of the rivertowns) was $233,456, up 3.0% over last year. The median sales price for condos and co-ops in Rockland County (inclusive of the rivertowns) was $204,000 up 4.6% over last year.
Questions, comments or want to talk about what's going on around your home? Give me a call on 845-641-8613, I'd be happy to help.