Real Estate Food for Thought...
It is February and the spring real estate market is getting ready to go into high gear! I get many calls from homeowners who are thinking of selling and 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.
How is the Rivertown Real Estate Market?
2018 vs. 2017 - Single Family Homes
New Inventory (the number of homes coming on the market) decreased 1.6% (241 in 2018 vs. 245 in 2017). There was an 11% decrease in the number of sales (137 in 2018 vs. 154 in 2017). The average sales price for homes that have sold increased 15.5% to $770,823. The median sales price increased 13.7% to $615,000. Overall, the average sales price for homes that have sold in Rockland County (inclusive of the rivertowns) was $496,945, up 5.0% over last year. The median sales price in Rockland County (inclusive of the rivertowns) was $460,000, up 4.5% over last year.
2018 vs. 2017 - Condos/Co-ops
New inventory (the number of condos coming on the market) increased 5.1% (82 in 2018 vs. 78 in 2017). There was a 2.0% decrease in the number of sales (48 in 2018 vs. 49 in 2017). The average sales price of condos that have sold decreased 4.3% to $400,156. The median sales price decreased 32% to $272,000. Overall, the average sales price for condos that have sold in Rockland County (inclusive of the rivertowns) was $243,672, up 4.5% over last year. The median sales price for condos and co-ops in Rockland County (inclusive of the rivertowns) was $212,000 up 3.9% over the last year.
For questions, comments or to find out what’s happening in your neighborhood, you are welcome to call Donna Cox on 845-641-8613.