Real Estate Food For Thought...
What’s in store for the real estate market for 2018? As of the end of November 2017, we saw a significant increase in the number of sales, with sales up 11.4% in the Rivertowns and 6.1% countywide. I expect we will continue to see an increase in sales in 2018. Prices have been steadily increasing and I predict this trajectory to continue. Inventory levels are low and have not been keeping up with buyer demand. More homes will likely come on the market this year as many homeowners now have enough equity in their homes to sell. I anticipate mortgage rates will inch up but remain below 5%. The big wildcard is what impact the proposed tax legislation will have on our market. Capping the property tax deduction at $10,000 could have a significant impact as more than 83% of all homes sold in Rockland have a property tax over the $10,000 cap. Reducing the mortgage interest deduction from $1M to $500,000 could also have an impact, especially on homes in the $625,000 and up price ranges. I have more confidence than concern. Low unemployment, a robust financial market and strong consumer confidence all bode well for our real estate market in 2018. With that, here are the homes in the Rivetowns that sold in November.
November 2017 Home Sales in the Rockland County Rivertowns
How is the Rivertown Real Estate Market?
November 2017 YTD vs. November 2016 YTD - Single Family Homes
New Inventory (the number of homes coming on the market) increased 7.2% (238 YTD 2017 vs. 222 YTD 2016). There was a 11.4% increase in the number of sales (137 YTD 2017 vs. 123 YTD 2016). The average sales price for homes that have sold decreased 5.2% to $652,629. The median sales price decreased 9.6% to $529,000. Overall, the average sales price for homes that have sold in Rockland County (inclusive of the rivertowns) was $469,798, up 3.0% over the same period last year. The median sales price in Rockland County (inclusive of the rivertowns) was $439,900, up 4.0% over the same period last year.
November 2017 YTD vs. November 2016 YTD - Condos/Co-ops
New inventory (the number of condos coming on the market) decreased 5.0% (76 YTD 2017 vs. 80 YTD 2016). There was an 10.2% decrease in the number of sales (44 YTD 2017 vs. 49 YTD 2016). The average sales price of condos that have sold increased 15.7% to $430,506. The median sales price increased 45.5% to $407,500. Overall, the average sales price for condos that have sold in Rockland County (inclusive of the rivertowns) was $234,550, up 3.3% over the same period last year. The median sales price in Rockland County (inclusive of the rivertowns) was $200,000, up 3.1% over the same period 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.