A Picture of 13 Mansfiled Ave Being Sold by Donna Cox Nyack's Top Realtor Real Estate AgentWhat’s in store for the real estate market for 2019? Lack of supply has been driving prices up. As inventory remains constrained, homes have been commanding higher prices.  It appears fewer buyers are willing (or able) to pay the higher prices, resulting in prices going up but the number of sales going down. This trajectory is not sustainable and I expect the market will begin to find its equilibrium.  I expect we will see an increase in the number of homes coming on the market as many homeowners now have enough equity in their homes to be in a position to sell and that homes prices may begin to level off. I anticipate mortgage rates will inch up to above 4.7% by the end of the year. The real estate tax laws that were implemented this year limiting property tax deductions to $10,000 and reducing the mortgage interest deduction from $1M to $500,000 is still working itself out. It didn’t appear to have a big impact on the 2018 real estate market but could in 2019 and beyond. The FHA increased its conforming loan limit in our area to $726,525 up from $679,650 so many buyers in the higher price brackets will be able to qualify for lower interest conventional mortgages. I have confidence that 2019 will be a strong and exciting year in the Rockland County real estate market. With that, here are the homes in the Rivertowns that sold in November.

 

 

How is the Rivertown Real Estate Market?

November 2018 YTD vs. November 2017 YTD - Single Family Homes

New Inventory (the number of homes coming on the market) decreased 1.7% (234 YTD 2018 vs. 238 YTD 2017). There was a 9.5% decrease in the number of sales (124 YTD 2018 vs. 137 YTD 2017). The average sales price for homes that have sold increased 21.3% to $791,651. The median sales price increased 19.3% to $631,250. Overall, the average sales price for homes that have sold in Rockland County (inclusive of the rivertowns) was $496,979, up 5.6% over the same period last year. The median sales price in Rockland County (inclusive of the rivertowns) was $460,000, up 4.6% over the same period last year.

November 2018 YTD vs. November 2017 YTD - Condos/Co-ops

New inventory (the number of condos coming on the market) increased 2.6% (78 YTD 2018 vs. 76 YTD 2017). There was a 2.3% decrease in the number of sales (43 YTD 2018 vs. 44 YTD 2017). The average sales price of condos that have sold decreased 6.0% to $404,779. The median sales price decreased 33.7% to $270,000. Overall, the average sales price for condos that have sold in Rockland County (inclusive of the rivertowns) was $243,621, up 4.0% over the same period last year. The median sales price for condos and co-ops in Rockland County (inclusive of the rivertowns) was $212,000 up 6.0% 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.

Donna Cox
Associate Broker
Better Homes and Gardens Rand Realty
46 S. Broadway
Nyack, NY 10960
845-641-8613 (Cell)
Donna.Cox@RandRealty.com