A view of the Hudson River in Nyack New York by Donna Cox Real Estate Agent Broker Better Homes an Gardens Rand Realty Nyack Best Real Estate Food For Thought...

Limited inventory continues to be a huge issue affecting the real estate market in the Rivertowns. There are just not enough homes on the market to keep up with buyer demand.  As a result, sales were down almost 14% compared to Q1-2017. The average sales price was up 30% and the median sales price increased almost 15%. Homes sold about 22% more quickly and, on average, sold for approximately 98.3% of their list price – up about 2.4% over the first quarter of last year. The Q1-2018 condo market (including townhomes and co-ops) in the Rivertowns was not quite as robust. There were significantly fewer condos coming on the market and the number of sales remained steady, yet the average sales price decreased 20% and the median sales price decreased almost 50%. In the first quarter of this year, most of the condo sales were below $240,000 as compared to the first quarter of last year where most of the sales were above $450,000. Many buyers for our mid- to high-end condos are empty nesters downsizing from single-family homes. As the price of their home increases, these homeowners may opt to sell and that in turn could bolster our condo market.  One thing is for sure, the spring market will certainly be active and exciting. With that, here are the home in the Rivertowns that sold in March.

 

How is the Rockland County Rivertowns Real Estate Market Doing?

Q1 2018 vs. Q1 2017 - Single Family Homes
New Inventory (the number of homes coming on the market) increased 9.8% (56 YTD 2018 vs. 51 YTD 2017). There was a 13.8% decrease in the number of sales (25 YTD 2018 vs. 29 YTD 2017). The average sales price for homes that have sold increased 30.1% to $952,499. The median sales price increased 14.7% to $625,000. Overall, the average sales price for homes that have sold in Rockland County (inclusive of the rivertowns) was $486,366, up 5.8% over the same period last year. The median sales price in Rockland County (inclusive of the rivertowns) was $435,000, up 2.4% over the same period last year.
 

Q1 2018 vs. Q1 2017 - Condos/Co-ops
New inventory (the number of condos coming on the market) decreased 36% (16 YTD 2018 vs. 25 YTD 2017). There was an 9.1% increase in the number of sales (12 YTD 2018 vs. 11 YTD 2017). The average sales price of condos that have sold decreased 20.1% to $339,542. The median sales price decreased 49.3% to $232,500. Overall, the average sales price for condos that have sold in Rockland County (inclusive of the rivertowns) was $242,366, up 4.5% over the same period last year. The median sales price for condos and co-ops in Rockland County (inclusive of the rivertowns) was $216,250 up 13.8% 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.