Real Estate Food for Thought...
Limited inventory continues to affect the real estate market in the Rivertowns. There are just not enough homes to keep up with buyer demand. We did see a slight uptick in the number of sales over the first quarter of last year. The average sales price and the median sales price both decreased about 18%. This is due to this increased number of sales below $300K and fewer sales above $1M.The number of new condos (including townhomes and co-ops) coming on the market almost doubled over the first quarter of last year and sales were down about 25%. Both the average and median sales prices were up significantly. This is because of a higher concentration in sales in the lower price points the first quarter of last year. The Rockland County market continues to be robust. The average sales price for a single-family home and the number of sales are up approximately 2% and 8%, respectively. The number of closed sales in the condo market was up 6.4% and the average sales price was up a little more than 2%. It is clear the spring market will be active and exciting. With that, here are the home in the Rivertowns that sold in March.
How is the Rockland County Rivertown Market?
1Q 2019 vs. 1Q 2018 - Single Family Homes
The number of homes coming on the market decreased 14.3% (48 YTD 2019 vs. 56 YTD 2018). The number of sales increased 32.0% (33 YTD 2019 vs. 25 YTD 2018). The average sales price decreased 18.3% to $778,712. The median sales price decreased 18.0% to $512,500. Overall, the average sales price in Rockland County (inclusive of the rivertowns) was $496,598, up 2.1% over the same period last year. The median sales price in Rockland (inclusive of the rivertowns) was $445,000, up 2.3% over the same period last year.
1Q 2019 vs 1Q 2018 - Condos/Co-ops
The number of condos coming on the market increased 43.8% (23 YTD 2019 vs. 16 in 2018). The number of sales decreased 25.0% (9 YTD 2019 vs. 12 YTD 2018). The average sales price increased 44.5% to $490,500. The median sales price increased 106.5% to $480,000. Overall, the average sales price for condos/co-ops in Rockland County (inclusive of the rivertowns) was $210,000, down 2.9% over last year. The median sales price for condos/co-ops in Rockland (inclusive of the rivertowns) was $212,500 down 3.4% 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.