Real Estate Food for Thought...

There has been a lot of attention lately given to websites offering online home valuations. Simply enter a few data points and voila the program will assign a value to a particular property. It isn’t that these sites lack value or utility, rather that there are so many attributes even the most sophisticated software program can’t capture. We know that all homes with four bedrooms and 2.5 baths are not created equal – even those within a few blocks of each other. A computer program can’t begin to capture the magic of a magnificent view or the “wow factor” of a unique home with stunning architectural details, both of which have a significant impact on the value of a home. Interestingly, one site encourages buyers to go to sellers with their computerized printout as proof of what the value of the home is. As a seller would you accept less just because a computer says you should? As a buyer, whose determination of value is more important – yours or a software program’s? Technology is great, but when it comes to valuing real estate, I still remain pro-human. With that, here are the homes that sold in the rivertowns in August.

 

How is The Rivertown and Rockland County Real Estate Market?

August 2017 YTD vs. August 2016 YTD - Single Family Homes
New Inventory (the number of homes coming on the market) increased 3.4% (180 YTD 2017 vs. 174 YTD 2016). There was a 16% increase in the number of sales (94 YTD 2017 vs. 81 YTD 2016). The average sales price for homes that have sold decreased 2.7% to $653,853. The median sales price decreased 7.5% to $541,000. Overall, the average sales price for homes that have sold in Rockland County (inclusive of the rivertowns) was $470,068, up 3.7% over the same period last year. The median sales price in Rockland County (inclusive of the rivertowns) was $440,000, up 4.8% over the same period last year.

August 2017 YTD vs. August 2016 YTD - Condos/Co-ops
New inventory (the number of condos coming on the market) decreased 9.2% (59 YTD 2017 vs. 65 YTD 2016). There was a 9.7% increase in the number of sales (34 YTD 2017 vs. 31 YTD 2016). The average sales price of condos that have sold increased 20.2% to $445,289. 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 $227,346, up 3.9% over the same period last year. The median sales price (inclusive of the rivertowns) was $195,000, down 1.3% 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.