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Sales soared 15.2 percent in the third quarter in the counties of Westchester, Putnam, Rockland and Orange counties compared to the same quarter last year, according to the report. For the year, sales have increased 15.5 percent.
Westchester County posted the lowest increase among the four counties -- 10.3 percent -- but still saw 294 more transactions than the same quarter in 2014.
“Sales rose in all four counties, but they also rose in most of the segments of housing, including co-ops, condos, multi-family and singles family homes,’’ said Leah Caro, President of Bronxville Real Estate and the Hudson Gateway Multiple Listing Service President. “That’s encouraging because when all segments are in good shape, it shows people are moving up. They’re also moving down and sideways. Empty-nesters are in the market. People are getting out of their rentals and buying. It's not just one housing sector.”
Orange County saw the highest activity in the third quarter. There were 1,0008 sales, 30.1 percent more than last year in the third quarter. Sales grew 21.1 percent in Putnam County and 16.3 percent in Rockland.
Prices have remained stable. In Westchester, the third quarter median sale price fell one percent to $676,500. Putnam’s median sale price rose 4.7 percent, to $335,000. Rockland’s median sale price rose 2.4 percent and Orange County’s MSP fell less than one percent
“Sales have been good all year and some prices have even gone down,’’ Caro said. “It’s become more affordable. The prices won’t go up if the sales don’t go up. Eventually the increased activity will beget higher prices.”
Caro said the closed sales were the result of higher activity in late spring and early summer. Low interest rates, lower unemployment and job stability also played a role in fueling the hot market. Caro said activity in the third quarter was unusually brisk and expects to see a strong fourth quarter for closed sales.
“It’s a shorter season because of the holidays,’’ she said. “But if your house is on the market, don’t take it off because of the holidays. Anyone who wants to see your house on Dec. 23 is buyer. They’re not going to be able to look at your home if it’s not on the market.”
Open the attached PDF for the complete HGAR report.
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