As we start our 4thquarter we can look back and see how far we have come from the beginning of the COVID 19 virus. For almost two months during the second quarter of 2020, our housing markets were severely impacted as the pandemic shut down the economy and residential real estate transactions pretty much grounded to a halt. With those substantial declines throughout much of the second quarter, it is all the more astounding how dramatic sales eclipsed those of 2019 by the end of the third. Single Family home contracts surged to unprecedented heights in July thru September in every territory we serve, with diminishing inventory in almost every price range. Dollar volume increases are higher than unit sales in every market, pointing to more activity at higher prices. What we are experiencing daily contributes to the mindset we will continue on this track, with the primary driver for this unprecedented sales surge is the significant increase in New Yorkers from Manhattan, Brooklyn and Queens relocating to the suburbs as the pandemic continues. See here from ONEKEY- HGAR: October 5, 2020 2020 THIRD QUARTER RESIDENTIAL REAL ESTATE SALES REPORT Westchester, Putnam, Rockland, Orange, Sullivan, and Bronx Counties. After experiencing solid first quarter sales, real estate practitioners in the lower Hudson Valley region, served by OneKey™ Multiple Listing Service LLC, were prepared for an active second quarter developing new inventory and accommodating high buyer interest, both earmarks of second quarter activity. Instead, Covid-19 happened, and the market came to an abrupt halt with real estate agents unable to show properties and were confined to virtual interactions with buyers and sellers. Resiliency, creativity, and technology all began to replace shock and practitioners soon learned to navigate their new environment resulting in historically high single family residential third quarter sales figures. The optimism is back.Single family residential sales figures increased across the board with the exception of Bronx County which likely felt the impact of the hard-hit New York City market. Sullivan County experienced a 45% increase in sales over the third quarter of 2019 with 384 single family residential units sold compared to 264 units in 2019. Westchester County, the largest county in the region, saw single family residential sales increase from 1,940 in 2019 to 2,173 in 2020, a 12% gain. Single family residential sales gain in Putnam was 8%, 350 sales compared to 323 in 2019, Q3sales in Rockland were up 4.8% to 674 units compared to Q3, 2019 when 643 sales took place. Orange County sales were up 7.9%. There were 1190 sales in Orange as compared to 1103 sales in 2019, Q3.
Median sale prices of single-family homes were up in all counties including the Bronx despite a decrease in sales in that borough. Sullivan County had the highest percentage increase at 33.1% ($197,550 up from $148,450 in 2019).Median sale prices of single-family homes were up in all counties including the Bronx despite a decrease in sales in that borough. The median sale price in Westchester increased 15.9% to $810,000 from $699,00 (Q3, 2019)Orange County median was up 14.6% to $330,000 from $288,000 in the third quarter of 2019Rockland up 7.4% to $510,000 (from $475,000)Putnam up 9.7% to $411,250 from $375,000 in 2019.To continue with this article and statistical tables: 3rd-Qtr-2020-Real-Estate-Market-ReportFolks be well and stay safe! If you have interest of data on a specific locale within these counties, send a text or email, it would be lovely to hear from you!
Suzanne and Home on the Hudson Real Estate Team