A recently released report by OneKey Multiple Listing Service indicated that both Rockland and Westchester Counties entered the pandemic that took hold in March on a very strong note, with higher sales and higher prices.Rockland County had an increase of 15% with sales of 452 units compared to 393 units in the first quarter of 2019. Westchester County experienced a 7.2% increase in single family home sales with 1055 sales compared with 984 sales in the first quarter of 2019.
First quarter median sales prices for single family homes was higher both Westchester and Rockland counties. The median sales price increased by 6.7% to $640,000 in Westchester County and 3.1% to $459,00 in Rockland County.
We have to recognize that there has been a reduction in listings and closings due to the pandemic. Closed business will be down approximately 40% from the same period in 2019 assuming that the title companies and attorneys can continue to close transactions that are currently in the pipeline.
In the Nyacks we have seen 8 properties under contact and 7 sales in the last 30 days which is good news. I do believe there will be many sellers ready to sell, and healthy buyer demand for homes when we emerge on the other side of this that will fuel a strong comeback of the market in the latter part of the year.