High sales rates and a sharp drop in inventory dominated the real estate market during the first quarter of 2017 in Orange, Putnam, Rockland and Westchester counties.
Realtors participating in the Hudson Gateway Multiple Listing Service, Inc., a subsidiary of HGAR, reported a grand total of 3,700 closed transactions in the four-county region during the first three months of 2017, a 9.1 percent increase (or 309 units more) over last year’s first quarter results. The closings largely resulted from sales and market activity during the winter months of 2016 and early 2017, and comprised single-family houses, condominiums, cooperatives, and 2-4 family houses.
Among the four counties, Rockland County enjoyed the highest percentage increase in sales, 29.3 percent, among the four counties. Its best performing large-volume sectors were condominiums, up 37.2 percent, and single family houses, 23.7 percent.
Rockland County achieved a 6.5 percent increase in the median sale price of its single-family houses, which was posted at $425,000 for the first quarter. Rockland also fared well with its condominium sector, achieving a 10.7 percent increase in the median to $217,500.