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There were 15,324 closings of residential transactions (excluding multi-family units) in Westchester, Putnam, Rockland and Orange Counties in 2015, an increase of 1,769 units. Orange County sales soared 26 percent compared to 2014. Westchester County sales rose 9 percent.
“I think it was the mid-range sector that really drove sales for 2015,’’ said Leah Caro, President of Bronxville Real Estate and President of the Hudson Gateway Multiple Listing Service. “The mid-range is what fuels our economy. They are the transitional sellers, people moving up and moving down. They’re also painting their house, purchasing lawn mowers and snowblowers and all the other goods and services that go with home ownership.”
"Overall, we’re very happy,'' said Marcene Hedayati, President-elect of HGAR and a Realtor with William Raveis Legends Realty. "It shows a very healthy growth in all of our counties. The median price is flat, which means we have sustainable growth. There is no overexuberance."
After a slow first quarter, real estate activity stayed brisk throughout the final three quarters of 2014. There were 4,313 closings in the fourth quarter in the Hudson Valley, an increase of 16 percent over 2014.
“There was a lot of snow in the first quarter, which pushed the spring market back,’’ Caro said. “The summer was more active and anyone who was shopping for a home in the fall market closed in the fourth quarter.”
Prices, for the most part, stayed relatively stable. The median sale price for a Westchester County single family home fell 1 percent in 2015, to $628,875. Single family home prices fell 2.7 percent for the year in Orange, rose 3.8 percent Rockland and stayed flat in Putnam.
Sales increased across the board in Westchester County during 2015. Sales of condominiums rose 19.9 percent, while 2-4 family homes jumped 32.3 percent. Single family (6.2) and cooperative (6.1) home sales also rose.
The condo market and co-op market are particularly revealing, Caro said, as it indicates millenials are moving into the housing market.
“That’s a key segment of the population now,’’ Caro said. “It used to be the baby boomers. Now it’s the millenials. They have busy schedules and the luxurious condos are really appealing. They like that turn key lives and the amenities that come with it.”
Click on the attached PDF for the Hudson Gateway report.
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