From Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
April 21, 2020
If you are planning to buy or sell a home in the Hudson Valley any time soon, you may be interested in statistical information showing recent market activity in Westchester, Rockland and Orange counties. Our MLS registers and aggregates data on all such activity, and it is available to anyone through their real estate agent or Realtor. The charts in this blog come from the OneKey Hudson Valley MLS.
The reports for April are in, and generally show a down-tick in activity across most markets. Westchester new listings were off 14.5% from April 2018, as sellers began to back off due to uncertainty in the first month of the COVID-19 shutdown rules. Rockland and Orange counties also showed fewer new listings to a lesser degree.
Pending Sales came up a little short across the boards for all three counties. Keep in mind that pending sales figures are more a reflection of March activity rather than April because contracts for April are typically signed the month before.
Median Sales Price
Median selling prices skyrocketed in all three counties, reflecting the market turning to favor sellers as homes-for-sale inventory dropped. The current inventory for Hudson Valley real estate is at 3 months supply, a definite number indicating a seller’s market.
Single Family Home Listings for the entire OneKey Hudson Valley Multiple Listing Service.
Single Family Home Sales across the region were heading upwards in 2019, with a near 13% gain overall. Compare that to April 2020 and you can see the start of a negative market change as April numbers for the Hudson Valley region soften.
Predictions for May, 2020
Our crystal ball for the next month tells us that as bad as April was, May will be worse. The good news? Homes for sale will be in even shorter supply as potential sellers postpone listing for less unsettled times. That leaves a load of buyers ready and willing to snap up any property that suits their needs.
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