House Prices up in Orange, Putnam, Rockland Counties

House prices jumped in Putnam County by 8.5 percent, the strongest showing in the second quarter report on real estate transactions in Orange, Putnam, Rockland and Westchester counties by the Hudson Gateway Association of Realtors.

The median sale price of condominiums dropped in all four counties.

Still, all in all, a powerful second quarter in 2016 continued the strong 5-year recovery of residential real estate in the lower Hudson Valley, HGAR said.

Prospective homebuyers who were out in force during the first several months of 2016 came to the closing table during the second quarter to post a five-year high of transactions. Realtors in the four-county area comprising the Hudson Gateway Multiple Listing Service reported 4,526 closings of single family houses, condominiums, cooperatives and 2-4 family houses, an increase of 23 percent over the 3,669 closings reported in the second quarter of last year.

The increases were largely concentrated in the single family house sectors of the four counties. Overall, Putnam County had the largest increase in sales – 32 percent — followed closely by Orange County at 30 percent, HGAR reported.

Also, Putnam, Rockland and Orange counties all posted second quarter price increases for the median sale price of single family houses. Putnam County posted the largest percentage increase – 8.5 percent from $289,500 last year to $314,000 this year. Orange County followed at 6.0 percent and Rockland county at 4.9 percent.

Westchester on the other hand posted a 1.6 percent decrease in the median sale price of a single family house, from $660,500 to $650,000.

The median sale price of condos dropped by 1.5 percent in Westchester; 3.7 percent in Rockland; 9.6 percent in Putnam; and 11 percent in Orange.

High sales volumes have been outpacing new listings, and that imbalance may lead to higher prices and/or diminished sales.

As always there are the wild cards that can affect real estate markets everywhere, current examples including ‘Brexit’, Puerto Rico insolvency, Federal Reserve rates, and not the least consequential, the upcoming elections. But so far we are having an excellent run in our market, HGAR officials said.