ORANGE COUNTY REAL ESTATE MARKET REPORT / 3RD QUARTER | 2011

ORANGE COUNTY REAL ESTATE MARKET REPORT

3RD QUARTER | 2011

The Orange County residential market continued to stabilize as a traditional buyer’s market in the 2011 third quarter, with a welcome return of normal cyclical seasonality in both sales and prices. Sales were up 3.6% from last year’s third quarter. The smallest year-on-year increase in the region. It may be that delays in mortgage financing might have particularly affected Orange, especially after the hurricane required re-inspections of all pending sales. We might see a surge of sales in the fourth quarter from the pent-up closings that should have taken place in the third quarter.

The average sales price was down 2.4% and the median was down 3.6%. Part of those declines is a change in the mix of properties sold now that we have a more balanced mix of higher- and lower-end homes compared to last year. The rolling year average sales price, has now hovered between $267,000 and $280,000 for over the past two years. Although prices are back down to 2004 levels, they have stabilized at those levels for over two years, with only small seasonal variations.

We are seeing a return to normal seasonal rhythms in the market. The 16.2% increase in transactions from the second quarter was right in line with the 16.1% ten-year average change from the second to the third quarters. We expect that both sales and prices will continue to see increases compared to last year.

Anthony Stokes Pereira (845) 624-8100 Ext. 188

Better Homes and Gardens Rand Realty

I can help you with every aspect of buying or selling your home because I'm experienced, because I am a Better Homes and Gardens Rand Realty Real Estate Professional . . . and because I care.

As your Better Homes and Gardens Rand Realty Sales Professional, I will provide you with the information you need to make an educated decision.

The relationship between a home buyer or seller and their agent is based on trust, shared goals and understanding. I strive to continually improve and to do this I listen and take the needs and wants into consideration.

For assistance with any of your real estate needs, please contact me, whether it's to get started on helping you realize your goals and dreams, or just to ask a question - no pressure, no hassle, no obligation - just a friendly conversation. I would welcome the opportunity to make a difference for you.

Better Homes and Gardens Real Estate - Rand Realty, founded in 1984, is the No. 1 real estate brokerage in the Greater Hudson Valley with 25 offices serving Westchester, Rockland, Orange, Putnam and Dutchess counties. Rand has more than 800 sales associates, as well as a commercial real estate company (Rand Commercial Services), mortgage company (Rand Mortgage), title company (Hudson Abstract Services) and insurance agency (The Hudson Group Insurance Agency). The company’s Web sites are: randrealty.com, randcommercial.com, randmortgage.com, www.hudsonabstract.com and www.hudson-group.com. Rand Realty is also on Facebook and Twitter. Anthony Stokes Pereira web site www.anthonystokespereira.com . Information deemed reliable but not guaranteed.