Rockland Real Estate: Market Report ~ April 2008

Update: June 18, 2008.

Is it time to peek out from under the umbrella?

Here are the latest figures for Rockland County Real Estate comparing Jan - May of 2007 with 2008.  If you've been following the real estate news and blogs, you know that since August of 2005 The Rockland Real Estate market had begun the shift from a fantastic (double digit appreciating) seller's market to most recently a declining market.  Buyers with good credit and/or extra cash have been enjoying a wonderful time to invest.

Notice that while sales have fallen from 2007, with sales volume and the average sales price declining, we see the number of pending offers has begun to shift UPWARDS.  My comment and question is this.  Is this a temporary market uptick (seasonal) or the beginnings of a market shift.  I'd like to say this is a positive trend, but it's way too soon to make that judgment.  We need to watch and wait.

Therefore in coming months, pay close attention to the Near Term Trends Section & in particular to the Column headed with a "P", (highligted in blue in the chart below).  Tracking the numbers of offers presented gives us an early indication of market movement. Looking back on that information over a period of months sheds light on consumer movement, expose emerging trends and actual market shifts.         

IMPORTANT NOTE: Remember that the numbers for June are for an incomplete month, as this
report was compiled on 6.18.08

Here are the latest figures for Rockland County Real Estate comparing Jan - May of 2007
with 2008.  If you've been following the real estate news and blogs, you know that since
August of 2005 The Rockland Real Estate market had begun the shift from a fantastic (double
digit appreciating) seller's market to most recently a declining market.  Buyers with good
credit and/or extra cash have been enjoying a wonderful time to invest.

With the current easing of mortgage money restrictions, is it possible Rockland County buyers
and sellers might just begin to see the sun come out?  I'm watching very closely. 

Residential - Monthly Comparison Report (released 6.18.08)								Near Term Trends *
2007				2008				Pending Offers rising
	Sales	Sales Volume		Sales	Sales Volume			P
Jan	103	58,756,960		81	45,668,294			12
Feb	101	56,578,300		62	30,278,550			17
March	129	66,590,300		72	37,000,802			44
April	133	75,698,548		84	42,776,950			100
May	121	66,297,699		96	50,821,356			96
June	As of June 18th, I tracked 11 accepted offers							11
	587			395				280
Condo - Monthly Comparison Report (released 6.18.08)								Near Term Trends
2007				2008				Pending Offers rising
	YTD Sales	Sales Volume		Sales	YTD Volume			P
Jan	46	12,127,917		38	9,599,000			3
Feb	39	13,007,982		40	11,546,855			6
March	51	16,762,675		25	6,965,300			19
April	54	14,982,598		27	9,017,610			38
May	59	17,914,585		31	9,533,204			35
June	As of June 18th, I tracked 11 accepted offers							4
	249			161				105

Note: Keep in mind that "pending offers" do not necessarily end up in going to contract.  Perhaps there
were some financing or other issues preventing the consummation of sale resulting in a closing and transfer
of title.  This method of study is being utilized to track consumer movement and study near term trends. 
If the general public begins to place bids on properties in larger and larger numbers, then we know we are
beginning to see a shift in consumer spending and mindset.  
    
Note: This is a new tracking area for 2008.  We did not track it in 2007 thus have no comparision for data
earlier than 2008.        
         
Statistice compiled from: Greater Hudson Valley Multiple Listing Service
PC = New Offers written    
P = Offers that came in on properties but not yet under contract         
UC = Accepted offers that have entered into contract status and are on their way to close         

 As always, I welcome your comments. 

Angela C.

Here's another view of what the markets are doing. 

I'm going to be tracking this information very closely over the next couple of months.  Every single quarter that has gone by for the last three years I've been saying that "this next quarter" will be the tell all .  .  . Well, this upcoming next three months will be no different.  I'll be sitting at my computer pouring over statistics looking for that elusive upswing in the market that we are all hoping for.  So . . . can I get an Amen?  One more time this year, let's see what April/May/June will do.  I don't think we're out of the woods yet folks.  But I do think we're getting close.  Having said all that ... here for your enjoyment and perusal is my: 

ROCKLAND REAL ESTATE: MARKET REPORT.

AND BELOW IS SIMILAR INFORMATION COMPARING 2007 WITH 2008.

Figures Compiled from the latest report generated by Greater Hudson Valley MLS. 
As of April 7th, statistics for March have not yet been released. 
They are imminent and will be added soon.

Figures for March will be out shortly, and I will update this info soon. 

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It's wonderful to live in Rockland
It's wonderful to visit Rockland
I's wonderful to invest in Rockland Real Estate

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Angela Fish Chan
Rockland Realtor

(845) 624-3900