Rockland County NY January 2013 Monthly Market Report
This year is well under way and flying by. We're already a month and a half into 2013 and sales are up this January as compared to last January. Hopefully its an indication of good things to come.
Let's take a look at what the market has been doing in Rockland County NY.
Though we are still in a buyers market, the number of homes sold per month is increasing. The average sale price, except for Orangetown and Haverstraw, has been increasing, though moderately. If things continue this way for the rest of the year we may see the beginning of a market reversal. The number of new listing coming on the market is still outpacing the number of homes sold, but pending sales are outpacing new listings, cutting down on overall inventory. We can expect the months of inventory to decline as those sales that are pending close. The overall months of inventory in the county still indicates a buyers market, with the exception of Clarkstown and Orangetown. There the markets are approaching a sellers market.
Fearful of rising interest rates and lack of inventory, buyers are beginning to get off the fence and trying to lock into a new home at great low rates (which won't be around forever as they are already inching up) while the choices are still there.
The greatest number of sales continues to be in the $350,000-$450,000 price range and if properly priced and in good condition those homes are moving quickly. Just to put things in perspective, a 1% increase in mortgage rates reduces your buying power by about 10%. (In other words if the rates go up 1% that house you had your eye on that was priced at $500,000 is no longer affordable. Your high price point would be reduced to $450,000) Savvy buyers that have been out there looking are primed to recognize good value and come prepared to jump in and make an offer. The number of sales in January reflects this.
If you're thinking of buying, NOW is a great time to buy and if you're one of those buyers prepared to jump off the fence and make a move, or a seller looking to cash in on the buying frenzy to get your house SOLD, give me a call, Leah Stern 914-772-4528 and I'll be happy to help you.