February 2013 Market Report for Rockland County NY By Area

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Real Estate Agent with Coldwell Banker, 170 N Main Street, New City NY 10956
https://activerain.com/droplet/RQv

Rockland County NY February 2013 Monthly Market Report

 Let's take a look at what the market has been doing in  Rockland County NY for February 2013.

January started with a bang and I'd hoped it was an indication of great things to come.  But, February sales and activity was disappointing and and sales were no where as strong as January's indications.

Much of the New York metropolitan area and Rockland county were effected by Hurricane Sandy in the beginning of November.  That killed the buying market for most of that month and slowed down pending home sales.  Most pending sales for that month would have been closing in February so this might account for the weaker sales of February 2013 as compared to February 2012.

 

February 2013 Market Report for ROckland County NY


The average sale price of homes in the county is still going down, though more modestly than in the past, except for the Clarkstown area where there was a modest increase. Hopefully as inventory decreases the prices will stabilize and then start to inch up.

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. And, overall in the county, the trend is moving towards a balanced market.

Fearful of rising interest rates and lack of inventory, buyers are getting 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 pending sales in February 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.

 

Posted by

Lora "Leah" Stern - Your Rockland County, NY REALTOR of Choice - (914) 772-4528

Your Rockland County, NY Real Estate SpecialistLeah Stern Signature Photo

Lora "Leah" Stern
Real Estate Salesperson
Coldwell Banker Residential Brokerage
(914) 772-4528 CELL
(845) 634-0400 OFFICE
(862) 345-2463 FAX

If I can assist you in any way with your real estate needs in Suffern, NY Rockland County or the surrounding areas, please feel free to contact me by phone at (914) 772-4528, email me at Leah.Stern@cbmoves.com or visit my website .

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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Leah very informative report on the Rockland Real estae Market in February. I like the way you showed what was happening in the various towns.

Mar 29, 2013 03:23 PM #1
Rainmaker
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Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Jennifer, tjhankls and glad you liked it.  I'm trying to find a format that works.

Mar 31, 2013 07:48 AM #2
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Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Hello Leah! So good to see your beautiful smile!! Thanks for the update on your market. Hopefully March will show improvements. 

Apr 03, 2013 01:01 PM #3
Rainmaker
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Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Joni, thanks for stopping buy and as always I enjoy your smile and your upbeat postings.

Apr 03, 2013 01:16 PM #4
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Lora "Leah" Stern 914-772-4528

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