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.
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.
