Rockland County NY January - March 2013 Quarterly Market Report
Let's take a look at what the market has been doing in Rockland County NY for the first quarter of 2013.
January started with a bang but, February sales and activity were disappointing with sales nowhere as strong as January's indications. However the pending sales for February were all pointing to a good and active March and it did not disappoint.
Overall there is more activity in the market with buyers finally coming out and trying to snag a deal before the market turns into a sellers market. Though that is happening in many areas of the country, Rockland has not quite gotten there yet. We've long passed the point of an extreme buyers market and we are no longer seeing high depreciation but we're still a ways from a sellers market. Some areas, Orangetown and Clarkstown in particular are experiencing a balanced market but most of the county is in a normal buyers market and though prices are not rising in most of the county, there is little depreciation in most areas.
Houses that are well priced and show ready are getting many showings and multiple offers with low offers being rejected. Buyers hoping for a steal of a deal are often meeting up with dissappointment as they find themselves in mutiple bid situations.
The average sale price of homes in the county in most areas is holding steady. The good news is that the number of units sold has been increasing and the hope is that as inventory decreases the prices will stabilize and then start to inch up.
The buyers getting off the fence are trying to lock into a new home at great low rates (which won't be around forever as they are already inching up) though they are finding that the number of choice homes available is dwindling.
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 hence the multiple offers situation.
If you've been 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.