Rockland County NY April 2013 Monthly Market Report
Let's take a look at what the market has been doing in Rockland County NY for April 2013
Active listings have been increasing indicative of a spring market. Pending home sales rose 10% since last month - the buyers are out there!. The average number of days on market is down about 10% on average and the sale price to listing price ratio is increasing as sellers price more realistically and buyers who are afraid of loosing out on the home of their choice to other competing buyers are willing to pay more to get it.
Overall there is more activity in the market. Though much of the country is experiencing a sellers market, 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. Average home prices have gone up compared to this time last year. Lets hope that trend continues.
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, though they are finding that the number of choice homes available is dwindling. 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 disappointment as they find themselves in multiple bid situations.
The greatest number of sales continues to be in the $350,000-$500,000 price range and if properly priced and in good condition those homes are moving quickly. But, we are starting to see quite a bit of activity in the higher price ranges as well. Rates are so favorable at the moment that the higher priced homes are becoming more affordable.
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 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.