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They Got What? Rockland County Rivertowns Market Update - October 2013

By
Real Estate Agent with Better Homes and Gardens Real Estate - Rand Realty

We have seen many changes in our real estate market this year. Three big issues affecting our market are interest rates, consumer confidence and bank lending guidelines. Interest rates have increased more than one percent over last year’s lows of just under 3.5%. While some have predicted that rising interest rates could result in a slower real estate recovery (and it still may), right now it appears to be motivating buyers who have been on the sidelines to buy now rather than risk even higher rates in the near future. The rising interest rates are coupled with an improved economic outlook. According to the Consumer Confidence Index, income expectations have rebounded to their highest level in two and a half years as Americans are growing more optimistic about employment opportunities and the outlook for the economy. In addition to the improved economic outlook, banks are beginning to re-evaluate their lending requirements which should help qualified buyers obtain a mortgage more easily. All told, the housing market and the economy have a lot of moving parts. It does appear, however, that the Rockland County real estate market and the real estate market in the Rockland County rivertowns is beginning its recovery. With that, here are the homes that sold in August.

August 2013 Sales in the Rockland County Rivertowns

August 2013 Sales in the Rockland County Rivertowns

Here’s an overview of the Rockland County Rivertown real estate market for August 2013 as it compares to the same period last year.

August 2013 YTD vs. August 2012 YTD – Single Family Homes
New inventory (the number of homes going on the market) increased 13.9% (197 YTD 2013 vs. 173 YTD 2012). The number of sales increased 8.7% (75 YTD 2013 vs. 69 YTD 2012). The average sales price of homes that have sold decreased approximately 0.1% to $640,270. Overall, the average sales price for single family homes that have sold in Rockland County (inclusive of the river villages) was $423,996, up 1.5% over the same period last year.

August 2013 YTD vs. August 2012 YTD – Condos
New inventory (the number of condos going on the market) increased 24.6% (76 YTD 2013 vs. 61 YTD 2012). The number of sales increased 28% (32 YTD 2013 vs. 25 YTD 2012). The average sales price of condos that have sold increased 8.9% to $402,341. Overall, the average sales price for condos that have sold in Rockland County (inclusive of the river villages) was $240,807, up 7.8% over the same period last year.

What are the Hudson Valley Rivertowns in Rockland County? The rivertowns are a collection of small towns and villages situated on the western banks of the Hudson River. The rivertowns are among the most special and sought after locations in the lower Hudson Valley and include Palisades, Sneden’s Landing, Piermont, Upper Grandview, Grand View, South Nyack, Nyack, Central Nyack and Upper Nyack. Located about 15 minutes north of Manhattan, the rivertowns are perfect for those looking to live in a beautiful, diverse and convenient location with easy access to Manhattan, Connecticut and Westchester.

For more information on what’s happening in the Rivertowns and the Rockland County Real Estate market, give me a call on 845-641-8613 or visit my website http://www.donnacox.com/ and click “Contact Me.” I’d be delighted to speak with you.

Click Here to visit a virtual open house of all the great homes I am currently marketing.

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Donna Cox
Broker Associate
Better Homes and Gardens Real Estate – Rand Realty
46 S. Broadway
Nyack, NY 10960
845-641-8613 (cell)
Visit my website @ www.DonnaCox.com

 

 

 

 

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