Residential propety

Residential sales excluding tax down in Q1; prices go up again

The number of homes sold in the Hudson Valley fell in the first quarter of 2022 as prices continued to spiral upward, according to the Hudson Gateway Association of Realtors (HGAR). The organization, which relies on data from its OneKey MLS multiple listings service, reported a 6.3% drop in sales of single-family homes, condominiums, co-ops and 2-4 multi-family homes in Westchester. . There were declines elsewhere, with overall sales down 11.6% at Rockland, 28.1% at Putnam, 14.7% at Orange and 19.8% at Sullivan.

Inventory continues to be tight, particularly in Westchester where 26.5% fewer single-family homes, 33.3% fewer condos and 20.7% fewer co-ops were available in the first quarter of 2022 than previously reported. were on the market in the fourth quarter of 2021.

The number of 2 to 4 family properties for sale in Westchester increased by 17.9%, from 134 in the fourth quarter of last year to 158 in the first quarter of 2022. At the end of the first quarter of this year, there were also 864 bachelors. family homes, 238 condos and 665 cooperatives for sale.

The median sale price for single-family homes in Westchester rose just 2.7% to $729,000 in the first quarter of 2022 from $710,000 in the fourth quarter of 2021. Condominiums saw their median price jump by 18.7% to $445,000 in the first quarter of this year, compared to $375,000 in the fourth quarter of 2021. Co-ops saw a slight decrease in median price, losing 1.4% to 189,880 $, compared to $192,500 in the fourth quarter of last year. The median sale price for 2- to 4-family homes rose 11.6% to $697,500 in the first quarter of 2022 from $625,000 in the fourth quarter of 2021.

The median selling price of a single-family home in Putnam rose 21.8%. It was $475,038, compared to $390,000 in the fourth quarter of 2021. The median condo price rose 3.2% to 264,950 in the first quarter of this year, compared to $256,750 in the fourth quarter of last year. The only co-op that sold to Putnam in the first quarter of 2022 went for $165,000.

The median selling price for single-family homes in Rockland rose 14.9% in the first quarter of 2022 to $600,000, compared to $522,000 in the fourth quarter of last year. Condominium prices were relatively flat, with the median rising just 0.6% to $289,250 from $287,500 in the previous quarter. The median co-op price reached $100,000, a 12.7% increase from $88,725 in the fourth quarter of 2021.

Orange County saw a median single-family home sale price increase of 10.3% to $375,000 from $340,000 in the prior quarter. The median selling price for condos rose 7.9% to $231,000 from $214,000 in the fourth quarter of 2021. The median price for a co-op in the first quarter of this year was $90,000.

The median condo price in Sullivan County soared 59% to $159,000 in the first quarter of this year, from $100,000 in the fourth quarter of 2021. Prices for single-family homes rose, with the median price reaching $267 $222,000, which was 20.3% higher than the $222,000 in the fourth quarter of last year.

“A shortage of inventory continues to plague the market across all parts of OneKey’s footprint, and ‘days on market’ continue to decline,” HGAR said. “The market is also facing the double hike in interest rates and rising inflation. However, the market continues to show strength despite these headwinds as the Hudson Valley economy and greater New York City and suburbs continues to rebound from the pandemic. Overall, 2022 is off to a good start.