The Westchester housing market softened in the third quarter of 2016, with sales flat and prices continuing to weaken even in the face of falling inventory. SALES. Sales activity was up, but not at the pace that we’ve seen over the past few years. Single‑family home sales rose, but only by about 2%. Similarly, coop sales were actually down by almost 3%, and condo sales fell … [Read more...]
Real Estate Market Report: Third Quarter 2016 – Westchester & Hudson Valley Market Overview
The housing market in Westchester and the Hudson Valley in the third quarter of 2016 defied the standard economic laws of supply and demand. Sales were up and inventory was down, but prices were flat across the board. Why? Maybe buyers are just leery of making a move during a tumultuous presidential election year. Sales activity continues to increase throughout the region. … [Read more...]
Are Home Prices in the Manhattan Suburbs Due? — The Big City Exodus Theory
Are home prices in the New York City suburbs on the rise? We're not seeing it in the data just yet. Even with home sales up pretty robustly for the past five years, home prices in the Manhattan suburbs have been relatively flat since their financial crisis correction back in 2008-2010. At some point, you have to think that increasing demand with a flat supply is going to … [Read more...]
Second-Quarter 2016 Real Estate Market Report: Sussex County
The Sussex County housing market surged again in the second quarter of 2016, with sales up significantly even while prices continued to struggle. Sales. Sussex sales were up sharply in the second quarter, rising 23% from last year and finishing the year up over 26%. This continued a trend that we’ve been watching for the past four years, with year‑on‑year sales up almost … [Read more...]
Second-Quarter 2016 Real Estate Market Report: Essex County
The Essex County housing market stalled in the second quarter of 2016, with sales up slightly but prices continuing to struggle. Sales. Essex activity was a bit disappointing in the second quarter, with transactions up only 4% after a robust beginning to the year. Any kind of increase is a good sign for Essex homeowners, of course, but sales were up much more sharply in all … [Read more...]