As a realtor, and a Rockland County, NY resident, I am concerned about the value of my home, just like you are. I keep a close eye on real estate market trends, and negotiate hard for my sellers to keep all our house values up. Spotting trends early helps me respond quickly and effectively. In examining home sales statistics for Q2 2009 versus Q1 2009, I see more positive indicators than I've seen in quite some time. Hooray!
Homes sold in Clarkstown and Ramapo each saw a close to a 3% increase in median sold price. Orangetown also had a healthy increase in median price - close to 13%! That increase was brought about by the sale of several homes in excess of one million dollars, indicating that the high-end housing market is coming back, too. Median sold price in Stony Point and Haverstraw are down somewhat, indicating that the real estate market in the northern part of the county will be slower to stabilize. Yet...
Third quarter sales look promising for every township in Rockland County.
This is particularly great because August traditionally is a quiet month in the real estate industry, as people squeeze vacation into the last weeks of summer. August 2009 is far busier than in years past. The market is active, both in terms of new listings and showings. Buyers are feeling more confident and are making offers!
The absorption rate (the number of months it would take to sell currently active listings given the current rate of sales contracts) is down below 7 months in four of the five Rockland County townships. This shows that the market is stabilizing. Great news for people who would like to sell real estate but have held off because of the soft seller's market.
National economic indicators point to the fact that the country is pulling out of the recession, another positive for home sellers and for home buyers. It's a great time to buy because there is a lot of inventory, and mortgage interest rates are still low. It's a great time to sell because more confident and qualified buyers are entering the market in response to the positive economic news. I believe real estate prices in Rockland County have stabilized in general and we'll see modest annual increases of 1% to 2% in the next few years.
I can't show real estate data for all neighborhoods in Rockland County, NY in one short article! I do have access to data for individual neighborhoods, though. So, if you want to know where your house fits into the above graph, call me today and I'll prepare a graph for your specific neighborhood.
Statistics from the Greater Hudson Valley MLS, as of 8/2009
jennifer mallory | associate broker | "real integrity in real estate"
keller williams hudson valley realty II | 130 main st, nyack, ny 10960
845.521.3135 office | 845.323.6247 mobile | firstname.lastname@example.org
Search all homes for sale in Rockland County, NY at www.jennifermallory.com