The numbers held steady this week in Rockland County, NY. I've added a new report metric, Price Revisions. I think it's important to watch over time how many homes are undergoing price revisions because it helps anticipate a trend in sales prices over the upcoming three months.
My strong sense is that in Rockland County, we have not seen the trough in the market in terms of valuation. Owners who want or need to sell in the next six to nine months would be wise to get their home on the market today, and make sure it's in the top 10% of value among the competition. This is likely to be the highest market valuation we will see in the forseeable future.
Buyers, however, should not shy away from the market. I know this sounds like a bit of a paradox, if my prediction is that house prices in Rockland County will continue to decline. However, buyers who are planning to live in a house long term will see an increase in the value of the house over time. Real estate has always bounced back after evey down cycle and prices have risen. (Think about it. The population in the United States is growing every year. So, every year there are new first time buyers coming into the market, meaning more competition. Housing starts are the lowest they've been in 18 years. Law of supply and demand dictates that as demand increases, and supply decreases, prices will go up.)
Also, mortgage interest rates are still historically low, hovering around 6.125% at the end of the week. If inflation kicks in, interest rates will begin to rise, and over the life of the mortgage will wipe out any short term gain seen in purchasing a house for a few percentage points less. (I did ok in economics class during my college years. However, I am finding the application to today's housing market far more interesting than I ever imagined sitting through those long dull lectures.)
Here is this week's housing market snapshot for Rockland County, NY
|Rockland County Market Snapshot|
|Week Ending 11/16/2008|
|Single Family||Condo||Multi Family|
|New Listings||36||New Listings||14||New Listings||5|
|Price Revisions||74||Price Revisions||29||Price Revisions||7|
|Under Contract||21||Under Contract||12||Under Contract||3|
|Avg Sale Price||$446,719||Avg Sale Price||$236,850||Avg Sale Price||$270,000|
|Total Active||1252||Total Active||445||Total Active||89|
If you are in the market to sell a house or to buy a house in Rockland County, I'd be happy to discuss your goals and help you devise a plan to achieve your goal. If you are curious to see a market snapshot for your Rockland County or Orange County neighborhood, please contact me.
Statistics from the Greater Hudson Valley MLS, as of 11/16/2008
jennifer mallory | associate broker | "real integrity in real estate"
keller williams hudson valley realty II | 130 N Main St, Nyack, NY 10960
845.521.3135 | 845.323.6247 mobile | www.jennifermallory.com