This week, there was a 13% drop in the average sale price for single family homes in Rockland County -- a pretty significant decline. Taking a look at the numbers behind the average, I see that the justifiably lower priced homes are selling (I say "justifiably lower priced" due to condition and location). Several of these homes were foreclosures.
The average sale price was 94.1% of list price, indicating to me that investors and bargain hunters are getting accepted offers. (The average sale price in my MLS this year is 94.8% of list. In 2007, the average sale price for the entire year was 95.9% if list.)
Although relatively few condos are selling in Rockland County, they are realizing a greater percentage of their list price (97.3%).
Both serious buyers and sellers should take note of the 3% drop in inventory since the end of October. Buyers: home sellers who have their homes on the market want to sell and may be more willing to negotiate. Mortgage interest rates fell this week, making this an historically great time to buy. Sellers: buyers who are shopping for homes at this time of year are serious. Be realistic about any offers you get. The spring market traditionally has a greater amount of inventory, making more competition for you if you wait a few months to sell.
Here are the real estate market statistics for Rockland County this week. Notice that I've now added Days on Market, as well.
|Rockland County Market Snapshot|
|Week Ending 11/29/2008|
|Single Family||Condo||Multi Family|
|Total Active||1226||Total Active||446||Total Active||95|
|New Listings||33||New Listings||12||New Listings||4|
|Price Revisions||41||Price Revisions||11||Price Revisions||3|
|Under Contract||22||Under Contract||0||Under Contract||1|
|Avg Sale Price||$373,993||Avg Sale Price||$248,700||Avg Sale Price||X|
|Avg Days on Mkt||166||Avg Days on Mkt||41||Avg Days on Mkt||X|
Statistics from the Greater Hudson Valley MLS as of 11/30/2008.
These numbers represent average home and condo sales for all of Rockand County. If you are curious about what is happening in your particular neighborhood, please contact me.
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