Happy Week's End. Or Happy Week's Beginning, if you're more of an optimist!
Once again this week, the active inventory of single family homes for sale in Rockland County NY is down -- by 10.6% since the end of October. Since last week, 77 listings or 6.2% of single family homes have expired, and fewer of them have relisted, indicating to me that homeowners are preparing for the holidays and will wait to put their homes back on the market until the spring. I'm hearing a lot of "waiting for the spring market" from both buyers and sellers. Buyers believe there will be better deals in the spring of 2009. Sellers believe they will get more money for their homes.
The condo market in Rockland County for the week ending 12/6 is relatively unchanged from the previous week, with the exception that of the condos that sold, days on market went up to 106 days from 41 days, and average sales price also went up. Interesting. The sample size is very small though, and might be insignificant when looked at in context of year to date sales.
So, what will happen in the spring market? Once again, I wish I had a crystal ball! On the national front, Lawrence Yun, Chief Economist for NAR, sees an increase in home sales from 4.8 million to 5 million this year to 5.2 million in 2009. Affordability is the key to home sales. Price, mortgage interest rates and taxes all affect affordability of a home. Home sales prices in Rockland County have come down since their highs in 2005. If mortgages rates continue to head lower, it will boost affordability and we will see color in the cheeks of the wan Rockland County housing market.
It is clear to me that for the next few months, buyers will do well because prices are realistic and mortgage rates are low. Sellers who price their homes correctly will be able to sell and move on. Easing the credit blockage will stabilize the market, bringing buyers back, and putting sellers in a stronger position. It is possible that changes in the coming months will put both buyers and sellers in a more positive frame of mind.
Here are this weeks market statistics for Rockland County NY:
|Rockland County Market Snapshot|
|Week Ending 12/6/2008|
|Single Family||Condo||Multi Family|
|Total Active||1179||Total Active||431||Total Active||88|
|New Listings||32||New Listings||9||New Listings||1|
|Price Revisions||56||Price Revisions||23||Price Revisions||3|
|Under Contract||24||Under Contract||12||Under Contract||1|
|Avg Sale Price||$465,495||Avg Sale Price||$327,000||Avg Sale Price||X|
|Avg Days on Mkt||114||Avg Days on Mkt||106||Avg Days on Mkt||X|
Statistics taken from the Greater Hudson Valley MLS as of 12/7/2008
These statistics represent data for all of Rockland County. If you'd like to find out what is going on in your specific neighborhood, please feel free to 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