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Single Family Home Sales Surge 18 Percent In Putnam

Third quarter single family homes in Putnam County surged by more than 18 percent compared to the third quarter in 2015, according to a report from the Hudson Gateway Association of Realtors.
Third quarter single family homes in Putnam County surged by more than 18 percent compared to the third quarter in 2015, according to a report from the Hudson Gateway Association of Realtors. Photo Credit: Daily Voice File photo

PUTNAM COUNTY, N.Y. -- Single family home sales rose by more than 18 percent in Rockland County compared to the third quarter in 2015, according to report from the Hudson Gateway Association of Realtors.

Single family home sales rose 18.5 percent in Putnam County in the HGAR report, which also incorporates Westchester, Orange and Rockland counties. For the four-county region, sales rose 7 percent compared to the third quarter in 2015. For the year, sales in all four counties are 15 percent higher than last year.

For all real estate sales in Putnam County, which includes condominiums, co-ops and multi-family homes, sales rose 17.4 percent in the third quarter.

“The real estate market is healthy,’’ said Marcene Hedayati, HGAR President and part owner and manager of William Raveis Legends Realty Group in Tarrytown. “It’s growing, and transaction are up. Prices are flat, which is good because we don’t want to see some sort of wild market where prices keep going higher and we have a situation like we did in the early 2000s.”

The median sale price for a single family home in Putnam County rose 1.5 percent to $340,000 according to the HGAR Report. The median sale price in 2015 was $335,000.

Inventory, however, continues to fall in Putnam County and other regions. In Putnam County, inventory fell 29.4 percent compared to the third quarter in 2015. Inventory dropped 20 percent over the four counties compared to third quarter in 2015.

“Inventory has been declining for more than a year, but it has not yet put pressure on prices,’’ Hedayati said. “I’m not sure at what point that will happen. We keep thinking it’s going to happen, but it hasn’t done so yet. We’re also having fewer buyers coming out as well. I think we’ll be able to tell more in the spring market what impact lower inventory is having on prices.”

Hedayati also said most pricing sectors continue to perform well, except for the high end markets.

Millennials are finally starting to see the value in home ownership, but they are also seeking properties that are move-in ready and require little work and repair.

“There’s something for everybody on the market now,’’ Hedayati said. “Buyers are a little more particular than they have been in the past. Buyers are much more sensitive. They are reluctant to buy homes that require much work. And staging has become a huge factor. Homes that are priced right and staged well are getting a lot of attention.”

Click on the attached PDF for the third quarter report from the Hudson Gateway Association of Realtors.

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