Hottest Real Estate Market Since 2007

Dated: January 2 2014

Views: 2050

The numbers are in for the local real estate market for 2013. .... the hottest in 6 years!

You may have heard about how home sales have been on the rise.  Well...it's true!  Here are the stats for Rockland County single family homes:
We had 1483 title transfers on single family homes in 2013...that's 15% higher than 2012 and around 28% higher than 2011.   The 2013 real estate market was the best since 2007 when we had 1512 single family homes sold.  In fact, we weren't too far off from the peak of 2006 when we had 1608 single family homes sold.  Here is a breakdown since 2006:
Year               Title Transfers
2013              1483
2012              1287             
2011              1158
2010              1196
2009              1180
2008              1191
2007              1512
2006              1608
And if you're interested in how the pricing breaks down for these 1483 home sales.... You can see where most buyers are budgeting their home purchases:
Price                              Number of sales
Over $1,000,000                     25
$900,000-$1,000,000             14
$800,000-$900,000                18
$700,000-$800,000                33
$600,000-$700,000                84
$500,000-$600,000              175
$400,000-$500,000              354
$300,000-$400,000              422
$200,000-$300,000              233
Under $200,000                   118
 
The market for condo sales was also very strong.  We had 443 condo sales in Rockland County in 2013....that's around 9% more activity than 2012 and the highest amount since 2008.  
Let me note that these are stats on number of transactions.  Most people want to know about prices...are they up or down?  Well, we don't have those numbers yet, but I'm sure that median home prices have posted a moderate increase over 2012.   We should have those stats soon.  

So overall, it was a great year for the local market and many economists are predicting an even better year for 2014.  With mortgage rates still attractive, and the New York City market as hot as ever, we should see activity continue to rise.
Happy New Year!
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Steve Dolinsky

CELEBRATING MY 23rd YEAR IN REAL ESTATE….For the past two decades I have had the pleasure and privilege of living and working in the Nyacks as a full time real estate Broker Associate, assisting buy....

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