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Listing prices in Rockland County
Dated: October 28 2011
The local real estate market was busy this week with a steady influx of new inventory. The area had 11 new properties hit the market, including our featured home: a mid-century modern contemporary in Piermont for $1,100,000.
On the sales front, the region had 7 properties go under contract and 6 properties title transfer—it was definitely a week of out with the old and in with the new. Of the 13 properties this week that either sold or are pending, the average days on the market was 417. That's because four of these homes had been sitting on and off the market for two to five years—so it's good to see these properties finally find new owners.
This week I decided to take a look at listing prices in the county; here is what I found:
There are currently 1,305 active single family homes on the market in Rockland County, and 104 of them are listed over $1,000,000. That's about 7.9 percent of the current inventory. However, when I looked at how many homes sold over $1 million this year, I learned the percentage is much smaller. There have been only 16 homes that sold for over $1 million out of a total of 930 sales—or, only around 1.7%.
What does this tell us? I’m not exactly sure, but it's obvious that the demand for the higher end is not keeping up with the supply.
Here is a breakdown of the current asking prices of the 1,305 active listings in Rockland County:
List Price / # of listings
Above $5,000,000 = 3
$4 million - $5 million = 1
$3 million - $4 million = 4
$2 million - $3 million = 16
$1 million - $2 million = 80
$900,000 - $1 million = 22
$800,000- $900,000 = 41
$700,000 - $800,000 = 55
$600,000 - $700,000 = 101
$500,000 - $600,000 = 166
$400,000 - $500,000 = 249
$300,000 - $400,000 = 316
$200,000 - $300,000 = 181
Less than $200,000 = 70
*(Please note that these are numbers for single family homes in all of Rockland County pulled from The Greater Hudson Valley Multiple Listing System, and do not include private title transfers or sales outside our MLS. This is meant to just be a simple exercise, not an exhaustive study of the market.)
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....