Rockland County Real Estate

When will the market turn around?

The truthful answer to that often asked question is that “no one really knows”. What we are hoping to see is a steady DECREASE in inventory and a CONSISTENT INCREASE in sales each quarter. Decreasing inventories indicate that the market is absorbing the present stock of available properties. The average days on the market has gone DOWN from a previous high of 6-9 months to now just over 3 months (see below).

This graph was compiled from Stats below…….

Available Stats from the Greater Hudson Valley MLS

1st Quarter
- Average Days on Market 102 days
- Homes Sold 215
- Homes on the Market – 5,765
- Average Price – $525,600

2nd Quarter
- Average Days on Market 103 days
- Homes sold 281
- Homes on the Market – 6,602
- Average Price – $501,500

3rd Quarter Forecast (latest figures due out late October)
- Average Days on Market UP (as we move into the holidays)
- Homes sold – Down
- Homes on the Market – Level
- Average Price – UP

In the first two months of the 2nd quarter, 1,119 jobs were added to the payrolls of Rockland County. As a result of these new jobs, the average monthly unemployment rate fell from 4.4% during the first quarter to4.3% for April and May. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should augment this trend.

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Click Here to See Part II for More: Detailed Charts