2015 was an incredibly strong year for real estate in Rockland County and the entire Hudson Valley! Sales of single family homes rose over 20% and we have seen inventory shrink to 7 months, or very close to a balanced market. For well-priced homes, we are seeing immediate movement when coming on the market and in many cases, multiple offer situations. The result of the high demand has been upward pressure on prices and an overall 3.8% increase in the median price of single family homes. This has been aided by a reduction in the distressed property inventory to below 10% of the market being in foreclosed or short sale properties. 2016 looks to be a very good year in real estate and perhaps the return of the sellers market to Rockland County!
Orange County saw similar gains in movement of homes sold, however, with greater initial inventory and a distressed property level still above 20% of the inventory, we have not seen any price appreciation. Overall inventory has been reduced to an eight month level, still a buyers market. We expect continued strong demand in Orange county in 2016!