The 2016 Real Estate market in Rockland and Orange counties has gotten off to a strong start! The mild winter has allowed buyers to take advantage of a seasonally slower time in the market and take advantage of the continued low interest rates.
Rockland County posted a 17% increase in sales of single family homes in 2016 vs the same time period in 2015. The market continues to be in a very balanced state with demand equaling supply and inventory remaining in the 6-7 month area. This is also creating stable, flat price levels. We do see some more local towns and price points, such as under $500,000, where the inventory is considerably tighter. In those areas, price points, situations of multiple offers are driving prices incrementally upward.
Orange County saw the biggest gain in sale in the Hudson Valley region with sales of single family homes up 33% in 2016 over the same first quarter period in 2015. The driver of the gains is the continued affordability in Orange County with the median prices in the $200,000-230,000 area. Prices have leveled off as the inventory continues to drop and is presently at the 9 month level, still a slight buyers market