WPCNR REALTY REALITY. From the Hudson Gateway Association of Realtors. July 7, 2022:
While the perfect storm of low inventory, rising interest rates and persistent inflation have certainly had their impact, the lower Hudson River Valley and greater New York City Suburban real estate markets have continued to show remarkable resiliency in the 2nd quarter of 2022.
And while the market has, in some instances, slowed compared to the over-heated market conditions of 2021, comparisons to the pre-pandemic market of 2019 show very stable conditions. Median sales numbers in the entire area continued to rise in the second quarter, still fueled by low inventory.
In Westchester County second quarter single-family home sales of 1,583 declined 14.2% compared to the second quarter of 2021. However, when compared to the second quarter of 2019, single-family home sales in Westchester were up 5 percent.
Condo sales in Westchester for the second quarter of 2022 were ahead of 2021 by 4.7 percent and co-op sales were even more robust, coming in 14.8% higher than the 2021 second quarter numbers. The single-family median sale price of $885,000 posted a 6% increase over last year, the condo median sale price of $450,000 was 11.1% higher than 2021, and the co-op median sale price of $203,000 was 6.8% higher than the previous year.
In Putnam County single-family home sales of 243 were down 19.8% compared to the second quarter of 2021, but when compared to 2019, the number of sales were identical. The median sales price of $480,000 was 8.6% higher than the second quarter of 2021.
Rockland County experienced a steeper dip, with single family home sales down 22.8% and condo sales down 31.3%, however, when continuing the comparison to the second quarter of 2019, the 2022 quarter numbers are slightly ahead. The single-family median sales price of $645,000 for the second quarter of 2022 in Rockland County was 17.3% higher than 2021.
In Orange County the 2nd quarter single-family home sales number of 846 was down 12.3% over the 2021 second quarter, and the condo sales number of 119 was off 4.9%. The single-family home median sales price was up 15.3% at $415,000 and the median condo sales price of $275,000 for the second quarter was a 25% increase over the 2021 second quarter.
In Sullivan County the single-family sales number of 273 was off 19% over the previous year but was up more than 25% percent when compared to the 2nd quarter of 2019.
Focusing closer to the city, the Bronx market continued to impress in the 2nd quarter of 2022, with single-family home sales ahead 19.7% over the 2nd quarter of 2021. The median sales price of $617,500 was 9.3% ahead of last year.
There will continue to be challenges in comparing sales numbers to the pandemic year of 2020, when the market came to a grinding halt in the second quarter, and the post pandemic market of 2021, when pent up demand drastically sped up typical buying cycles.
In conclusion, one has to believe that the significant head winds of a declining stock market, rising inflation, rising interest rates, and the threat of a recession will continue to take their toll on the housing market.
However, continued strong buyer demand, low inventory, and a strong labor market appear to be mitigating factors. Also, there have not been any significant price corrections given the current economic headwinds.
Depending upon the length and depth of a recession (if there is one), the lower Hudson River Valley and greater New York City Suburban real estate markets should continue to demonstrate stability going forward into 2022. So far, the housing market appears to be rising above the perfect storm.