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WPCNR REALTY REALITY. From the Hudson Gateway Assocation of Realtors. (Edited, Observation and analysis by John F. Bailey) APRIL 12, 2023:

The 1st Quarter  real estate market shows a market that continues to struggle due to high interest rates and low inventory with prices od single family homes and multi-family homes rising and condos and coops even.

Westchester County total residential sales were down 32.7%. Putnam County saw a decrease of 31.7%, Orange County’s sales dropped 35.1% and Sullivan County’s sales were down 31.6%. Rockland sales had the largest drop, 38%.Bronx County saw the smallest decrease in residential sales, at 24.8%.

Westchester Single-family median price (half sales above, half below quoted price)sales rose 4.3% to $760,000.

Rockland County median price rose 4.2% to $625,000.

Orange County median was up 5.2% to $394,000.

Putnam County saw a 5.3% decrease in median price to $450,000.

Sullivan County saw a 5% decrease to $254,500.

Bronx County saw a 2.5% decrease in median to $585,000

The average price of a single family home in Westchester was $1,051,376 (inflated by homes bought for more than than $1 million).

The median prices for Condominiums  sold in Westchester January through March  was $444,000 down 11%

Cooperatives selling price median was $190,000 even with last year and 2-4 Family the lowest number of properties available had a median selling price of $727,000, up 4.2%

Westchester County saw an increase in the time it takes to sell a home in this market today in all categories except for condominiums, which had a marginal decrease of 0.7%. The numbers of homes for sale have dwindled.

There were 105 less single family homes for sale than a year ago; 34 less condos;185 fewer Cooperatives; 35 less 2-4 families for sale (in the entire county of Westchester). The total for sale 1,556 at the time of the HGAR report.

Available inventory continues to fluctuate, with inventory being down in all markets except for Orange (+11.3%) and Bronx (2.9%) counties, compared to availability at the end of Q1 2022.

When it comes to average days on the market (DOM) there were a few bright spots in several counties, especially for 2-4 family multi-family properties. Sullivan County saw the largest decrease in DOM for this property class, with a 41.6% drop. Rockland County saw a 31.4% decrease and Putnam County saw a 26% decrease in the same property category. Bronx County and Orange County saw an increase in DOM for all property classes this quarter, an

However, most of the HGAR market area saw already low inventory levels continue to decline as compared to a year earlier, with Putnam County’s inventory falling 34.9%, followed by declines in Westchester (-18.6%), Rockland (-12.0%) and Sullivan (-6.5%).

HGAR member firms are saying that buying demand remains high. However, buyer confidence has been shaken by the recent banking crisis, high interest rates, inflation and predictions by some economists of an impending downturn or recession later this year.

There has been some good news lately as mortgage rates have declined recently and many predict the Federal
Reserve may be nearing the end on its policy of raising rates to battle inflation. NAR Chief Economist Lawrence Yun recently said,

“Though week-to-week rate changes can move up and down, the longer-term prospect on rates is for further improvement, with a clear possibility of going under 6% by the year’s end. This is because, with so much apartment construction, the new empty units steadily hitting the market will limit rent growth and calm overall consumer price inflation.

The Federal Reserve can therefore stop tightening. With lower rates, more homebuyers will steadily appear. That is why it is critical to ensure more housing supply to help meet the recovering demand.”