WESTCHESTER SINGLE FAMILY HOME SALES DECLINED IN 1ST QUARTER. CONDOS UP SHARP, COOPS, 2-4 FAMILIES UP SLIGHT. PRICES APPEAR to “MODERATE”
WPCNR REALTY REALTY. From the Hudson Gateway Association of Realtors. (Edited) April 6, 2022:
Westchester residential sales of single-family homes, condominiums, co-operatives and 2-4 family-multi-family homes declined 6.3% in Westchester County. The decline in sales was greater in Putnam (28.1%), Rockland (11.6%), Orange (14.7%) and Sullivan County (19.8%). Condominium sales in Westchester were hot, improving 17.8% compared to last year, average sales price of a condo improved by 31% to $583,492.
The price runup in single family homes in Westchester, appears to “stabilize and moderate” HGAR Reports. In 2019, before the onset of covid, the average median sales price for a Westchestery single family home was $600,000. In the first quarter of 2022, the median price of a SFH is $720,000, an increase in 2 years of the pandemic of 21.5% in three years.
HGAR reports “dearth of inventory continues to plague the market ,” and “days on the market continues to decline.”
HGAR’S market outlook:
“The market is also facing the dual headwinds rising interest rates and increasing inflation. However the market continues to evidence strength…as the economy in the Hudson Valley and greater New York City and suburban area continues to rebound from the pandemic. All in all, 2022 is off to a solid start.”
STEUBEN COUNTY GERRYMANDERING RULING STAYED BY APPELLATE COURT. SCHEDULING OF APPEAL TO COME.
BULLETIN: The New York Law Journal reported today the New York State Appellate Division of the Fourth Department has stayed Steuben County Supreme Court Justice Patrick McAllister’s decision and order from last week requiring Democrat-drawn redistricting districts to be redone because the process was unconstitutional. Judge Stephen Lindley will hear arguments of the Republican petitioners on Thursday. The judge will then according to the report, set a schedule date for the appeal. READ THE DETAILS HERE: