Westchester Volume Increases by 9% in 2015, Prices Unchanged

Westchester, Putnam, Rockland & Orange County report an increase of 13% in 2015 over last year’s sales transactions. Westchester enjoyed a 9% increase in transaction volume over 2014. Condominiums out performed other property types, increasing by 20% in Westchester County. Brisk sales in all property types were tracked by the MLS and the fourth quarter saw a 16% increase over the same quarter last year.

Although transactions were brisk, prices were relatively stable. The median sale price for a single family home in Westchester County was $628,875, a 1% decrease from 2014. Orange County decreased by 3%, Putnam was unchanged, and Rockland saw a 4% gain. Median condominiums cost $350,000, cooperatives were $150,000 and median 2-4 family investments were $408,500.

Inventory was stable. Unemployment in the counties remains below 5%, which is generally regarded as full employment by economists. Mortgage interest rates remain low, and slight increase in the Fed overnight rate will not have significant impact on the market. The numbers were recently reported by the Hudson Gateway Multiple Listing Service - HGMLS. If you would like the sales numbers for your town or neighborhood…Ask Hollingsworth.