LOCAL

Sales down but prices, inventory up in 2018 housing market

Akiko Matsuda
Rockland/Westchester Journal News

The once heated housing market clearly leveled off in 2018.

The number of sales declined, nearly 12 percent in Rockland, and inventory bounced back — slightly — from its record-low a year ago, according to an annual market report.  

Median sale prices in Rockland, Westchester and Putnam have continued to climb, signaling still-robust demand, according to the report issued this week by the Hudson Gateway Multiple Listing Services, a subsidiary of the Hudson Gateway Association of Realtors (HGAR). 

The year 2018 was a "turning point" from the years-long sellers' market, where many home hunters were unable to get a house due to low inventory and multiple-offer situations. It has returned to a more "normal" market, said Ron Garafalo, the 2019 president of HGAR and associate broker with John J Lease Realtors. 

There are more homes on the market, but the number of sales declined in Rockland and Westchester in the last quarter of 2018, according to a recently released housing report.

"Our inventory started to go up last year. I think that’s a positive because our inventory has been going down for so long," Garafalo said, adding that those buyers who couldn't find a home to buy will now have more options. 

"We definitely could use more inventory. We could use more new construction."  

Inventory might have started to creep up in 2018 partly due to sellers who put their homes on the market after seeing rising prices, said Joseph Rand, managing partner for Better Homes and Gardens Rand Realty.

"But I think we will need even more inventory to sustain a robust spring market," Rand said.

Buyers are out there

Buyers are out there looking for homes to buy, said Jennifer Mallory, regional vice president of HGAR and associate broker with Keller Williams in Rockland. 

A two bedroom home on Lake Oscawana was recently listed for $325,00 with Coldwell Banker. The end of the year inventory of homes for sale in Putnam County was up 5.2% over 2017.

"Anecdotally, the first quarter at least looks very solid," she said. "It really remains to be seen what’s going to be happening in terms of inventory and the sales in the next couple of months to have a great idea of how the rest of the year is going to turn out."

Some uncertainties are ahead in 2019, including the impact of the Tax Cuts and Jobs Act as people start filing their tax returns this spring, Garafalo said. 

"In my opinion, I don't think it's going to have a major impact at least on the housing market," he said, adding that if anything, the tax reform's impact would be felt in the higher-end market.  

As the inventory level recovers, prices, which have gone up for the past few years, may start to level off this year, Garafalo said.

"But I think we're still going to have a solid year," he said. 

Twitter: @LohudAkiko 

 

2018 Housing Market Snapshot

Westchester

  • Number of single-family homes sold: 5,876, down 4.7%
  • Median sale price, single-family homes: $650,000, up 1.2%
  • End-of-year inventory, single-family homes: 1,855, up 8.3%

Rockland

  • Number of single-family homes sold: 1,917, down 11.5%
  • Median sale price, single-family homes: $460,000, up 4.5%
  • End-of-year inventory, single-family homes: 723, up 5.2%

Putnam

  • Number of single-family homes sold: 1,041, up 2.2%
  • Median sale price, single-family homes: $350,000, up 3.7%
  • End-of-year inventory, single-family homes: 392, up 2.1%

 

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