The Second quarter market statistics have been released, and the forecast is great for homeowners throughout the Hudson Valley. With interest rates still at an historic low point, it became apparent a there was no sign of a rate hike especially after the “brexit”. Whether you are going to re-finance or are a first time home buyer, this is good news.
The home sales are up in Putnam County, Orange County, Rockland County, and Westchester County all by at least 20%, with Putnam County sales soaring up 31.9% versus the second quarter in 2015. There is still limited inventory, which is creating a lot of competition among buyers looking for move-in ready homes, in many cases homes are selling for full asking price or over asking price, and are subject to bidding wars.
The number of total sales are up in Westchester County in each property type (Co-op’s, Condo’s, Single Family, Multi Family) by atleast 13.9% and as high as 18.6% in Condominiums which are showing the most growth.
Eastchester, Bronxville, and Tuckahoe residents are noticing these trends as they have seen yard signs placed in their neighbors yard, and have heard of buyers swarming to the neighborhood and placing competitive bids with one a few days on the market, only to hear that the house has been put under contract in only a matter of days.
The increase in the number of sales can be an indicator that sellers are coming out from hiding and feeling more comfortable with market conditions.