July 5, 2018 2018 SECOND QUARTER RESIDENTIAL REAL ESTATE SALES REPORT Westchester, Putnam, Rockland and Orange Counties, New York Second quarter 2018 sales figures in the lower Hudson region served by the Hudson Gateway Multiple Listing Service Inc. (HGMLS) appear to be following a pattern of déjà vu in terms of price appreciation and constricting inventory. In most areas of the region the median sales price for a single-family residential home increased by about 6% as compared to the second quarter of 2017. In Westchester County the median sales price of $710,800 as compared to $670,000 in 2017 was 6.1% higher. The one exception was Putnam County where the median price of a single-family residential dwelling rose only 1.4%. Orange and Rockland counties saw notable gains in median price with the median in Rockland being $468,750, a 6.2% gain over the second quarter of 2017 and Orange with a median sales price of $250,000, a 6.4% gain over the same period in 2017. The continuing dearth of inventory contributed to upward pressure on prices. While overall inventory in Westchester County remained fairly stagnant, cooperative listings were down 23% from the second quarter of 2017. Cooperatives are often a more affordable alternative to a single- family home. Other counties in the region all saw drops in their available inventory; 9.5% in Putnam, 8.1% in Orange and 4.1 % in Rockland County. Hudson Gateway Association of REALTORS® Hudson Gateway Multiple Listing Service, Inc. HGAR.com One Maple Avenue White Plains, NY 10605 914.681.0833 Telephone 914.681.6044 Fax 9 Coates Drive, Suite 1 Goshen, NY 10924 845.294.7905 Telephone 2 Medical Park Drive, Suite 17A West Nyack, NY 10994 845.735.0075 Telephone This set of circumstances is beginning to manifest itself in somewhat lower sales figures throughout the region. Overall, residential sales in Westchester were down 5.7% although a healthy 2,511 sales were recorded for the quarter. Sales were down 4.6% in Putnam County and a significant 11.3% in Rockland. Orange County was the exception with an increase of 1.9% overall and a 2.9% increase in single-family residences. It is too early to determine what effect the recently passed tax reform law may be having on sales, which remain at historic highs. New construction, still attractive mortgage rates and a vibrant Hudson Valley economy continue to point to prospects for a good year, despite headwinds created by chronic low inventory. # # # The Hudson Gateway Multiple Listing Service, Inc. (HGMLS) is a subsidiary of the Hudson Gateway Association of Realtors, Inc. (HGAR). HGMLS’s principal service area consists of Westchester, Putnam, Rockland, Orange and Sullivan Counties. It also provides services to Realtors in Bronx, Dutchess, and Ulster Counties. The reported transactions do not include all real estate sales in the area or all sales assisted by the participating offices but they are fairly reflective of general market activity. HGMLS does not provide data on sub-county areas but persons desiring such data are invited to contact Realtor offices in the desired areas. Prior reports back to 1981 as well as current market information and a directory of Realtor members are available on the Association’s Web site, www.hgar.com. *The median sale price is the mid-point of all reported sales, i.e., half of the properties sold for more than the median price and half for less. The median is relatively unaffected by unusually high or low sales prices. The mean sale price is the arithmetic average, i.e., the sum of all sales prices divided by the number of sales. The mean does reflect the influence of sales at unusually low or high prices. QB HGAR Four tables follow with detailed market data for each county. WESTCHESTER COUNTY WESTCHESTER - Second 0uarters 2015-2018 Change Property Type 201502 201602 201702 201802 2017-2018 NUMBER OF SALES, 2ND QUARTER Single Family Houses 1,339 1,651 1,630 1,552 Condominiums 311 379 359 333 Cooperatives 424 465 526 470 2-4 Family 119 133 147 156 Total 2,193 2,628 2,662 2,511 NUMBER OF SALES - YEAR TO DATE (6130) Single Family Houses 2,265 2,675 2,725 2,502 Condominiums 556 661 621 505 Cooperatives 770 872 973 023 2-4 Family 239 279 279 305 Total 3,830 4,487 4,598 4,415 MEDIAN SALE PRICE Single Family Houses 660,000 649,000 670,000 710,800 Condominiums 362,000 355,875 375,000 360,000 Cooperatives 145,000 155,000 162,250 170,000 2-4 Family 375,000 421,000 455,000 487,750 MEAN SALE PRICE Single Family Houses 866,450 841,411 899,109 021,510 Condominiums 449,215 433,616 435,142 417,164 Cooperatives 181,423 182,766 197,753 205,105 2-4 Family 382,161 404,442 479,715 506,654 END OF QUARTER INVENTORY Single Family Houses 3,870 3,387 2,975 3,117 Condominiums 607 465 412 420 Cooperatives 1 ,126 950 756 580 2-4 Family 447 303 216 222 Total 6,050 5,105 4,359 4,330 - 10.6% 6.1% -5. 7% 1% 7.9% 6.1% 4.8% 7.2% 2.5% -4. 1% 3. 7% 5.6% 4.8% 1.9% -23.3% 2.8% QB HGAR PUT NAM COUNTY PU TNAM - Second Quarters 2015-2018 Change Property Type 201502 201602 201702 201802 2017-2018 Single Family Houses Condominiums Cooperatives 2-4 Family Total Single Family Houses Condominium Cooperatives 2-4 Family Total Single Family Houses Condominiums Cooperatives 2-4 Family Single Family Houses Condominiums Cooperatives 2-4 Family Single Family Houses Condominiums Cooperatives 2-4 Family NUMBER OF SALES, 2ND 0UARTER 191 257 241 229 230 305 282 269 NUMBER OF SALES - YEAR TO DATE {6130430 560 532 539 MEDIAN SALE PRICE 290,000 315,000 345,000 350,000 240,000 217,000 189,000 246,500 42,000 30,000 108,250 122,500 175,000 265,000 351,000 330,000 MEAN SALE PRICE 358,092 370,188 387,712 392,187 280,521 278,777 245,907 282,537 38,167 30,000 108,250 122,500 175,000 316,472 318,000 298,600 END OF 0UARTER {6130) INVENTORY 955 748 582 551 105 1,081 1,102 856 600 Total -5. 0% 0.0% -50.-33.3% 50.0% 1.3% 1.4% 30.4% 13.2% -6. 0% 1.2% 14.9% 13.2% -6. 1% -5. 3% -41.8% -42.3% -29.9% HGAR ROCKLAND COUNTY ROCKLAND - Second Quarters 2015-2016 Change Property Type 2015 Q2 2018 O2 2017 Q2 2018 O2 2017?2018 NUMBER OF SALES, 2ND QUARTER Single Family Houses 387 498 518 466 Condominiums 100 110 149 135 Cooperatives 19 23 19 12 2-4 Family 9 14 25 16 Total 515 645 71 1 631 NUMBER OF SALES - YEAR TO DATE (6130) Single Family Houses 697 856 962 627 Condominiums 181 196 268 260 Cooperatives 39 30 39 27 2-4 Family 29 29 47 41 Total 946 1,111 1,316 1,155 MEDIAN SALE PRICE Single Family Houses 410,000 430,500 441,387 466,750 Condominiums 218,150 207,500 218,000 219,900 Cooperatives 65,000 73,000 63,500 76,750 2-4 Family 350,000 286,500 339,000 370,950 MEAN SALE PRICE Single Family Houses 422,967 467,021 471,321 510,449 Condominiums 248,821 247,691 265,588 260,017 Cooperatives 82,000 91,239 103,468 77,333 2-4 Family 359,778 292,536 333,520 403,663 END OF QUARTER INVENTORY Single Family Houses 1,379 1,204 1,037 1,015 Condominiums 315 295 234 167 Cooperatives 58 65 53 47 2-4 Family 84 72 34 55 Total 1,836 1,636 1,358 1,304 1 0. 0% ?36.8% -28.0% -11.3% - 14. 0% -3. 0% -30. 8% 12. 8% -12.2% 6.2% 0. 9% 24. 0% 9.4% 8.3% -2. 1% -25.3% 21.1% - 13. 9% -20. 7% -1 8. 5% -52. 8% -4. 0% QB HGAR ORANGE COUNTY ORANGE - Second Quarters 2015-2018 Change Property Type 2015 Q2 2016 O2 2017 Q2 2018 Q2 2017-2018 NUMBER OF SALES, 2ND QUARTER Single Family Houses 614 848 927 954 Condominiums 88 92 119 110 Cooperatives 2 1 6 - 2?4 Family 42 36 55 64 Total 746 977 1,107 1,128 NUMBER OF SALES - YEAR TO DATE (6130) Single Family Houses 1,131 1,538 1,696 1,727 Condominiums 147 175 212 204 Cooperatives 5 4 10 3 2?4 Family 86 91 118 117 Total 1,369 1,808 2,036 2,051 MEDIAN SALE PRICE Single Family Houses 209,500 220,000 235,000 250,000 Condominium 151,625 135,000 165,000 166,750 Cooperatives 41,250 36,000 54,500 2?4 Family 129,000 87,500 131,000 148,000 MEAN SALE PRICE Single Family Houses 237,043 229,042 248,775 274,217 Condominiums 162,216 155,114 167,708 179,538 Cooperatives 41,250 36,000 52,667 2?4 Family 148,936 116,692 154,492 171,075 END OF QUARTER INVENTORY Single Family Houses 2,941 2,375 1,995 1,867 Condominiums 240 222 188 136 Cooperatives 1 1 8 2 7 2?4 Family 220 201 148 136 Total 3,412 2,806 2,333 2,146 2.9% -100.0% 16.4% 1.9% 1.8% -70.0% 0. 7% 6.4% 1.1% 13.0% 10.2% 7.1% 10.7% ?16.0% -15.3% ?75.0% ?26.4%