Wednesday, July 22, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Second quarter home sales reportedly hit the predicted slump, but were high enough to suggest Q3 numbers may surge. Hudson Valley real estate brokers struggled with restrictions to battle the coronavirus pandemic in New York State, during Gov. Andrew Cuomo’s “New York on Pause” process. Agents were forced to conduct business online and show homes virtually. New York State permitted notary services online and attorneys conducted business in parking lots, in tents and between cars.
According to the July report by OneKey™ Multiple Listing Service LLC, home sales were down 39.8% in the Bronx; 27.9% and 27.4% in Orange and Westchester counties respectively, and 6.2% lower in Putnam County, as compared to Q2 of last year.
The report concluded that although sales in the second quarter were down, "real estate brokerage executives believe that since the home sales market entered the COVID-19 crisis on a strong note with plentiful demand, the industry could see a fairly rapid recovery if a second wave of the pandemic is prevented," the report said.
Sales down but prices up.
With reduced sales and little inventory to sell, prices responded by going up. According to the 2020 Second Quarter Residential Real Estate Sales Report, median sale price of single-family homes throughout the region, with the exception of Putnam County, were higher in the second quarter as compared to 12 months earlier. The report said, "Sales prices increased 17.7% in Sullivan to $175,000; 6.7% in Rockland to $480,000; 12.5% in Orange to $298,000 and 1.2% in Westchester to $711,000. Putnam County registered a slight decrease of 1.1% in its median price. The median price in Putnam was $359,900 at the end of the second quarter of 2020 as compared to $365,000 one year ago. For the full OneKey™ MLS report and charts click HERE.
HGAR President Gail Fattizzi noted that the market was strong going into the pandemic, stalled in March and bottomed out in April. She observed that May "enjoyed a quick turnaround in May once restrictions began to be lifted." She predicted a strong third quarter, saying, " “The Westchester and Putnam markets will continue to be strong into the fall. Buyers should get their ducks in a row and be ready to come in with strong offers.”
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