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Single-family home sales down in some parts of the Hudson ValleyPosted: Updated:
Single-family home sales were down in some parts of the Hudson Valley in 2018, according to the Hudson Gateway Association of Realtors.
In Westchester, sales were down almost 5 percent compared to 2017. In Rockland, sales dropped 11.5 percent. Orange County saw a slight 0.2 percent dip last year compared to 2017.
Barry Kramer, a past president of the Hudson Gateway Association of Realtors, says that's the main reason for the drop in sales.
“With a lack of inventory, realtors are finding pressure in some categories but still dealing with number of sales,” she says.
Sales maybe down, but across the board the median price for single-family homes in the Hudson Valley rose in 2018.
In Westchester, a single-family home went from $642,000 in 2017 to $650,000 in 2018.
Som areas even saw an increase in single-family home sales in 2018, including Putnam and Sullivan counties.
Experts are not sure about the real estate outlook for 2019, saying part of it depends on the impact of the new tax reform law.
The Hudson Gateway Association of Realtors says overall in 2018, there was a nearly three percent drop in residential unit sales compared to the prior year.