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"Sales reached levels we have not seen in over 10 years,’’ said Joe Rand, Managing Partner for Better Homes & Gardens Rand Realty. “With demand strong and inventory tightening, we expect the market to continue to strengthen in 2016.”
Real estate activity stayed strong throughout the Hudson Valley in 2015. Rockland County, however, had perhaps the strongest year out of all of them.
In the fourth quarter, 533 homes exchanged hands, up from 424 in the fourth quarter in 2014. For the year, Rockland saw a 20.6 percent increase in home sales, according to the fourth quarter report from Rand. In 2015, 1,830 homes sold in the county, an increase of more than 300 from 2014.
“We’ve now seen sustained rates of growth for over three years, with transactions up for the last five quarters and 13 out of the last 14,’’ Rand sad. “Sales totals are now approaching seller market levels. The yearly sales are the most in a calendar year since 2004.”
Prices are also climbing. The median sale price rose 3.8 percent in 2015, including a 7.1 percent jump in the fourth quarter. The median sale price for a Rockland County home is $415,000.
“Although prices are still a long way from recouping the 25 percent plunge from 2008-09, pricing is definitely moving in a positive direction,’’ Rand said.
Rand said inventory fell to 6.7 months for single family homes, the lowest level in 10 years. With fewer homes available, Rand believes homeowners looking to sell will see escalating prices in 2016.
“We expect that Rockland is going to show signs of a full-realized seller’s market in 2016,’’ Rand said, “with inventory at ten-year lows continuing to drive meaningful price appreciation in a robust spring market and through the end of the year. “
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