ROCKLAND COUNTY REAL ESTATE MARKET REPORT
The Rockland County residential market finally found its footing in the third quarter of 2011. Transactions were up 7.4% from last year, a healthy increase from the depressed market in the third quarter of 2011 that followed the surge of activity inspired by the home buyer tax credit. Although part of that sales increase is simply the result of measuring this year’s activity against the artificially depressed levels from last year, it’s still a good sign that the Rockland market is recovering. Sales prices were down slightly from last year, but part of that decline is from a change in the mix of properties sold this year compared to last year’s third quarter, when lower-end homes made up a smaller percentage of sales after tax credit-incentivized buyers accelerated their purchasing decisions to the second quarter. In fact, Rockland sales prices have been extremely stable for two years, with the rolling year average sales price hovering between $446,000 and $448,000 for eight straight quarters. We are now
Rockland is returning to a normal seasonal rhythm, with sales and prices up from the second quarter. Sales were up 27.1% from the second quarter, in line with the 28.3% seasonal increase from the second to third quarter observed over the past ten years. Similarly, prices were up 3.4% from last quarter, virtually identical to the 3.2% ten-year seasonal average. The return to normal seasonality was a welcome sight.
We expect that Rockland has the worst behind it, and that the market will continue to recover into 2012. We will see a normal seasonal decline in prices and sales in the fourth quarter, but with stronger levels of activity than in 2010.
Anthony Stokes Pereira (845) 624-8100 Ext. 188
Better Homes and Gardens Rand Realty
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Better Homes and Gardens Real Estate - Rand Realty, founded in 1984, is the No. 1 real estate brokerage in the Greater Hudson Valley with 25 offices serving Westchester, Rockland, Orange, Putnam and Dutchess counties. Rand has more than 800 sales associates, as well as a commercial real estate company (Rand Commercial Services), mortgage company (Rand Mortgage), title company (Hudson Abstract Services) and insurance agency (The Hudson Group Insurance Agency). The company’s Web sites are: randrealty.com, randcommercial.com, randmortgage.com, www.hudsonabstract.com and www.hudson-group.com. Rand Realty is also on Facebook and Twitter. Anthony Stokes Pereira web site www.anthonystokespereira.com . Information deemed reliable but not guaranteed.