What’s in store for the real estate market for 2013? Home prices in our area appear to be stabilizing. Have prices reached the bottom in our market? No one can answer that question definitively. We are, however, seeing a significant increase in the number of sales. An increased number of sales is often the precursor to a recovering market. I don’t expect a quick rebound or a dramatic increase in prices. It’s likely we will remain level for the next several years before we see an appreciable increase in prices. We appear to be closely mirroring the last real estate decline/recovery cycle of the 1980s and 1990s. This cycle was characterized by several years of appreciation, followed by 5 years of significant depreciation, then 6 years where the prices remained relatively flat. It wasn’t until 1998, a full 12 years later, that prices rebounded to peak 1986 levels. Interest rates are expected to remain low at least through the first half of the year. Low interest rates alone won’t be enough to motivate buyers; consumer confidence in the economy and job stability will have a profound impact on buyer activity this year. With that, here are the homes that sold during November.
Summary Source: GHVMLS YTD Comparison Report
November 2012 YTD vs. November 2011 YTD – Single Family Homes
New inventory (the number of homes going on the market) increased 0.5% (221 YTD 2012 vs. 220 YTD 2011). The number of sales increased 25.3% (94 YTD 2012 vs. 75 YTD 2011). The average sales price of homes that have sold decreased approximately 7.5% to $636,975. Overall, the average sales price for single family homes that have sold in Rockland County (inclusive of the river villages) was $415,231, down 5.3% over the same period last year.
November 2012 YTD vs. November 2011 YTD – Condos
New inventory (the number of condos going on the market) decreased 7.5% (74 YTD 2012 vs. 80 YTD 2011). The number of sales decreased 20.0% (28 YTD 2012 vs. 35 YTD 2011). The average sales price of condos that have sold decreased approximately 1.2% to $377,581. Overall, the average sales price for condos that have sold in Rockland County (inclusive of the river villages) was $224,241, down 7.7% over the same period last year.