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Report: Fourth Quarter Sales Boosted 2012 Real Estate Market Locally

Additional gains expected in 2013.

The pace of residential real estate sales picked up considerably in 2012 in the four counties of the lower Hudson region – Westchester, Putnam, Rockland and Orange, according to the Realtor firms participating in the Hudson Gateway Multiple Listing Service (HGMLS), a subsidiary of the Hudson Gateway Association of Realtors.

The Realtors reported a regional sales aggregate of 11,481 residential units consisting of single-family houses, condominiums, cooperatives, and in the case of Westchester, 2 to 4 family buildings as well. This was a 15 percent increase over 2011’s total of 9,973 sales.

This movement halted the steady decrease in annual sales that started in 2004.   

Westchester, the most populous of the counties, and historically accounting for about two-thirds of the total sales activity in the region, posted a 14 percent gain in sales over 2011. Putnam, Rockland and Orange counties posted year over year gains of 9 percent, 11 percent and 9 percent, respectively.  Also in those three counties, the highest percentage sales increases were posted in the single-family house sector. 

In Westchester, where house sales picked up by 16 percent, that performance was bested by a 20 percent increase in condominium sales.

Sales in the region generally increased in each quarter of 2012 but were especially strong in the final three months, depending on property type, when transactions that had been negotiated or contracted in the summer months finally went to closings and were reported to HGMLS.  

The fourth quarter increase for single-family houses was 30 percent in Westchester and 10 percent in Orange. Rockland’s condominium and cooperative sector posted a 19 percent gain.  Only Putnam posted a decrease - Putnam has a very small housing stock and as a result, its market data are subject to larger swings from just a few transactions up or down, according to the HGMLS.

Looking forward, HGMLS contends the 2013 real estate market will likely accelerate from the momentum of the 2012 market as long as there are no economic or political catastrophes at the national level affecting unemployment, mortgage interest rates, tax treatment of housing, or the equity markets, that would destroy consumer confidence. 

Gary Ploski January 14, 2013 at 04:03 pm
This is fantastic news! Personally speaking, I'm thrilled because I hope/plan to be a part of the continuing trend the HGMLS foresees in 2013.
Arden Greenspan-Goldberg January 14, 2013 at 04:29 pm
Great news! I believe things are looking up. If Manhattan is any indication, like a year ahead of us in suburbia, the signs are strong:)
Gary Ploski January 14, 2013 at 04:31 pm
=D
Jason L. Mehler January 14, 2013 at 04:41 pm
If you have any questions about the local real estate market, please do not hesitate to call me at (914) 943-6450 or email me at jason.mehler@randrealty.com
Jason L. Mehler, ABR, CBR, CRS, RFS, SRES Licensed Associate Broker Better Homes and Gardens Rand Realty Rye, NY 10580 www.JASONLMEHLER.com
Bernadette Haley January 14, 2013 at 05:17 pm
Great news for all. If you are looking for a price opinion for your home or are looking to move to Westchester, I welcome the opportunity to help you. Call or e-mail me...
Bernadette Haley Houlihan Lawrence, Irvington, NY 10533 917-940-5672 or BHaley@HoulihanLawrence.com
Billy L January 14, 2013 at 06:34 pm
Don't overpay and be cautious. I DO NOT believe that real estate is on a permanent and sustained increase in price. Why? Because interest rates have no where to go but UP. Everyone, real estate professionals included, knows that interest rates and home prices have an inverse relationship due to the simple law of supply and demand. If interest rates start going up, it's unlikely home prices will continue to rise. Yea, they went up...moderately...with interest rates on 30 year fixed mortgages being under 4%. I would expect to see a lot more growth in demand and prices for real estate than that, if the market is healthy. But the market is NOT healthy. The government being cashed strapped has led to less state aid, which has led the states to cut back on local aid, which has resulted in municipalities having to increase property taxes. Buying the house is the cheap part. For example, the city of New Rochelle, has had 10% worth of pure tax increases in the last 2 YEARS. As taxes go up, that's less house that people can afford and thus skews the market.
NathanFrenchAttorney January 14, 2013 at 06:46 pm
Good - Royal Oak prices and Southfield prices are also going up
BG7 January 14, 2013 at 07:25 pm
In the theoretical perfectly efficient marketplace that doesn't exist outside textbooks, residential RE prices would vary inversely with mortgage interest rates.
Everyone, including RE professionals, know employment levels, perceptions of macro and micro economics, discretionary income levels, credit worthiness, availablity of credit, housing inventory, location, actual economic health and interest rates all combine to set housing prices. Hanging your hat one one number (interest rates) is not advisable.
joe January 14, 2013 at 07:26 pm
I agree 100% with ArtDecoPlayLand....and in addition, the housing sales number quoted in the article is a year over year number. So a 15% increase after steady declines since 2004 is STILL a very low number. (Did you expect sales to decrease forever?) And that 15% increase can be instantly be wiped away with even the smallest increase in interest rates.
Billy L January 14, 2013 at 07:38 pm
It's not the only factor. Banks have tightened their lending standards, as per recent legislation. Employment still remains above the national average as well. It is a big factor but not the only factor. Personally I hope prices stay where they are so I can buy more rental property.
Jack Moolick January 15, 2013 at 02:47 am
The Affordability Index has never been more favorable since in was first conceived and calculated and interest rates are at historic 60 year lows. If it were not for our Region having some of the highest real estate taxes, sales would be through the roof. However if you purchase a home with a tax bill of $12,000 it is the equivalent to paying off another $230,000 mortgage. Put another way, if you buy a home for $500,000 with $100,000 down and finance the $400,000 balance over 30 years at 3.25%, your payments, including real estate taxes, is the equivalent to paying off a mortgage of $630,000 for A $500,000 home.
joe January 15, 2013 at 06:51 pm
Well put, but Florida has been crushed and their taxes are low. Their affordability index must be extremely low. The problem with westchester, is that 1) it is the highest taxed county of all 3500 counties in the nation, and 2) the population of taxpayers shrinks each year while the population of non taxpayers grows each year.
This will keep upward pressure on property taxes. As long as the tax and spend polititians in Albany hit us with unfunded mandates, our best days are behind us.
Jeremy Milano January 17, 2013 at 09:36 am
Hopefully this year Real estate industry will boost its sales. Lot of people nowadays are investing their money on property.
More philippine condominium investment articles on http://www.myproperty.ph
alex marco June 18, 2013 at 02:26 am
^ @Jeremy Real Estate Industry are really booming here in the Philippines. With more and more Filipino working abroad are now coming back to our home country looking for properties they can invest in. http://www.philrealty-showroom.com

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Laurie MacAllister June 18, 2013 at 09:20 pm
Ginger, Moe and Frankie. I am privilaged to honor you and Gabby with this funraiser. I would alsoRead More like to thank my family who drive 370 miles to help me and show their love for you. So many volunteers that help. Thank you Tina, Ray and Melissa for holding down the tshirt and bookbag table. Thank you to mom and dad for holding down the refreshment table and to Julie, Carley and Jason for working the raffle table. Also to Gabby for the wonderful tattoos and for Missy for teaching our children about the dangers of drugs and alcohol. I would also like to thank Al for bringing the firetruck and all the enjoyment it brought the little ones. Now to all that came and donated, I thank you. Without you all there would be no "WALK". Love you all, Peace and Love, Laurie.
Laurie MacAllister June 18, 2013 at 09:23 pm
One more person, my husband Rusty, you are my glue that holds me together. Thank you for putting upRead More with me through all my craziness. Love you.
Laurie MacAllister June 18, 2013 at 09:28 pm
Sorry Pete from Memorable Moments. You know how much you are appreciated for the wonderful picturesRead More that you took the day of the "walk" words cannot describe how I appreciate you donating your time. Thank you.
PC Lover June 15, 2013 at 09:04 am
Cathy, Westmed should refer to you as "Valued Customer". No person can serve two masters.Read More Every Doctor must ask themself, "Am I serving my patients or am I serving the insurance companies? Because those two are in direct financial conflict with each other. Seven minute maximum "face time" sort of answers that question, doesn't it? Today, medicine is a business...once you accept that fact you will begin to have the proper mind set to better navigate the system as a customer, not as a patient. There are exceptions.
PC Lover June 15, 2013 at 09:06 am
Craig, I may be wrong but I doubt the average doctor at Westmed is making that much money. Do youRead More have a reference for that estimate or just wishful thinking?
PC Lover June 15, 2013 at 09:13 am
Cathy..I agree wholeheartedly. Charging for parking is the epitome of arrogance. As the insuranceRead More companies squeeze Westmed they are trying to pass their overhead onto us, when what they should be doing is dropping the underpaying plans and letting the world know which insurance companies they can no longer accept due to the insurance company's corporate greed. Maybe then the reimbursement will improve. I hope they choke on it.
Craig Noor June 14, 2013 at 05:31 pm
The new picture is decent ... only about 15 percent Byram.
Silvio V. Buccieri June 14, 2013 at 06:29 pm
IF you like roof tops, then this is picture you should keep posted.
FJT June 17, 2013 at 08:43 am
The photo I was referring to was the one that showed the Byram River not the one that's up thereRead More now. The village's own website has some nice photos of Port Chester. Maybe the Patch could ask to borrow one of those, or take their own photo using the same vantage point.
Craig Noor June 13, 2013 at 05:33 pm
ps oh yeah, it's stand by, not standby
Craig Noor June 14, 2013 at 07:40 am
Not surprisingly, the Greenwich patch photo is of a dumpster and the rye patch photo is ofRead More people's,owing crack. Or not pathetic!
Aidan June 14, 2013 at 11:32 am
Keep at it, Katie. It's a small potatoes thing. You'll get it straight, I'm sure. Thanks for theRead More energy.
Sandra Casey June 11, 2013 at 12:37 pm
This photo is still not appropriate. Sorry, but it is more of Byram than of Port Chester. PleaseRead More choose a photo in Port Chester.
Craig Noor June 11, 2013 at 05:36 pm
Yep the left half is Byram ... As I mentioned, if you stood in Byram you could take a picture thatRead More was all Port Chester ...
Bea Conetta June 12, 2013 at 10:07 am
This picture is truly ridiculous, because it is not Port Chester. It is a photo of Byram and aRead More parking lot. As for Patch's new format, I dislike it intensely. Go back to the old format that was more interesting and not so dull. It was good to see the comments of residents and be able to give your own opinion. It wasn't broken, so why change it? I am still waiting to get some help on how to get to my past comments. Can anyone help me with that problem that arose with the new format?
niecey June 10, 2013 at 08:02 am
I agree. It is awful. Go back to old design. I hardly go to the website anymore
Gus garcia June 11, 2013 at 10:26 am
Please! The "OLD "PATCH WAS SO MUCH EASIER TO NAVIGATE!!!!! I USED TO READ IT EVERYDAY! !!Read More NOW I JUST HATE To OPEN it:(
Aidan June 11, 2013 at 03:54 pm
I visit a lot less nowadays.
Gus garcia June 11, 2013 at 10:33 am
This reminds me what " COCA-COLA" DID DECADES AGO! . THEY CAME OUT WITH A DIFFERENT"Read More COKE" NEW! IMPROVED! ETC.ETC. FORMULA. PEOPLE HATED IT THE FIRST DAY IT WENT TO THE SHELVES! LATER ON THEY WENT BACK TO THE ORIGINAL !!! ..... IF IT AINT BROKEN!....
Aidan June 14, 2013 at 11:53 am
Yeah. It's lousy. Admit it and fix it.
Liz Giegerich (Editor) June 6, 2013 at 03:30 pm
Hi Silvio, Thanks for offering. We have a photo to be used. Just waiting for it to be changed by ourRead More tech team. Thank you.
Liz Giegerich (Editor) June 6, 2013 at 03:18 pm
HI everyone, I do not have the ability to change it myself right now. Patch is aware of the repeatedRead More requests for it to be changed. A new photograph will be put in place as soon as possible. Again, sorry for the delay and for the initial mistake that led to this photo being used. The photo that is supposed to be there is the one used on our facebook page right now.
Lisa Gentes-Hunt (Editor) June 6, 2013 at 03:36 pm
Feel free to send feedback about the site directly to AOL. Here is the link. Thanks!Read More http://feedback.aol.com/product/patch/?tid=446&r=http%3A%2F%2Fportchester.patch.com%2Fgroups%2Fopinion%2Fp%2Fplease-go-back-to-the-old-website-design
Craig Noor June 8, 2013 at 07:45 am
I sent my comment on the new pic to that email too and suggest others do too so it can be replacedRead More with a good picture
Linda Turturino June 6, 2013 at 02:08 pm
we as a community need to rally and support the efforts to right all the long past due wrongs thisRead More is a terrible situation and I for one will not rest until it is fixed and I will not take responsibility for wrongs made before my Grand Birth
FJT June 17, 2013 at 09:09 am
Sadly, comments that were posted here by Craig Noor and FJT have been removed -- along with anotherRead More commenter's invitation to share more about the issue at hand. Perhaps our comments were too negative in the eyes of certain people with more power than the average Port Chester property owner.
epp June 19, 2013 at 12:57 am
My neighborhood is riddled with irresponsible renters thanks to the money hungry dirt bag landlords.Read More More burden on the schools and village services and we pay for it every year. My property value went down another $17,000 this past year while taxes keep rising. Eighteen years here and the last seven years have not been very promising.
Liz Giegerich (Editor) June 5, 2013 at 10:36 am
I am so sorry about this. We will have it changed as soon as possible. Thank you for your patience.
Anne Latella June 8, 2013 at 11:26 am
I believe the Port Chester High School is the most beautiful High School in Westchester and all ofRead More the surrounding states. Its architecture is incomparable. It should be representative of the village and its residents. Also you might consider the Veterans Monument on Westchester Ave or Lyons Park with the flowers in bloom. All historical and representative of the beauty of the village. Any one of these sites would make a beautiflul
Anne Latella June 8, 2013 at 11:28 am
Patch Picture & represent the village in a magnificent manner.
Craig Noor June 4, 2013 at 07:16 pm
And while I'm on the subject of ugly this redesign is still hideous. Nice inscrutable icon next toRead More my post - it adds nothing, but meanwhile you have removed the preview of people's comments that used to come up when you clicked on their name. And this light gray type is awful. And it doesn't make the ads more visible if that is what you were thinking
Craig Noor June 4, 2013 at 07:17 pm
Wow, hit a paragraph return and it posts your comment prematurely. Are two-paragraph comments tooRead More much sophistication for your audience, advertisers, or editors?
Anna June 4, 2013 at 09:05 pm
I personally like this image of Main Street...although I would agree it is a sloppy photograph andRead More is not framed well. Why pretend that Port Chester is something that it isn't? It's not Rye. And I don't know why you'd rather have an image of generic sailboats as a backdrop.