Linda Lyons

Home is where the Bernie is

So what's going on in the housing market at the end of 2020? Crazy stuff, that's what. Sales and prices all up sharply, the biggest quarterly increases I've ...seen in 20 years of doing this. All during the worst public-health crisis in 100 years. Absolutely crazy. I've attached some graphs showing the year-end trends in Westchester and the Hudson Valley (I will post NJ graphs tomorrow). But here are the top-line takeaways: * Single-family sales in Westchester, the Hudson Valley, and the Bronx were up almost 55% from last year's 4th quarter. And they were up in every county: 59% in Westchester, 77% in Putnam, 57% in Rockland, 51% in Orange, 40% in Dutchess, 6% in the Bronx. For the full calendar year, single-family sales in 2020 were up 13%. * Condo sales were also up, but not by as much: rising 31% from last year's 4th quarter. They were also up in every county in the region. But condo sales were down 6.3% for the 2020 calendar year., partly because of a lack of inventory and partly from some demand challenges at the lower-end of the market. * Prices were also up, with single-family average prices rising almost 23%(!!!) from last year's third quarter, and up in every county: rising almost 20% in Westchester, 19% in Putnam, 20% in Rockland, 21% in Orange, 36%(!!!) in Dutchess, and 13% in the Bronx. * For the full calendar year, appreciation was lower but still robust, with regional average single-family prices up 14% from 2019 and up in every county: rising 11% in Westchester, 13% in Putnam, 11% in Rockland, 18% in Orange, and 23% in Dutchess. * For condos, pricing was also up, rising almost 20% compared to last year's 4th quarter, and up about 9% for the calendar year. I will have NJ numbers tomorrow, along with some other stats on new contracts, listings, and inventory. I will post that tomorrow, and probably do a Facebook Live webinar sometime Tuesday or Wednesday.