The market rung in the new year with trends we’re already used to: Now’s the best time to sell. “If the opportunity avails, there is no better time to list your home,” says Elizabeth Nunan, president and CEO of Houlihan Lawrence.
All Hudson Valley counties are up in sales compared to 2020’s first quarter (pre-pandemic): Westchester is up 39%; Dutchess, 39%; Columbia, 40%; Ulster, 38%. The biggest winners of the Valley are Orange, Greene, Putnam, and Rockland Counties, with increases of 54%, 60%, 63%, and 75% respectively.
More than 1,470 homes were sold at a median price of $710,000 in Westchester, with the Rivertowns and Northern Westchester being the most popular. Dutchess had 634 homes sold with a median sale of $365,000. Putnam saw 359 homes sold with a 16% increase in median sales.
These trends are expected to stay strong through summer 2021. But, inventory is at a record low, according to Rand Realty. In Westchester, inventory is down 37% compared to Q1 in 2020. Coldwell Banker Village Green Realty reports other counties are down, too, though lower in percentage: Rockland is down 9%; Orange, 13%; Columbia, 16%. For those looking in Greene, don’t fret — listings are up 24%.
So, what does low inventory mean for the market?
There’s a good chance that sellers will receive more than their asking price. Because of this, Rand Realty expects a tightening of affordability as we approach the summer. On the flip side of the coin, some homeowners are fearful of low inventory trends and will stall on selling. Nunan adds, “While some are ready for a change, they fear listing their homes and not having a place to go. There are still potential ‘downsizers’ who remain in their larger homes out of necessity and [remote work].”