Good news! Our quarterly report indicates the market is as strong as it’s been since the height of the seller’s market ten years ago. The biggest story however in this quarter’s report is that inventory is way down across the region. So what’s going to happen in 2017? Short answer: Basic economics 101. High demand and limited supply drives prices up, which itself draws in more supply. Essentially, my prediction is that 2017 prices will be up a tick by the end of the year. And in 2018, we will have 2005 all over again: sales up, prices up, all good!
Why? Because of inventory. Once we get inventory levels below six months (i.e., we would sell out all our existing inventory in six months at our current rate of sales), we start to see real pressure on pricing. And we’re at or near that level pretty much across the NY region:
- Westchester: 3.8 SF/2.6 Condos/4.5 Coops
- Rockland: 4.9 SF/5.6 Condos
- Orange: 6.4 SF/4.6 Condos
- Putnam: 5.0 SF/3.7 Condos
That also means, of course, that we need listings! If you’ve been thinking about selling your home, or know anyone who is, this is likely to be the most active spring market that we’ve had in years. Contact me at 845-480-2366 for a no obligation discussion.