Market Reports
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What's happening in Rockland County ?
All charts below reflect live data.
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Blauvelt ~ Congers ~ Nanuet ~ New City ~ Nyack ~ Orangeburg ~ Pearl River 

Each week we publish "Market Update Reports" for Blauvelt, Congers, Nanuet, New City, Nyack, Orangeburg and Pearl River so you see first hand what's happening in the market right now. In the reports, we illustrate current trends in pricing, value, and supply and demand to help you really understand about the market. Our clients always have the latest insights to make the best decisions with confidence. Below is a small sample of information we bring you every week. Contact us to receive your weekly updates!

	Rockland County Real-time Real Estate Market Profile         All of the market trend charts on this page are "live." The Market   Statistics are updated in real time. Bookmark this page to watch the  market change each week. Want more details? Just send us an email by clicking on the orange button that reads Get Your market Report to receive this week?s market report. It's all about what's going on right now and it's free! As always, we invite you to contact us directly at (845) 624-3900 with your real estate market questions!       How's your market? Email us to receive your local report! BLAUVELT Real Estate Market   CONGERS Real Estate Market   NANUET Real Estate Market   NEW CITY Real Estate Market   NYACK Real Estate Market   ORANGEBURG Real Estate Market   PEARL RIVER Real Estate Market       All Rights Reserved.

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Savvy Buyers Beware !  Yes, it's a buyer's market, and there is no doubt about that, BUT highly desirable properties can still sell virtually overnight or in as little as 30-90 days.  Due to its close proximity to Manhattan and other points South, Rockland County remains a sought after investment by many savvy purchasers.I've been hearing recently of buyers who take months and months to decide on their purchase.  They'll see 50-60 houses.  This all takes a lot of time.  During that time, one of the properties they've seen and liked may not be there when they finally feel they've "seen enough" and come back to it.

The chart below bears this out.  I did a search for properties listed in Pearl River since January 1st of 2008.  I did not search by List Price.  My ONLY CRITERIA was to search by DOM which means Days on Market.  Here are the results below sorted by the DOM ascending.

If you want to be sure you're not missing anything ... let your fingers do the walking.  Begin AND CONTINUE your search online.  Most every property today has many pictures and a comprehensive description, so you can get a fairly good and realistic idea of what's out there.  Pay close attention to price, condition, and location.  If they all seem to be on a scale of 8-10 (with 10 being the best), that property will most likely move fairly quickly. 

So ... BE CAREFUL.  Take care not to lose a property because you think it will be there for months, weeks or even days from now.  It may well be gone!   If your concern is that you will be paying too much or the price will decline even further, remember that this is your home that you will most likely live in for many years.  Compare home ownership with renting, and even at todays prices most people often come out ahead.

							Offer	Contract	Sold Date	Sold	Days on
Address	Location	BR	BTH	Status	List Date	List Price	Date	Date	Date	Price	Market
2 FIRST LT. FERRIS CT	R-PEARL.RIVER	5	2.1	TT	3/6/2008	690,000	3/7/2008	3/8/2008	3/31/2008	690,000	1
252 GILBERT AV	R-PEARL.RIVER	2	1	TT	4/14/2008	349,000	4/18/2008	5/27/2008	6/19/2008	330,000	4
76 QUAKE LN	R-PEARL.RIVER	3	1.1	TT	4/23/2008	462,000	4/28/2008	5/13/2008	6/25/2008	465,000	5
255 BLAUVELT RD	R-PEARL.RIVER	4	2	TT	4/25/2008	448,500	5/3/2008	5/22/2008	6/26/2008	462,000	8
90 HUNT AV	R-PEARL.RIVER	3	1.1	TT	1/28/2008	459,000	2/9/2008	3/1/2008	4/11/2008	443,000	12
60 HAWK ST	R-PEARL.RIVER	4	2	UC	5/7/2008	620,000	5/19/2008	5/27/2008			12
38 Mendolia Ct	R-PEARL.RIVER	4	2.1	UC	5/20/2008	669,000	6/2/2008	6/23/2008			13
21 CASAZZA PL	R-PEARL.RIVER	3	1	TT	2/28/2008	291,600	3/17/2008	4/3/2008	6/11/2008	294,000	18
83 BRIGHTWOOD AV	R-PEARL.RIVER	3	2	TT	1/16/2008	509,999	2/6/2008	2/25/2008	4/28/2008	485,000	21
223 RIDGE ST	R-PEARL.RIVER	4	2.1	TT	2/4/2008	474,000	2/27/2008	3/10/2008	4/30/2008	452,000	23
19 S PASCACK RD	R-PEARL.RIVER	4	2.1	UC	4/17/2008	539,900	5/11/2008	5/16/2008			24
271 HOLT DR	R-PEARL.RIVER	3	2	TT	3/11/2008	450,000	4/7/2008	5/7/2008	6/25/2008	439,000	27
84 PEARCE PW	R-PEARL.RIVER	4	2	UC	5/13/2008	449,000	6/9/2008	6/23/2008			27
32 HAVEN TE	R-PEARL.RIVER	3	2	UC	1/28/2008	370,000	3/16/2008	4/23/2008			48
446 BLAUVELT RD	R-PEARL.RIVER	3	2	TT	1/7/2008	498,000	3/3/2008	3/21/2008	4/22/2008	470,000	56
74 Washington Place	R-PEARL.RIVER	2	1	UC	2/15/2008	320,000	5/10/2008	6/17/2008			85
74 S WILLIAM ST	R-PEARL.RIVER	2	1.1	UC	1/14/2008	429,000	4/15/2008	4/29/2008			92
99 E PARK AV	R-PEARL.RIVER	4	2.1	UC	2/12/2008	795,000	5/16/2008	6/2/2008			94
12 FAIRMONT AV	R-PEARL.RIVER	4	3.1	UC	1/2/2008	629,000	4/10/2008	5/6/2008			99
32 OLDERT DR	R-PEARL.RIVER	4	1.1	UC	2/21/2008	400,000	6/2/2008	6/16/2008			102

Abbreviations used on this chart:

STATUS COLUMN:
UC = Under Contract ~ TT = Property has sold and closed
BR = Bedrooms ~ BTH = Baths

Three Terrific new listings in Haverstraw: 

HAVERSTRAW HOMES RICH IN HISTORY. TWO AFFORDABLE MULTI-FAMILY PROPERTIES and ONE SEMI-ATTACHED PROPERTY.  ALL NEAR WATERFRONT REDEVELOPMENT AREA WITH BEAUTIFUL HUDSON VIEWS.  LIVE IN ONE AS YOUR TENNATS PAY YOUR MORTGAGE.   POSITIVE INCOME CASH FLOW. CLOSE TO MARINA AND TRANSPORTATION TO CITY.PLENTY OF PARKING AT REAR AND OFF STREET PARKING TOO. CAN BE A GREAT INVESTMENT FOR YEARS TO COME.  PRICED FOR QUICK SALE.HURRY TO MAKE YOUR OFFERS BEFORE ITS TOO LATE............

cALL Mike Truiano At (845) 480-2366 for FURTHER details.

Updated 6.28.08 (Saturday)

Below are the latest figures for Rockland County Real Estate comparing Jan - May of 2007 with 2008.  If you've been following the real estate news and blogs, you know that since August of 2005 The Rockland Real Estate market had begun the shift from a fantastic (double digit appreciating) seller's market to most recently a declining market.  Buyers with good credit and/or extra cash have been enjoying a wonderful time to invest.

Notice that while sales have fallen from 2007, with sales volume and the average sales price declining, we saw the number of pending offers INCREASE February through April.  My comment is this.  Is this a temporary market uptick (seasonal) or the beginnings of a market shift?  I'd like to say this is a positive trend, but it's way too soon to make that judgment.  We need to watch and wait over the next few quarters.

Therefore in coming months, pay close attention to the Near Term Trends Section & in particular to the Column headed with a "P", (highligted in blue in the chart below).  Tracking the numbers of offers presented gives us an early indication of near term trends and market movement. Looking back on that information over a period of months exposes those emerging trends and/or market shifts.     

IMPORTANT NOTE: Remember that the numbers for June are for an incomplete month, as this
report was compiled IN EARLY JUNE AND UPDATE ON 6.28.08

With the current easing of mortgage money restrictions, is it possible Rockland County buyers
and sellers might just begin to see the sun come out?  I'm watching very closely. 

MONTHLY COMPARISON REPORTS: DETAILS BELOW

Residential								Near Term Trends *
2007				2008				Pending Offers rising
	Sales	Sales Volume		Sales	Sales Volume			P
Jan	103	58,756,960		81	45,668,294			12
Feb	101	56,578,300		62	30,278,550			17
March	129	66,590,300		72	37,000,802			44
April	133	75,698,548		84	42,776,950			100
May	121	66,297,699		96	50,821,356			96
June	As of 6/28, I tracked 39 accepted offers: (full details on 7/5)							39
	587			395				308
Condo								Near Term Trends
2007				2008				Pending Offers rising
	YTD Sales	Sales Volume		Sales	YTD Volume			P
Jan	46	12,127,917		38	9,599,000			3
Feb	39	13,007,982		40	11,546,855			6
March	51	16,762,675		25	6,965,300			19
April	54	14,982,598		27	9,017,610			38
May	59	17,914,585		31	9,533,204			35
June	As of 6/28, I tracked 13 accepted offers: (full details on 7/5)							13
	249			161				114

Note: Keep in mind that "pending offers" do not necessarily end up in going to contract.  Perhaps there
were some financing or other issues preventing the consummation of sale resulting in a closing and transfer
of title.  This method of study is being utilized to track consumer movement and study near term trends. 
If the general public begins to place bids on properties in larger and larger numbers, then we know we are
beginning to see a shift in consumer spending and mindset.  
    
Note: This is a new tracking area for 2008.  We did not track it in 2007 thus have no comparision for data
earlier than 2008.        
         
Statistics compiled from: Greater Hudson Valley Multiple Listing Service
P = Offers that came in on properties but not yet under contract    

As always, I welcome your comments. 

Angela C.

Below is a reprint of an article recently featured in my monthly newsletter.

Subsequent to reading this, I asked a lender whom I respect to comment.  His comment was not as positive as I had hoped, as he brought up the fact that with PMI (private mortgage insurance) still being required on loans with less than 20% down, tighter lending restrictions would still apply.

Nevertheless, I share this with you.

_____________________________________________

Source: The National Association of Realtors®; Realtor.com

Existing-home sales slowed in April, partly because restrictive lending practices hampered home buyers. At the same time, a greater number of areas are showing sales gains from a year ago and a recent reversal in mortgage policy means the market is better positioned for a turnaround, according to the National Association of Realtors®.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the good news is that mortgage restrictions have just been eased. "In the past week, Freddie Mac and Fannie Mae announced that they were eliminating their 'declining market policies, effective June 1," he said. "This means consumers across the country will have access to safe, affordable financing with downpayments of only 5 percent on most mortgages, with 100 percent financing available on some loan products, and we could see an upturn in home sales this summer."

Lawrence Yun, NAR chief economist, said eliminating restrictive policies should be a big help to home buyers. "I would encourage buyers who were disappointed by poor mortgage options to take another look at the market because the lending changes are significant," he said. "Also, a recent notable drop in interest rates on conforming jumbo loans will help consumers in high-cost markets like California and New York."

The unusual mix of market conditions around the country continues, but areas showing healthy price gains include Greenville, S.C., and Springfield, Mo., both with solid local economies. "On the other hand, some markets like San Diego, Calif., and Fort Myers, Fla., are experiencing rising sales after sudden double-digit drops in local home prices, so lower prices and low interest rates are starting to generate results," Yun said.

The national median existing-home price for all housing types was $202,300 in April, which is 8.0 percent below a year ago when the median was $219,900. Because the slowdown in sales from a year ago is greatest in high-cost areas, there is a downward distortion to the national median with relatively more sales in low- and moderate-priced markets.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage slipped to 5.92 percent in April from 5.97 percent in March; the rate was 6.18 percent in April 2007.

Source: The National Association of Realtors®; Realtor.com