SULLIVAN COUNTY –  January home sales continued to decline, while prices increased in most markets in the Hudson Valley, according to a report released by the Hudson Gateway Association of Realtors (HGAR), based on data supplied by OneKey® MLS. 

A limited supply and strong demand are responsible for the current market conditions.

However, as the spring selling season approaches, the region’s home sales sector is bolstered by a noticeable increase in pending sales throughout the region, HGAR officials noted. With the prospect of lower mortgage rates as the Federal Reserve Board considers multiple rate cuts this year, home sales are expected to increase as more homes come to the market beginning in the spring and summer months.

“With mortgage interest rates moving slightly higher now, we continue to experience the trend of people taking a ‘wait and see’ approach before deciding to list their homes for sale, but would caution against trying to time the real estate market based on such marginal changes,” noted HGAR President Carmen Bauman. “Nevertheless, we do anticipate more movement during the Spring with additional inventory on the market.”

Sales of single-family homes declined in all six of HGAR’s coverage areas, while some counties experienced increases in co-op or condo sales. All six regions saw prices increases in all property types.

“While it will take some time to have the HGAR home sales market fully reset from the impacts of high inflation and mortgage interest rates, home sales are projected to rise significantly in each of the next two years as the market steadily returns to normal sales activity,’” said HGAR Chief Executive Officer Lynda Fernandez.

Sullivan County

In Sullivan County, January sales of single-family homes plunged by 41.5% with just 38 sales, compared to 65 last year. There were no condo or co-op sales reported. The median sales price of single-family homes rose by 5.2% to $272,500. 

New listings for single-family homes increased by a whopping 53.2% with 72, as compared to 47 last January. Still, overall, the inventory of single-family homes for sale decreased by almost 10% from last January. Pending home sales rose 11.3% In January in Sullivan County.

It should be noted that transactions closed in January involved negotiations started months earlier and do not necessarily reflect current market conditions, HGAR officials noted.

Orange County

In Orange County, January sales of single-family homes and condos decreased 12.4% and 22.2% respectively, while co-op sales saw no change compared to January of 2023. The median sales price increased 6.0% to $434,300 for single-family homes, 17.0% to $307,000 for condos, and 35% for co-ops.

New condo listings decreased 2.3% for single-family homes, 11.4% for condos, and 33.3% for co-ops. Overall, the condo market experienced the steepest decline in inventory at 33%. Inventory for single-family homes fell by 20% and co-ops, 25%. Pending sales transactions in Orange County rose 6.5% last month.