This week Better Homes and Gardens Rand released their Quarterly Market Report reviewing real estate market trends in Westchester and the Hudson Valley for the fourth quarter of 2012.
Rand Realty has been compiling this market report every quarter for almost eleven years, providing thousands of interested home buyers and sellers with objective analysis of the regional real estate market.
In the report, Rand discusses a surge in sales activity throughout the region, rising 19.3% from last year's fourth quarter. As for this year, sales were up 12.6% from 2011, and were higher than they've been at any time since 2007. Clearly, pricing at 2003-04 levels, historically low interest rates, and an improving economy have bolstered buyer demand throughout the area. Even with this increase in sales activity, though, durable price appreciation is not being seen. The average sales price for the region was up significantly in the fourth quarter itself, but was down 1.9% for the year compared to 2011.
Going forward, positive signs are foreseen for homeowners in the region. Rand projects that the market is entering a new cycle, one that will see continued increases in sales activity finally start to drive price appreciation by the end of the year. It's unlikely that the appreciation will be significant, maybe a few percentage points or so, but at least there are reasons to be optimistic about where the market is going. They have put the bottom of the housing market behind them, and are poised for better times in the future.
To get a complete copy of the report, please click the link below:
BHGRE Rand Realty's Quarterly Market Report for 2012Q4
ABOUT BETTER HOMES AND GARDENS RAND REALTY: Founded in 1984, BHG Rand Realty is the No. 1 real estate brokerage in the Greater Hudson Valley with 24 offices serving Westchester, Rockland, Orange, and Putnam counties in New York as well as Bergen and Passaic counties in New Jersey. Rand has more than 800 sales associates, a commercial real estate company (Rand Commercial Services), and affiliates in the mortgage, title and insurance industries (Hudson United Home Services). The company’s Web sites are: http://www.randrealty.com, http://www.randcommercial.com and http://www.hudsonunited.com.
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