OneKey MLS: Regional Home Sales Rose 24% in May

OneKey MLS: Regional Home Sales Rose 24% in May
Table demonstrating the a month-over-month comparison of closed residential median sale price for May 2023 for the 9 counties in the OneKey MLS NY regional coverage area, including Putnam, Westchester, Orange, Rockland, Suffolk, Nassau, Sullivan, Queens, and the Bronx.

FARMINGDALE—OneKey MLS reported today that the median sale price in its coverage area in the New York metropolitan region rose 2.60% between April 2023 and May 2023.

The regional closed median sale price in May was $590,000 as compared to the $575,000 reported in April 2023. OneKey MLS market area spans from Montauk to Manhattan, north through the Hudson Valley and the Catskill Mountains.

Between April 2023 and May 2023, closed regional sales transactions, including residential, condo and co-op sales, increased to 3,998 from 3,221, representing an increase of 24.10%. Across the region, pending sales transactions increased in a month-over-month comparison as well, reaching 5,482 in May. Total regional pending sales transactions in May rose 17.50% as compared to the 4,664 pending deals reported in April.

On a month-to-month basis, the regional home sales market fared much better in May than in April. Six of nine counties reported an increased closed median sale price in a month-over-month comparison, while three counties reported a decreased median sale price. Putnam (+18.40%), Westchester (+13.50 %), Orange (+9.80%), Rockland (+4.00%), Suffolk (+1.90%), and Nassau (+0.90%) counties reported month-over-month increases in closed median sale price. Sullivan (-0.70%) and Queens (-0.80%) counties and the Bronx (-1.10%) reported month-over-month decreases in closed median sale price.

“It looks as though we’ve turned a corner and that the market is no longer stagnating,” said Richard Haggerty, CEO of OneKey MLS. “Hopefully, prospective sellers will continue to be motivated by the state of low inventory and relatively steady home prices to list their homes now, while the market is still trending in their favor.”

Sales transactions in the Hudson Gateway Association of Realtors market area were either flat or up sharply in May as compared to the prior month: Rockland (+61.5%), Bronx (+36.1%), Westchester (+28.4%), Orange (+22.4%) Putnam (+13.0%) and Sullivan County (flat).

However, year-over-year comparisons, according to OneKey MLS data, paint a much different picture of the regional residential marketplace. In terms of sales price, Westchester’s May 2023 median was 2.2% higher than the May 2022 median sale price; Bronx’s median sale price posted in May 2023 was flat as compared to a year earlier as was Orange County’s median sale price; Rockland County’s median sale price in May 2023 was 3.2% lower than the prior year while Putnam County posted a 4.8% increase and Sullivan County’s median sale price shot up 16.6% in May 2023 as compared to May 2022.

Pending sales transactions year-over-year were mostly lower —Westchester County (-3.8%); Sullivan County -12.1%); Putnam County (-1.0%); Rockland County (-25.2%) Orange County (-7.3%) and the Bronx (+14.7%).

Year-over-year sales were sharply lower in all HGAR markets: Bronx (-13.9%); Orange (-16.0%); Rockland (-6.0%); Putnam (-23.5%); Sullivan (-25.6%) and Westchester (-29.4%).

OneKey MLS, made possible by the merger of MLSLI and Hudson Gateway MLS, is one of the nation’s leading Multiple Listing Services, serving more than 48,000 Realtor subscribers and 4,500 participating offices throughout Long Island, Manhattan, and the Hudson Valley.

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