OneKey® MLS, which services nine counties throughout southern New York, announced the release of a monthly data report assessing changes in its served markets. The report lists data both county-by-county and by transaction type, allowing a picture of the nine county-wide markets as a whole and individually. The latest report tracked changes from January to February 2023.
Key highlights:
- OneKey MLS found a regional closed median sale price of $550,000, representing a 4.40 % decrease as compared to the reported $575,000 in January 2023.
- Between January 2023 and February 2023, closed regional sales transactions, including residential, condo, and co-op sales, decreased to 2,988 from 3,621, representing a -17.50% change.
- Across the region, pending sales transactions rose in a month-over-month comparison, reaching 3,974 in February, 23.30% more pending transactions than the 3,224 reported in January.
- Sullivan (+12.00%), Putnam (+1.20%), and Suffolk (+0.70%) Counties reported month-over-month increases in closed median sale price.
- Rockland (-2.60%), Bronx (-3.00%), Nassau (-3.00%), Orange (-3.30%), Queens (-9.60%), and Westchester (-12.10%) Counties reported month-over-month decreases in closed median sale price.
The takeaway:
Richard Haggerty, CEO OneKey MLS, remains optimistic that the spring market will be active, but expects a delayed start as people wait to see how the dust settles around the latest headlines, inflation and mortgage rates.
“The pandemic-induced market conditions of 2020, 2021, and 2022 were extraordinary and price appreciation across our region was steep,” said Haggerty. “Now that home prices are starting to soften we must remind ourselves to view the market numbers in the context of those unusual circumstances.”
For more information, visit https://www.onekeymls.com/.
