OneKey MLS–servicing the southern regions of New York state such as the Hudson Valley, New York City, and Long Island–maintains a monthly report keeping track of changes to the residential real estate market. On April 18, 2023, the MLS released its report covering February to March, 2023.
Key findings:
- During March 2023, the closed median sale price in OneKey MLS’ serviced region was $550,000, representing no change from the prior month.
- Between February 2023 and March 2023, closed regional sales transactions, including residential, condo, and co-op sales, increased to 3,525 from 3,046, representing an increase of 15.70.
- Across the region, pending sales transactions rose in a month-over-month comparison as well, reaching 5,268 in March, 35.70% more pending transactions than the 3,883 reported in February.
- Six of nine counties reported an increased closed median sale price in a month-over-month comparison:
- Westchester (+7.90% – $530,000 to $572,000)
- Putnam (+6.00% – $420,000 to $445,000)
- Rockland (+3.70% – $555,000 to $575,250)
- Queens (+2.50% – $600,000 to $615,000)
- Bronx (+1.90% – $540,000 to $550,000)
- Nassau (+0.80% – $640,000 to $645,000)
- Three counties reported month-over-month decreases in closed median sale price:
- Sullivan (-16.70% – $280,000 to $233,250)
- Orange (-4.80% – $362,000 to $345,000)
- Suffolk (-3.20% – $532,000 to $515,000)
The takeaway:
“Historically, the number of home sales increases significantly in the springtime, so I am not surprised to see pending sales activity ticking upwards across our region, amid economic uncertainty,” said Richard Haggerty, CEO of OneKey MLS. “After more than two years of unprecedented market activity, we are finally seeing a recalibration back to more normal market conditions.”
For more information, visit https://www.onekeymls.com/.
