Rockland Market Report

Updated 7.08.08 (Tuesday)

Is it time to peek out from under the umbrella?

Below are the latest figures for Rockland County Real Estate comparing Jan - May of 2007 with 2008. If you've been following the real estate news and blogs, you know that since August of 2005 The Rockland Real Estate market had begun the shift from a fantastic (double digit appreciating) seller's market to most recently a declining market. Buyers with good credit and/or extra cash have been enjoying a wonderful time to invest.

Notice that while sales have fallen from 2007, with sales volume and the average sales price declining, we saw the number of pending offers INCREASE February through April. My comment is this. Is this a temporary market uptick (seasonal) or the beginnings of a market shift? I'd like to say this is a positive trend, but it's way too soon to make that judgment. We need to watch and wait over the next few quarters.

Therefore in coming months, pay close attention to the Near Term Trends Section & in particular to the Column headed with a "P", (highligted in blue in the chart below). Tracking the numbers of offers presented gives us an early indication of near term trends and market movement. Looking back on that information over a period of months exposes those emerging trends and/or market shifts.

IMPORTANT NOTE: Remember we are tracking "trends", not numbers of sales. We are tracking how many offers people are putting on properties of late. Keep in mind that in the column marked sales, many of these properties could have been on the books for months waiting to close.

With the current easing of mortgage money restrictions, is it possible Rockland County buyers and sellers might just begin to see the sun come out? We're watching very closely.

MONTHLY COMPARISON REPORTS: DETAILS BELOW

Residential								Near Term Trends *
2007				2008				Pending Offers rising
	Sales	Sales Volume		Sales	Sales Volume			P
Jan	103	58,756,960		81	45,668,294			12
Feb	101	56,578,300		62	30,278,550			17
March	129	66,590,300		72	37,000,802			44
April	133	75,698,548		84	42,776,950			100
May	121	66,297,699		96	50,821,356			96
June	As of 6/30, I tracked 84 accepted offers:							84
	587			479				353
Condo								Near Term Trends
2007				2008				Pending Offers rising
	YTD Sales	Sales Volume		Sales	YTD Volume			P
Jan	46	12,127,917		38	9,599,000			3
Feb	39	13,007,982		40	11,546,855			6
March	51	16,762,675		25	6,965,300			19
April	54	14,982,598		27	9,017,610			38
May	59	17,914,585		31	9,533,204			35
June	As of 6/30, I tracked 30 accepted offers							30
	249			191				131

Note: Keep in mind that "pending offers" do not necessarily end up in going to contract. Perhaps there
were some financing or other issues preventing the consummation of sale resulting in a closing and transfer
of title. This method of study is being utilized to track consumer movement and study near term trends.
If the general public begins to place bids on properties in larger and larger numbers, then we know we are
beginning to see a shift in consumer spending and mindset.

Note: This is a new tracking area for 2008. We did not track it in 2007 thus have no comparision for data
earlier than 2008.

Statistics compiled from: Greater Hudson Valley Multiple Listing Service
P = Offers that came in on properties but not yet under contract

As always, I welcome your comments.

Angela C.

If anyone else has anypearls of wisdom, I welcome your feedback.

It's wonderful to live in Rockland County
It's wonderful to visit Rockland County
It's wonderful to invest in Rockland County Real Estate

Call A Top Rockland Realtor Today!

Angela Fish Chan
Rockland Realtor

(845) 624-3900

Rockland County Real Estate
145 Main Street
Nanuet, New York 1094

Rockland County Real Estate

"specializing in Nanuet"

Angela Chan
Broker/Owner
Rockland County Real Estate
(845) 624-3900