Scheduled for Release: 3/20/23
Source: OneKey MLS, Farmingdale NY
OneKey® MLS, reporting detailed, month-over-month statistical information about residential, condo, and co-op sales transactions in the regional MLS coverage area, reported a decrease of 4.40% in the closed median sale price between January 2023 and February 2023.
OneKey® MLS is the one source real estate marketplace for monthly statistics for residential real estate transactions from Montauk to Manhattan, north through the Hudson Valley and the Catskill Mountains. For February 2023, OneKey MLS reported 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.
OneKey® MLS, the largest MLS in New York, aggregates the real estate transactional data from nine counties making up the regional MLS coverage area, and reports individually on each county represented. The infographic demonstrates month-over-month closed median home price comparisons for the region.
Three of nine counties reported an increased closed median sale price in a month-over-month comparison, while six counties reported a decreased median sale price. 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.
Richard Haggerty, CEO OneKey MLS, said, “The pandemic induced market conditions of 2020, 2021, and 2022 were extraordinary and price appreciation across our region was steep. Now that home prices are starting to soften we must remind ourselves to view the market numbers in the context of those unusual circumstances.” Haggerty 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.
For further detailed statistical information about residential, condo, and co-op sales transactions, please visit https://www.onekeymls.com/market-statistics
OneKey MLS, made possible by the merger of MLSLI and Hudson Gateway MLS, is one of the nation’s leading Multiple Listing Services, serving over 50,000 REALTOR® subscribers and 4,500 participating offices throughout Long Island, Manhattan, and the Hudson Valley. OneKey MLS is dedicated to providing more comprehensive coverage, up-to-date statistics, and the best real estate tools and resources.
SVP Marketing and Communications