Tag Archives: Residential

New York Residential Closed Median Sale Price Slightly Increases in January

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OneKey® MLS, reporting detailed, month-over-month statistical information about residential, condo, and co-op sales transactions in the regional MLS coverage area, reported an increase of 0.90% in the closed median sale price between December 2022 and January 2023.

Farmingdale, NY – Feb. 20, 2023 (PRNewswire) 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 January 2023, OneKey MLS reported a regional closed median sale price of $575,000, representing a 0.90% increase as compared to the reported $570,000 in December 2022. Between December 2022 and January 2023, closed regional sales transactions, including residential, condo, and co-op sales, decreased to 3,551 from 4,363, representing a -18.60% month-over-month change.

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. Rockland (+5.90%), Nassau (+1.20%), and Westchester (+0.50%) Counties reported month-over-month increases in closed median sale price. Queens (-0.70%), Suffolk (-0.90%), Orange (-1.30%), Putnam (-4.10%), Sullivan (-4.40%), and Bronx (-6.80%) Counties reported month-over-month decreases in closed median sale price.

Table showing Month over Month change in closed median sale price for Residential Real Estate in the NY Regional coverage area of OneKey MLS.
Table showing Month over Month change in closed median sale price for Residential Real Estate in the NY Regional coverage area of OneKey MLS.

Richard Haggerty, CEO OneKey MLS, said, “Regionally speaking, January closed median home prices have held. However, closed and pending transactional activity has been trending downward since the end of last year, the cumulative effect of rising mortgage rates and inflation that has sidelined many prospective homebuyers.” Haggerty says, “I expect homebuyer demand to increase as the winter thaws and sellers begin to put their homes on the market. Typically, springtime gets people moving!”

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.

Media Contact:
Tricia Chirco
SVP Marketing and Communications
631-670-0710 x405
353999@email4pr.com

SOURCE OneKey MLS

To Walk Away From A Mortgage – Is It The ‘Right’ Thing To Do?

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Stephen M. FellsIn February I highlighted a CBS video that suggested, under certain circumstances, people should walk away from their mortgage. It generated some passionate commentary including:

“I noticed there was no mention of moral obligation or the additional stress to the already devastated financial market caused by people who choose to walk away from the[ir] mortgage simply because it’s better for them. Why worry about other people? As usual, this approach is short sighted and self centered. Just the kind of lunacy that caused this mess in the first place.”

and:

“Who is this nut bag? Please – walk away. The Gov’t has HAMP and now HAFA. No mention of other options, like short sales? Did i miss something or is this woman not fully educated about avoiding foreclosure.”

It seems that more and more people are walking away and the conversation continues. On Sunday Morley Safer on the CBS show 60 Minutes discussed the question, with far more focus on the moral obligations of home ownership.

Part of this is certainly generational. My own father was always proud that over many decades his bank account never went overdrawn. Today’s generation (whatever that means) doesn’t see things that way and are far more comfortable with debt. Add new companies like YouWalkAway.com to the mix and the decision about staying or walking away from a mortgage becomes a lot easier for many to make. It certainly seems easier for people born after 1950.

Is it the right thing to do? I more I think about it, the more I see things from both sides but I’m not a Realtor. That said, in trying to answer the question, does it matter if you are a Realtor or is this a question for ‘the people’? Separately, what role (if any) does/should a Realtor play in this?


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