OneKey MLS is a 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 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.
OneKey MLS aggregates the real estate transactional data from nine counties making up the regional MLS coverage area and reports individually on each county represented. 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.
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 of 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.
Click here to read the full report from OneKey MLS.
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And the Adirondacks, what news with that market?