RISMEDIA, September 9, 2010—Better Homes and Gardens Rand Realty announced that the Hudson Valley has had its most successful real estate sales quarter in nearly two years, with astronomical increases.
According to the Better Homes and Gardens Rand Realty Second Quarter 2010 Real Estate Market Report, the real estate market in the Hudson Valley surged in the second quarter, with a 46.4% increase in sales from last year and a 64.9% increase from the first quarter. Transactions were up from last year in every county in the area, and the regional 3,283 sales marked the highest number of quarterly transactions in almost two years.
“This dramatic increase is the result of several market conditions, including the home buyer tax credit,” said Joseph Rand, managing partner of Better Homes and Gardens Rand Realty. “The extension of the tax credit into the second quarter gave prospective buyers who had previously decided to hold off buying a home a few extra months to research and finalize a closing.”
This increase in buyer activity had its expected effect in stabilizing the overall pricing environment throughout the region—some counties even saw price increases. The dramatic increases from last year reflect the market’s rebound from the slump induced by the financial crisis in October 2008.
Rand added, “We expect that transactions will fall in the third quarter, probably somewhat below the level of last year, and that we might see a similar drop in prices as buyer demand slacks due to the expiration of the home buyer tax credit. However, we also believe that we saw the low point of the market last year and that we will continue to see overall improvement as the market returns to a state of normalcy fueled by improving economic conditions, attractive pricing and extremely low interest rates.”
For more information, visit www.randrealty.com.
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