Rockland Real Estate Market Update for November 2023

Welcome to our deep dive into the Rockland real estate market as we close out 2023. This year has been a remarkable one for real estate across many regions, but the town of Rockland has stood out with its unique trends and figures. In this article, we'll explore the latest data, compare it to broader market trends, and try to understand what these numbers tell us about the current state and future of Rockland's real estate market.

he Rockland real estate market in November 2023 showed the following key statistics:

• Sales: There were 17 sales, with a total dollar volume of $8,197,200.
• Listings: 28 new listings and 76 active listings were recorded.
• Sales to New Listings Ratio: 60.7%.
• Months of Inventory: 4.5 months.
• Prices: The average price was $482,188, while the median price was $494,000.
• Sale to List Price Ratio: 99.0%.
• Median Days on Market: 28 days.

For the year-to-date (YTD) period of November 2023:

• Sales Activity: There were 240 sales with a total dollar volume of $131,016,089.
• Listings: 462 new listings and 68 active listings.
• Sales to New Listings Ratio: 51.9%.
• Months of Inventory: 3.1 months.
• Prices: The average price was $545,900, and the median price was $526,650.
• Sale to List Price Ratio: 98.3%.
• Median Days on Market: 23 days​​.

In comparison, the Ottawa MLS® Home Sales in November 2023 showed:

• Sales: 724 units sold, a 1.6% decrease from November 2022.
• YTD Sales: 11,421 units, a decline of 11.7% from the same period in 2022.
• Prices: The MLS® Home Price Index composite benchmark price was $628,900, a 1.4% increase from November 2022. The average price of homes sold was $633,138, a decrease of 0.8% from November 2022. The comprehensive YTD average price was $669,536, a decline of 5.7%.
• Listings and Inventory: New listings increased by 2.7%, with 1,428 new residential listings. Active residential listings numbered 2,752 units, a 15.8% increase from November 2022. Months of inventory were 3.8, up from 3.2 months in November 2022​​.

This data provides a comprehensive view of the real estate market in Rockland and the broader Ottawa area, reflecting both recent and year-to-date trends in sales, listings, prices, and inventory.

As we reflect on the data from Rockland's real estate market, it's clear that 2023 has been a year of significant change and growth. With the median sale price and price per square foot on the rise, and a relatively stable days on market, Rockland County is showing signs of a robust and dynamic market. As we look towards 2024, it will be interesting to see how these trends evolve. Will the market continue to grow at this pace, or are we due for a correction? Only time will tell, but one thing is certain – Rockland County remains an exciting market to watch