[More Pacing] 3Q 2012 Westchester & Putnam Report

Posted by Jonathan Miller - Thursday, October 11, 2012, 1:24 PM

We just published our report on the Manhattan rental market for 3Q 2012.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

WESTCHESTER

• Number of sales jumped 21.9% above year ago levels while inventory fell 9.8% over the same period.
• Single family sales surged 25.9% year over year, condos up 23%. Co-ops and 2-4 Family sales below year ago levels. Single family sales up in all regions.
• Housing prices were stable – median sales price $490,000, down 1.1% but average home size slipped 1.7%.
• Fastest market pace in 5 years: The combination of rising sales and falling inventory quickened the “pace” of the market as the monthly absorption rate fell to 8.6 months.
• Luxury market prices remained lower than year ago levels. Median 13.8% below last year.

PUTNAM

• Sales surged 44.8% year over year.
• Housing prices continued slide year over year – median down 12.5% to $293K
• Inventory fell 10.6%

Here’s an excerpt from the report:

…The third quarter was marked by a surge in sales, and fewer properties available for sale. Falling mortgage rates brought first time buyers into the market, as evidenced by a decline in the average size of a property sold. This also resulted in all price indicators falling below year-ago levels. The median sales price of a Westchester property in the third quarter was $490,000, 1.1% below $495,625 in the prior year quarter. Average sales price and average price per square foot followed the same pattern; the average square footage of sold property was 2,322 square feet, down 1.7% from 2,361 in the prior year quarter…

You can build your own custom data tables on the Westchester & Putnam market – now updated with 3Q 12 data. I’ll have the newly created chart section for Westchester & Putnam uploaded soon (I know I said this last quarter as well!) and add the link here when I do – it’ll be an evolving series.

The Elliman Report: 3Q 2012 Westchester & Putnam Sales [Miller Samuel]
The Elliman Report: 2Q 2012 Westchester & Putnam Sales [Prudential Douglas Elliman]