[Stable Burb] 2Q 2012 Westchester & Putnam Report

Posted by Jonathan Miller - Thursday, July 12, 2012, 4:43 PM

We published our report on the Westchester/Putnam market for 2Q 2012 this morning.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

WESTCHESTER

• Housing prices were stable, basically unchanged from this time last year. Median sales price was $459,000 in 2Q 12
• Sales activity jumped, up 14.7% from last year to 1,815.
  
• Listing inventory fell 11.7% to 7,064.
  
• The combination of rising sales and falling inventory quickened the “pace” of the market as the monthly absorption rate fell to 11.7 months from 15.2
  
• Luxury market saw stronger price trends than the stable overall market, median was up 6.6%.

PUTNAM

• Housing prices softened – median down 6.6% to $293K
  
• Sales jumped in response to falling rates.
  
• Inventory fell 13.2%
  

Here’s an excerpt from the report:

…The Westchester housing market showed price stability, rising sales and falling inventory during the second quarter, as the regional economy continued to confront tight credit and a slowly improving economy. Median sales price was $459,000, essentially unchanged from $457,500 in the prior year quarter. Average sales price followed the same pattern. The average sales price was $645,208 in the second quarter, similar to $643,907 in the same period last year. Price per square foot, the least reliable of the three price indicators, reflected a 2.6% increase to $279 per square foot over the same period…

You can build your own custom data tables on the Westchester & Putnam market – now updated with 2Q 12 data. I’ll have the newly created chart section for Westchester & Putnam uploaded this evening.

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