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Westchester County

2Q14 Brings Mixed Regional Messages – Brooklyn, Queens and Westchester/Putnam Reports

July 14, 2014 | 8:53 am | delogo | Reports |

If you’ve been:

A. Pouring over state maps of pet ownership
B. Watching the World Cup
C. Watching the Tour de France
D. Fretting about the Russell Stover purchase

Then you may have missed last week’s market report releases for Brooklyn, Queens and Westchester/Putnam Reports. These are part of the report series I’ve been writing for Douglas Elliman since 1994 (20 years!). The reports have a new look – hope you like them.

Click on graphics to open them.

Brooklyn_2Q_2014

BROOKLYN SALES MARKET Brooklyn housing prices continue to set new records, due to rising sales and low inventory. The median sales price of a Brooklyn residential property increased 4.5% to a record $575,000 from the same period last year. Average sales price also set a new record, rising 16.6% to $783,296 from the prior year quarter. Median sales price is now 6.5% above the $540,000 market peak reached in the third quarter of 2007 before the 2008 Lehman “tipping point.” Although this is the 7th consecutive quarter with year-over-year gains in median sales price, the first two quarters of 2014 posted smaller single-digit gains than the double-digit gains of the preceding 5 quarters…

Queens_2Q_2014

QUEENS SALES MARKET The Queens housing market took a breather after 6 consecutive quarters of rising sales. There were 2,404 sales in the second quarter, 3.6% less than the same period last year. Year to date, the number of sales remained 14.2% higher than the same period last year due to the sharp rise in first quarter sales activity. Despite the decline, listing inventory continued to fall for the 13th consecutive quarter. There were 5,892 listings at the end of the second quarter, 5.3% less than the same period last year. As a result of the combination of declining sales and falling inventory, the pace of the market remained stable…

Westchester_2Q_2014

WESTCHESTER/PUTNAM SALES MARKET Westchester single family contract activity was higher than prior year levels as severe winter weather conditions pushed first quarter pending sales into the second quarter. Despite the 16.7% decline in closed home sales, total contracts expanded 3.9% from the prior year quarter and jumped 51.9% from the prior quarter. The rise in contracts from first to second quarter was higher than the 35.5% average increase of the prior 2 years. Listing inventory expanded 7.9% to 3,905 rising from the low water mark set in 2013…


Miller Samuel Aggregate Database [Miller Samuel]
Market Chart Gallery [Miller Samuel]


Ready, Set, Download: 1Q 2014 Market Reports for Brooklyn, Queens and Westchester/Putnam Sales

April 12, 2014 | 1:49 pm | delogo |

We released 3 reports for Douglas Elliman on the sales markets for Brooklyn, Queens and Westchester/Putnam this week. Click on the reports to download!

Brooklyn_1Q_2014 BROOKLYN The Brooklyn housing market was characterized by more modest price growth and chronic lack of inventory, holding back sales growth. Median sales price expanded 1% to $520,000 from the same period last year and the highest first quarter result in 6 years. Average sales price grew 7.3% to $681,182 over the same period. Co-ops posted the largest year-over-year gain in median sales price, rising 12.2% to $340,000 but lost 2.1% of the market share. Condos remained essentially unchanged over the year with a $625,000 median sales price and market share edged 1.6% higher. The 1-3 family median sales price increased 5.1% to $588,733 and market share increased a nominal 0.5%…

Queens_1Q_2014 QUEENS The first quarter Queens housing market was a period of rising prices after an extended period of stability, declining inventory, and rising sales. The bottom of the multi-year decline of listing inventory may have been reached in the fourth quarter of 2013. Although the first quarter listing inventory increased 7% from the prior quarter bottom to 5,617, it was the second lowest level recorded in this report series since 2005 and 13.5% below prior year levels. The number of sales jumped 32.8% to 3,156 from the prior year quarter, the highest first quarter total in 6 years. The combination of declining inventory and rising sales led to a faster market pace. The absorption rate, the number of months to sell all listing inventory at the current pace of sales, fell to 5.3 months, less than half the 11.2 month average over the past 5 years…

Westchester_1Q_2014 WESTCHESTER The Westchester housing market saw the most first quarter sales in 7 years, the highest median sales price in 6 years and initial signs that the trend of declining inventory may be ending. There were 1,525 sales in the first quarter, up 13.1% from the prior year quarter and the most first quarter sales since the same period 7 years ago. Listing inventory fell 3.7% to 5,378 from the same period last year and for the 8th consecutive quarter. With the rise in the number of sales and the decline in listing inventory, the pace of the market was faster. The monthly absorption rate, defined as the number of months to sell all inventory at the current pace of sales, fell by 1.8 months to 10.6 months from the prior year quarter…
PUTNAM After bottoming out two years ago, housing prices have generally trended higher as the number of sales expanded and inventory contracted. All price indicators posted gains from prior year levels. Median sales price increased 12.7% to $302,500 while average sales price rose 15.9% to $379,217 over the same period…

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[Supply Limited] 2Q 2013 Westchester & Putnam Report

July 11, 2013 | 9:56 pm | delogo | Reports |

We just published our report on the Westchester & Putnam County New York housing markets. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

WESTCHESTER

  • Inventory fell to 8-year low.
  • Jump in both number of sales and signed contracts.
  • Housing prices rose above year ago level.
  • Median sales price rose to highest level for second quarter in 8 years.
  • Credit remains tight keeping inventory low.
  • Heavy contract momentum carrying into next quarter.

PUTNAM

  • Sales jumped despite inventory slide.
  • Housing price indicators slipped from year ago levels.

Here’s an excerpt from the report:

WESTCHESTER There were 2,251 sales in the second quarter, 24% more than the same period last year, consistent with the 23% increase in all signed contracts over the same time period. Listing inventory fell by 13.3% to 6,128 from the prior year quarter, marking the lowest second quarter inventory total since 2005…

PUTNAM The Putnam housing market saw a modest decline in all price indicators from prior year levels. Median sales price was $288,500, down 1.5% from the prior year quarter. Average sales price fell by 6.2% to $326,406 and average price per square foot fell by 5.2% to $164 over the same period…

You can build your own custom data tables on the Westchester & Putnam markets as well as view charts on the Westchester market, all updated with 2Q13 data.

Press coverage




The Elliman Report: 2Q 2013 Westchester & Putnam Sales [Miller Samuel]
The Elliman Report: 1Q 2013 Westchester & Putnam Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]
Westchester Market Charts [Miller Samuel]


[Inventory, Contracts] 1Q 2013 Westchester & Putnam Report

April 11, 2013 | 11:27 am | delogo | Reports |

We just published our report on the Westchester & Putnam County New York housing markets.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

WESTCHESTER

  • Listing inventory fell to lowest first quarter total in four years.
  • Current supply is just below the 10-year average.
  • While sales are up, contract volume surged above year ago levels.
  • Overall price indicators were mixed indicating stability.

PUTNAM

  • Listing inventory declined as sales edged higher
  • Housing prices edged higher.

Here’s an excerpt from the report:

…The first quarter of 2013 was defined by falling listing inventory and a significant rise in contract activity. Despite the faster pace of the market, price indicators showed stability compared to the same period last year. However, the overall market is expected to see more upward price pressure if the pace of falling supply and rising sales activity continues. The number of closed sales in the first quarter of 2013 showed only a modest gain of 5.6% to 1,348 compared to the same period last year. However, the total number of contracts surged 27% over the same period representing a significant acceleration in the pace of the market since the end of 2012. Listing inventory continued to fall sharply, down 17.5% to 5,587 from the first quarter of 2012, the lowest first quarter total in four years…

You can build your own custom data tables on the Westchester & Putnam market – now updated with 1Q 13 data. I’ll be posting the updated charts soon.




The Elliman Report: 1Q 2013 Westchester & Putnam Sales [Miller Samuel]
The Elliman Report: 1Q 2013 Westchester & Putnam Sales [Douglas Elliman]


[Stronger Finish] 4Q 2012 Westchester & Putnam Report

January 12, 2013 | 9:57 pm | delogo | Reports |

We just published our rreport on the Westchester & Putnam County New York housing markets.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

WESTCHESTER

  • Housing prices remain stable.
  • Sales up sharply as many anticipated higher taxes relating to the Fiscal Cliff in 2013.
  • Listing inventory continued to fall. Higher sales and tight credit ARE keeping inventory low.
  • Days on market edged higher as older inventory continued to be absorbed.
  • Luxury prices continued to outpace the overall market.

PUTNAM

  • Housing price indicators were mixed.
  • Sales slipped from the same period last year.
  • Listing inventory continued to trend lower.
  • Days on market edged higher as older inventory continued to be absorbed.

Here’s an excerpt from the report:

…The fourth quarter 2012 Westchester housing market was characterized by general price stability, sharply rising sales activity, declining inventory and a faster overall market pace heading into 2013.

Median sales price saw a nominal 0.6% decline from prior year levels to $395,000. Average sales price increased 11.5% and average price per square foot rose 5.2% over the same period. The year-to-date results show nominal declines for all price indicators, including a 1.6% decline in median sales price. In the fourth quarter, the luxury market price indicators outpaced the overall market. Median sales price increased 21.6% from the prior year quarter to $2,150,000…

You can build your own custom data tables on the Westchester & Putnam market – now updated with 4Q 12 data. I‘ve added some charts for Westchester (Putnam coming) and will be adding to them in the future.




The Elliman Report: 4Q 2012 Westchester & Putnam Sales [Miller Samuel]
The Elliman Report: 4Q 2012 Westchester & Putnam Sales [Douglas Elliman]


[More Pacing] 3Q 2012 Westchester & Putnam Report

October 11, 2012 | 1:24 pm | delogo | Reports |

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]

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[Stable Burb] 2Q 2012 Westchester & Putnam Report

July 12, 2012 | 4:43 pm | delogo | Reports |

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]

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[The Housing Helix Podcast] Chris Meyers, COO, Houlihan Lawrence Real Estate

May 20, 2010 | 10:52 pm | Podcasts |

I have a candid conversation with Chris Meyers, COO of Houlihan Lawrence, the largest real estate brokerage firm in Westchester County, New York. A family business, Houlihan Lawrence has 1,200 agents and 24 offices to service Westchester, Putnam and Duchess Counties.

We talk about many things including the housing market of the past 18 months, finding good agents and the introduction of social media to the real estate brokerage business.

Check out the podcast.

The Housing Helix Podcast Interview List

You can subscribe on iTunes or simply listen to the podcast on my other blog The Housing Helix.



[WPAR] 1Q 2010 Westchester County, NY: Tax Credit Driving Sales

April 27, 2010 | 9:51 pm | irslogo |

The Westchester-Putnam Multiple Listing Service, Inc. provides a quarterly analysis of the Westchester County real estate market, a suburb of New York City.

Although we perform appraisals in Westchester it’s been a while since I wrote about the market. I just did the keynote at Westchester Real Estate, Inc.’s annual award luncheon and got some great feedback from the brokers in attendance.

For perspective, and aside from the last two years, annualized sales levels in 2010 are below every year since 1993. In fact, the annualized sales level for 2010 is exaggerated since the first quarter benefitted from elevated sales activity caused by the federal tax credit which will not continue to skew sales higher in the second half of 2010.

Despite a 54% increase in sales activity in 1Q 2010 over the prior year quarter, sales listing inventory actually increased 3.9%. In other words, new listings entering the market outpaced the properties being sold off. With the gains in sales, we would expect a decline in inventory over the same period.




Here’s an excerpt from the WPAR report.

Real estate firms participating in the Westchester-Putnam Multiple Listing Service reported 1,313 closings of Westchester residential property transactions in the first three months of 2010, an increase of 54% from the same period a year ago. Putnam County closed transactions were up by 28%. The closings largely reflected marketing and contract activity that took place during the late autumn and closing months of 2009.

Although the year to year percentage increases in sales were high in all categories of housing tracked by the MLS, it must be noted that they were calculated against the very poor sales base of the opening months of 2009. At that time total sales were less than half those of the peaks posted in 2006 and 2007. The 2010 volume was closer to that posted at the start of 2008 when the real estate recession first took hold in our area. Seasonally adjusted1, Westchester’s 2010 first quarter sales were equivalent to an annual sales rate of 6,830 units; that approximate annual volume was last experienced in 1995 and 1996.

Download the Westchester and Putnam Counties 1Q 10 report [WPAR]


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[Vortex] The Hall Monitor: Seasonality Should be Considered in Comp Selection

April 27, 2010 | 8:39 pm |

Guest Columnist:
Todd Huttunen

Todd Huttunen began appraising more than 20 years ago with a few years off in between to pursue a career in cabinet making. He relegated that to hobby status and is currently an appraiser in an assessor’s office. His best friend dubbed him The Hall Monitor because of his rigidity and respect for rules. He offers Matrix readers tongue-in-groove insight on appraisal and housing issues. View his earlier handiwork on my first blog, Soapbox

Jonathan Miller


Seasonality Should be Considered in Comp Selection


April 26, 2010

The Westchester numbers for the first quarter just came out today. Even with the turbulence we’ve seen in the last couple of years, there remains a consistent trend in the median selling prices as relates to “seasonality”.

Not unlike Metro-North or Hamptons rentals, there is a “peak” and an “off peak”.

Whether the overall market is trending up or down, houses that close in the second or third quarters sell for considerably more than those that close in quarters four or one.

Appraisals done “in season” (assuming 60 days from contract to closing, these would be valuation dates in the six months between February 1 and July 31) should rely, if possible, on sales that closed in the second and third quarters, if not from the year of the appraisal then on the prior year. Conversely, appraisals made between August 1 and January 31, or “off season”, should focus on sales from quarters four and one.

Adjustments are required for the difference in market conditions between “in season” and “off season” for single family houses in the New York metropolitan area. What those adjustments should be can be fairly easily calculated by looking at the historical data for median prices. Remarkably, in Westchester at least, the differences are pretty consistent either in upward of downward trending markets.

Check out that serpentine line on the Median Price chart – just for fun, print it out and draw a line connecting only quarters two and three to each other over the years. Then do the same to quarters four and one and watch how quickly that serpentine line straightens out into two lines with much more of a consistent trend to them.

I really don’t understand why appraisers are so stuck on this idea that only sales taking place within six months of valuation date should be used. Six month old sales can be the most misleading ones of all, insofar as market conditions are concerned.

p.s. I know I addressed this issue in a prior post but it bears repeating since it seems almost no one is paying any attention.


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