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Westchester County, NY

[Stable Burb] 2Q 2012 Westchester & Putnam Report

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

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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2Q 09 Westchester County, NY: Above The Fruited (White) Plain(s)

July 29, 2009 | 12:30 am |

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

Incidentally I’m looking forward to speaking at the Westchester County Board of Realtors annual meeting in the fall.

Courtesy of WestchesterTowns

Although we perform appraisals in Westchester, it’s been a while since I blogged about the market (using their report)…

Like NAR’s existing home sale stats, the Westchester-Putnam MLS annualizes and seasonally adjusts. Sales and prices are up from the prior quarter (remember: seasonally adjusted) and had the first significant increase in number of sales since 1Q 07.

Sales are down 30.7% from the same period last year. Median sales price was down 16.3% over the same period to $565,000. A portion of the price decline was due to a shift in the mix to proportionally more sales at the lower end of the price spectrum. Inventory is down almost 7% from last year which had been the highest level in 4 years.

Sound like other markets you know? Does to me – that’s because credit is driving this.





Download the 2Q 09 report and a myriad of previous reports back to 1981.


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1Q 07 Westchester County, NY: From Sing Sing to Chappaqua

May 2, 2007 | 12:01 am |

The Westchester-Putnam Multiple Listing Service, Inc. provides a quarterly analysis of the real estate market. Considered a suburb of New York City, Westchester County, NY along with Fairfield County, CT, Northern New Jersey and Long Island are an important part of the New York City real estate market. A Matrix reader suggested I provide a summary each time the report is released by the MLS.

Courtesy of WestchesterTowns

Westchester County is known for its higher end housing stock that serves as one of the primary markets to families that sell in the city and move to the suburbs. The second home market in New York has also benefited from empty-nesters who have sold their properties in Westchester and have moved to the city. Cities like White Plains and New Rochelle (Remember Rob and Laurie Petrrie?) have undergone downtown revitalization.

The number of sales are up, despite the increase in inventory. Prices show more weakness in 1-family and 2-5 family properties compared to the same period last year while co-op and condo prices are up slightly.




2007 FIRST QUARTER AND FULL YEAR RESIDENTIAL REAL ESTATE SALES REPORT [“sales statistics” link for pdf]

Here are excerpts from the report

Westchester’s residential real estate market evidenced strength in the first quarter of 2007 as the number of reported closed transactions increased by nearly 6% from those of a year ago. Realtors participating in the Westchester-Putnam Multiple Listing Service reported 1,927 closings in Westchester in the first three months of the year, nearly achieving the first quarter record of 1,998 closings established in 2005. First quarter closings largely reflect sales activity in the late autumn and winter months.

Within that overall increase, however, the performance of individual property types varied widely. While single-family house sales increased by 11% and condominiums by 17%, co- op sales numbered 4.5% fewer than last year, and 2-5 family house sales were down by 17%. Further, in Putnam County, total sales were down by 20% from last year.

On a seasonally adjusted1 basis, because prior quarter sales volumes since 2005 had been trending downwards, the 2007 uptick produced an 18% increase from the prior quarter’s adjusted rate. The actual first quarter sales were equivalent to an annual rate of 10,250 sales in Westchester, which if sustained for the rest of the year would place 2007 on a par with the high-performing 2005 market.


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4Q 06 Westchester County, NY: From Sing Sing to Chappaqua

January 31, 2007 | 12:01 am | |

[The Westchester-Putnam Multiple Listing Service, Inc. provides a quarterly analysis of the real estate market. Considered a suburb of New York City, Westchester County, NY along with Fairfield County, CT, Northern New Jersey and Long Island are an important part of the New York City real estate market. A Matrix reader suggested I provide a summary each time the report is released by the MLS.]

Courtesy of WestchesterTowns

Westchester County (remember Chappaqua, where President Clinton purchased?) is known for its higher end housing stock that serves as one of the primary markets to families that sell in the city and move to the suburbs. The second home market in New York has also benefited from empty-nesters who have sold their properties in Westchester and have moved to the city.

On the flip side, the county is also known for its high real estate taxes, its maximum security state prison, Sing Sing, and a nuclear power plant, Indian Point.

In reviewing the charts, I was struck by how high current sales levels actually are, how pricing appeared to drift sideways with some weakness during the year and how sharply inventory dropped, even though it is still higher than last year.




2006 FOURTH QUARTER AND FULL YEAR RESIDENTIAL REAL ESTATE SALES REPORT [“sales statistics” link for pdf]

Here are excerpts from the report

Westchester’s multi-year run-up to record-high residential real estate sales and prices in 2005 abruptly halted in 2006. Realtors participating in the Westchester-Putnam Multiple Listing Service reported 9,167 closed sales in Westchester in 2006, a decrease of 13% from 2005. In Putnam County, the 1,001 sales for the year constituted a 23% decrease from 2005.

The signals of possible contraction in the local real estate market were evidenced in the seasonally adjusted data from as early as the third quarter of 2005. Nevertheless, the speed and depth of the contraction as it actually occurred early in the first quarter of 2006 caught the market by surprise, and the downturn persisted through the year.

The 2006 sales volume reset the market to levels last experienced in 2002 and 2003. Those were actually good years for real estate on an historical basis. However, Westchester’s overall backsliding of 13% in sales volume would have been greater were it not for the relatively moderate slowdown in the condominium and cooperative sectors in comparison to single family houses. Whereas house sales dropped nearly 17% from 2005 to 2006, condo sales decreased by less than 1%, and co-ops by only 9%.

Westchester’s year-end inventory of 5,774 units in all categories was 21% higher than at the end of 2005, and that percentage applied fairly uniformly among the major property types. In Putnam County there were 943 units available at the end of the year, a 15% increase from 2005.

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