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Westchester County

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 | irslogo |

[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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