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Elliman Report: Westchester & Putnam Sales 4Q 2012

WESTCHESTER 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…

PUTNAM Housing price trends in Putnam were generally higher in the second half of the year than the first half, largely due to the strength in the entrylevel market in early 2012. Although the fourth quarter sales total was lower than it had been in the same period last year, the annual total of 695 was 10.7% above the yearly total for 2011, with a larger portion of sales occurring in the latter part of 2012. Listing inventory fell to its lowest level in 7 years; this drop, combined with a generally elevated level of sales, resulted in a 12.1-month absorption rate, the lowest rate in 7 years…

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