- 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.
- 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.