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Elliman Report: Putnam & Dutchess Sales 3Q 2016

The Putnam county housing market saw the most sales in 11 years. The number of sales surged 21.5% to 367 from the same period a year ago. Single family home sales accounted for 87.2% of total sales while condos accounted for 12.8% of total sales respectively from the year ago quarter with roughly the same representation by property type. Listing inventory dropped 27.8% to 698, pushing the pace of the market more than 40% faster than the same period a year ago. The absorption rate, the number of months to sell all inventory at the current rate of sales, was 5.7 months compared to 9.6 months in the year ago period, the fastest market pace in thirteen years…

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