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Elliman Report: Westchester & Putnam Sales 3Q 2012

…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. The number of Westchester properties sold surged 21.9% to 2,233 from 1,832 in the same quarter a year ago. Over the same period, listing inventory dropped 9.8% to 6,437 from 7,133. The combination of rising sales and falling inventory resulted in an 8.6-month absorption rate, the fastest market pace in five years. The market share by property type showed changes this quarter; single-family sales accounted for 68.7% of all sales in the quarter, the highest level this segment has seen in three years. Co-op and multi-family sales’ market share slipped, while condo market share expanded…

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