…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…