Posted by Jonathan J. Miller -Thursday, April 12, 2012, 10:55 AM
We published our report on Westchester/Putnam market sales for 1Q 2012 this morning. I’ve been authoring this report series for Douglas Elliman since 1994 and added this regional report about a year ago (but have about 30 years of historical behind it).
The market was a mixed bag this quarter. Weak but trying to stabilize. Overall prices trended lower but the luxury market posted strong gains over the same period last year. Inventory edged higher but was offset by sales rising enough to keep the monthly absorption rate unchanged. We expect inventory to expand over the next few years as foreclosures enter the market after last year’s robo-signing scandal held them off the market.
Here’s an excerpt from the report:
There were 1,277 sales in the first quarter, 1.8% more than 1,254 sales in the same period last year. The market share for 1-family properties expanded to 59.1% from 57.5% over the same period. Condo market share edged up to 14.7% of all sales from 14.4% in the prior year quarter. Co-ops and 2-4-family properties declined over the same period to a 5.6% and 20.5% market share, respectively. In the 1-family market, the Northeast and South-Central regions showed large gains in market share of sales over the past year, while the remaining four regions experienced declines in market share.
I’ve got a tool to build custom data tables on the Westchester and Putnam markets. I haven’t added charts for this region yet but they are coming. In the meantime you can see other market areas and some other generally cool housing market charts (IMHO).