Westchester & Putnam Market Highlights

 

WESTCHESTER

 

Overview

– Housing prices remain stable

– Sales up sharply as many anticipated higher taxes relating to the Fiscal Cliff in 2013.

– Listing inventory continued to fall.  Higher sales and tight credit ARE keeping inventory low.

– Days on market edged higher as older inventory continued to be absorbed.

– Luxury prices continued to outpace the overall market.

 

Key Trend Metrics (compared to same year ago period)

– Average sales price increased 11.5% to $585,232.
– Number of sales increased 26.3% to 1,762.

– Listing inventory fell 13.2% to 4,759 units.
– Days on market was 201 days, up 3.6%
– Listing discount was 12%, down from 12.8%.

– Monthly absorption rate was 8.1 months, down from 11.8 months.

By Property Type

Single Family Market
– Median sales price was $545,000, up 3.8%.
– Number of sales increased 31.1% to 1,042.

 

2-4 Family Market
– Median sales price was $359,125, up 4.2%.
– Number of sales fell 15.2% to 84.

 

Co-op Market

– Median sales price was $145,000, down 1.4%.
– Number of sales increased 15.9% to 343.

 

Condo Market
– Median sales price was $320,000, down 5.9%.
– Number of sales increased 42.9% to 293.

Luxury Market (The Top 10% of all Single Family Home Sales)
– Median sales price was $2,150,000, up 21.6%.
– Luxury market begins from $1,450,000.