July 12, 2011
2011 SECOND QUARTER RESIDENTIAL REAL ESTATE SALES REPORT
Westchester and Putnam Counties, New York
An assessment of the Westchester-Putnam real estate market in recent months can generate an optimistic or pessimistic outlook depending on how far back one makes the comparisons. Thus far in the two counties, from January 1 to June 30 of this year, total real estate closings reported to the Empire Access Multiple Listing Service were about 16% fewer than for the first half of 2010. On the other hand, they were about 35% ahead of the volume posted in the first half of 2009.
Both comparisons are made to abnormal markets, however. The 2009 data reflected the depth of the recession as it affected real estate in this region. Sales volumes fell to levels not experienced since the early 1990s. To say that there was no direction but up would not have been an exaggeration. 2010’s sales volumes, in contrast, and particularly from January to June, reflected the first-time homebuyers tax credit with its initial June 30
th closing deadline that had the effect of bulking up the second quarter market activity at the expense of subsequent quarters.
1, a measure that somewhat evens out the effect of unusual swings in activity, the 2011 second quarter sales rate was equivalent to an annual rate of 6,010 sales in Westchester and 740 in Putnam, down 7% from the prior quarter but substantially ahead of the third and fourth quarters of 2010. From this aspect, the second quarter market could be characterized as on Pause with no clear trend line Forward or Rewind.