Get “The Skinny” on the Westchester Putnam real estate market in this 2-minute video:
Below is the Hudson Gateway Association of Realtors’ (HGAR) 2013 third quarter report for Westchester Putnam real estate.
Third quarter residential real estate closings soared by nearly 29% over last year’s counts in the four counties serviced by the Hudson Gateway Multiple Listing Service, a subsidiary of the Hudson Gateway Association of Realtors. The MLS received postings of 4,579 completed sales of single family houses, condominiums, cooperatives, and 2-4 family dwellings.
The percentage increase was the greatest in Westchester County, at 31%, followed by Rockland (26%), Orange (24%) and Putnam (22%). In most cases the increases among the various property classes brought the sales counts to pre-recession levels. In Westchester, for example, the 1,991 reported closings of single family houses during this third quarter were the most for any quarter since 2005. In all of the counties except Rockland, sales of condominiums and cooperatives outpaced single family houses as a percentage increase over last year.
Even with the slower – but still healthy – sales counts of the first six months of the year, on a year to date basis through this third quarter, 2013 is running faster than last year by rates ranging from 24% in Westchester and Orange to 17% in Putnam and 16% in Rockland. Whereas there were 11,481 total sales in all categories in all of 2012, at the current rate of activity the region may cross the 14,000 sale threshold by the end of 2013.
The region is beginning to see modest price increases more often than not. In Westchester, the third quarter median sale price1 – $652,050 – was 3.5% more than last year. The average (mean) sale price1 of $$862,356, however, was almost 8% higher and signaled the insertion of more high end properties into the sales mix. More than 24% of Westchester’s houses sold for $1 million or more in the third quarter in comparison to a range of 16% to 22% throughout last year. Rockland County experienced the largest percentage price increase, 5.4%, in its single family median price, taking it to $410,000. Putnam posted the next largest increase, 5.0%, with a median price of $332,750. Putnam also posted a large 6.9% increase in condominium prices (but its data are subject to large percentage swings because its base counts are relatively small). Continue reading this report here.
To compare this report with earlier reports, visit HGAR.com.
