Westchester Putnam Real Estate Report: 2016 Third-Quarter
Below is an excerpt from the Hudson Gateway Association of Realtors’ (HGAR) 2016 third-quarter report for Westchester Putnam real estate.
The Hudson Gateway region’s real estate market continued its high-volume roll through the third quarter of this year although at a slower pace than for the first two quarters of the year. Realtors participating in the Hudson Gateway Multiple Listing Service, Inc. (MLS), a subsidiary of the Hudson Gateway Association of Realtors, reported 5,644 closed residential sales of single family houses, condominiums, cooperatives and 2-4 family properties in the four-county area served by the MLS. This volume constituted a 7% increase over last year’s third quarter sales but did not reach the 12% year-to-year increase posted in the first quarter nor the surge of 23% in the second quarter. Counting all three quarters thus far, 2016’s sales volume is running about 15% higher than last year’s.
The current market is looking a lot like 2015 with its high sales rates, average sales prices that vary by county but that generally show only small changes up or down from last year, and a continuing drawdown of inventory which so far has not resulted in either competitive price increases or market contraction. The year-to-year drop in inventory is dramatic. There were 11,734 residential listings posted with the MLS at the close of the third quarter of 2015. One year later that number had decreased by 20% to 9,387 properties. Read the complete report here.