Westchester Putnam Real Estate Report: 2016 Fourth-Quarter and Full-Year
2016 posted the region’s best real estate sales results since the postrecession recovery period that commenced in 2011. Realtors participating in the four-county Hudson Gateway Multiple Listing Service, Inc., a subsidiary of the Hudson Gateway Association of Realtors, Inc., reported 18,145 closings of residential transactions comprising single-family houses, condominiums, cooperatives, and 2-4 family houses. This was a significant 12.5% increase over 2015’s total of 16,126 sales.
It was noted in the MLS’s prior third quarter report that the pace of sales slowed moderately at that time in comparison to the first half of the year, but these current fourth quarter results show a speedy bounce-back. The fourth quarter closings largely resulted from marketing activity and contracts that took place in the late summer and autumn months.
The most impressive gains on both a percentage and volume basis were those posted for Orange County. There were 4,083 sales, most of them (3,479) single-family houses, representing a 24.3% increase over 2015. Looking at just the fourth quarter, sales in Orange County exceeded 2015’s fourth quarter sales by 18.8%. For the past several years the Orange County real estate market has been powered by sales of single-family houses in a rather narrow median price range, about $225,000 to $235,000, but prices have been creeping up. The 12-month median sale price of an Orange County house was $229,000, an increase of 1.8% over last year. For the fourth quarter the median was $235,000, an increase of 3.5% over last year.
Orange County—and the other three counties as well—have been confronting an evertightening inventory situation. Inventory is not yet so low as to stall the market but is low enough to create pressure for speedier decision-making by prospective buyers. Orange’s year-end supply of listings was 2,190 units in all residential categories, a decrease of 20.8% from last year. Westchester posted a 21.2% decrease, Putnam 31.2%, and Rockland 16.1%. Continue reading this report here.