Westchester Putnam Real Estate Report: 2017 Third-Quarter
Real estate sales continued at a brisk pace in the lower Hudson region, albeit at a slightly slower pace as the year has progressed. With the exception of Orange County where sales increased by 7.9%, third quarter sales figures were generally flat in the lower Hudson region that is served by the Hudson Gateway Multiple Listing Service. Prices, however, remain strong in all counties. The primary driver of spotty sales figures can most likely be attributed to the lack of inventory; down 16% in Orange, 16% in Putnam, 15% in Rockland and 8% in Westchester as compared to third quarter 2016.
Westchester, the most populous county and the county with the highest number of sales, recorded a median sale price of $680,000 for a single-family home as compared to $668,000 for the same period last year. This represented an increase of 1.8%. Orange County had the highest percentage increase in median sales price at 4.3% going from $245,000 to $255,000 for the period. Single family median sales price in Rockland County, for the third quarter, rose to $445,000, an increase of 3.7% over last year. In Putnam County the median of $340,000 was unchanged from the third quarter of 2016.
Total third quarter residential sales numbered 5,646 which was less than 0.5% fewer sales than third quarter 2016. Inventory has been consistently lower each quarter in each of the last four years which could indicate a headwind for healthy sales numbers going forward. It is difficult to ascertain at what point rising prices, due to lack of supply, will begin to affect sales.
The 2017 year to date sales figures continue to trend significantly higher than the previous year for most of the lower Hudson region. The macro environment, e.g. attractive mortgage rates, high employment and a healthy economy should be an indication that the market will remain vibrant. Read the complete report here.