Below are excerpts from the Hudson Gateway Association of Realtors’ (HGAR) 2011 fourth-quarter and full-year report for Westchester Putnam real estate.
2011 in Review:
The surge of sales activity in 2010 resulting from the stimulus of the federal home buyers tax credit program failed to spill over into 2011.
[I]n Westchester County last year…the total…closed residential sales were 6.0% fewer than in 2010… Putnam County house sales differed by only one unit from 2010.
4th Quarter Results:
Prices trended downward…The fourth-quarter median sale price of a single family house in Westchester was $525,000 – 8.9% lower than a year ago, and the lowest median for any quarter since 2002. Some of that decrease in the median was attributable to a fall-off in the proportion of high-end ($1,000,000+) sales.
Most of the decrease, however, was simply the result of weak demand that prompted price concessions from sellers.
The single family, multifamily and condominium sectors all posted reduced inventories from 2010, suggesting a continuing lack of enthusiasm by consumers to enter the real estate market.
Read the complete 6 page report here.
To compare this report with reports going back as far as 1981, visit Market Statistics at www.WPAR.org.
