The Westchester-Putnam real estate market enjoyed a welcome uptick in sales volume in the third quarter of 2011.
The burst of third quarter sales still was insufficient to counterbalance the relatively weak postings of the first and second quarters.
…the direction of the market appeared to be improving.
Taking all nine months into account and projecting for the balance of the year, 2011’s year-end performance could come close to 2010’s and establish a mildly improving trend line from the depths of the recession in 2009.
In 2010 the median sale price among [single family Westchester] properties selling for less than $1 million was $590,000; in 2011 that submarket median fell to $540,000.
The combination of lower prices and extremely low interest rates made Westchester and Putnam real estate more affordable than at any time in recent memory, thus turning some of the pent-up demand into real sales.
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.
