Below are excerpts from the Hudson Gateway Association of Realtors’ (HGAR) 2012 second-quarter report for Westchester Putnam real estate.
At last, the Westchester-Putnam real estate market posted an improved performance that may have some staying power.
Westchester-Putnam…reported 1,788 closed residential sales in Westchester County, and 177 sales in Putnam County…increases of 13.0% and 23.8%, respectively, from…the second quarter of last year.
In Westchester, single family house sales led the improvement with a 16.7% increase. Condo sales were up by 12.8% and co-op sales by 7.0%.
In Putnam County, single family house sales increased by 31.1%, albeit in comparison to very poor sales results last year.
Taking the first quarter of 2012 into consideration as well, the likely year-end total if this pace of sales persists will…[make] 2012 the strongest year since the real estate recession gripped our region in 2008.
The recent spurt in sales volume accounted for some of the constriction of inventory, but most of it remained due to the reticence of property owners to enter the housing market while economic conditions remained shaky.
Uncertain job growth and job security continue to retard consumer confidence in home buying.
There is much commentary by…Realtors…that there is very strong market activity right now which they are characterizing as release of pent-up demand. It will take another several months to know if all that showing and marketing activity results in a true, lasting market rebound.
Read the complete 5-page report here.
To compare this report with reports going back as far as 1981, visit Market Statistics at www.HGAR.com.
