(The following information is based on Multiple Listings Service data for Westchester and Putnam Counties for Single Family and Condominium Properties.)
The good news is that the number of properties under contract in Westchester & Putnam Counties last month represented a 20% increase over March 2012. This increase is significant because March 2012 contract properties were also up about 17% from 2011.
The sold properties (closings) last month were essentially flat from last year at this time, but the fact that the number of contracts was up 20% that means that closing numbers should be higher for this April over April 2012.
The other news... Inventory, while down 20% from 2012, has increased 6% from last month, and pre-listing inventory (homeowners who are getting ready to put their homes on the market) is building at a rapid pace. My team is currently experiencing a significant increase in new listings coming on the market, and many top agents that I have spoken to from around the county are experiencing the same activity. This inventory spike will create a more competitive environment in the housing market. In addition, the median sale price is down about 2% from this time last year which shows that values are essentially flat for the area.
To understand real estate in your particular town or neighborhood in Westchester County, NY, contact me for a more detailed analysis. I am here to help! Email me at mark@markboyland.com or call 914-234-4444.
Comments(2)