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2009 wESTCHETSER COUNTY THIRD QUARTER RESIDENTIAL REAL ESTATE SALES REPORT
While the area's residential real estate market has struggled in recessionary mode all year long, there has nevertheless been a steady improvement in the sales rate over the past nine months. Realtor participants of the Westchester-Putnam Multiple Listing Service, Inc. reported a total of 1,898 closings of Westchester residential real estate transactions in July through September, a level that was 9.7% less than last year's third quarter closings, but that was considerably improved over the second and first quarter sales volumes which were off by 30.7% and 36.6%, respectively, from the prior year.On a seasonally adjusted basis1, the third quarter Westchester closings were equivalent to an annual sales rate of 6,170 units, an increase of 30.7% over the prior quarter, constituting a very large bounce-back from the barely 4,000-unit level posted in the first three months of the year.Putnam County's performance, though not as vigorous as Westchester's, also showed improvement in the third quarter. The 186 posted closings were 18.1% fewer than last year's, whereas the first quarter closings were down by 30.5%. Third quarter single family median2 sales prices, $630,000 in Westchester and $330,000 in Putnam, were below last year's levels by 11% and 12% respectively, constituting a modest recovery ... more
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