Westchester, Putnam see inventories plummet

Price indicators up in Westchester, down in Putnam
July 12, 2012 02:00PM

The housing markets in Westchester and Putnam counties, north of New York City, showed rising sales activity and falling inventory during the second quarter of 2012, according to a Prudential Douglas Elliman report released today. Second quarter inventory of single-family homes in both counties fell to its lowest level in the past seven years.

According to the report, listing inventory in the second quarter in the overall single-family market in both counties declined by a total of 15.2 percent year-over-year to 4,003 from 4,720, though this number shows a 4.1 percent quarter-over-quarter climb. The number of sales this past quarter increased by nearly 53 percent quarter-over-quarter to 1,153 — a nearly 17 percent jump, year-over-year.

In the two- to four-family market in both counties, listing inventory in the second quarter tallied 544 — up 12.4 percent from the previous quarter and down 7.8 from the second quarter of 2011.

As The Real Deal reported last week, the Manhattan residential market saw a decrease in inventory. Co-op and condominium inventory fell 13.5 percent, year-over-year. Listings were also down, with just over 5,000 added — a 15 percent drop quarter-over-quarter and year-over-year.

Overall, home sales in Westchester jumped. The total number of sales closed in the second quarter was 1,815 — a 42.1 percent jump from the previous quarter and a 14.7 percent rise year-over-year. Putnam had 115 closed sales in the previous quarter — a 51.3 percent quarter-over-quarter spike and a 16.2 percent year-over-year increase.

Beyond falling inventory and rising sales, there was a difference in price indicators between the two counties in the second quarter.

In Westchester, the report says, price indicators showed stability. Average sales price in the second quarter came in at $645,208 — a 20.6 percent quarter-over-quarter increase and a 0.2 percent year-over-year increase. At the same time, median sales price in the second half of the quarter, $459,000, showed a 20.8 percent quarter-over-quarter increase and a 0.3 percent year-over-year increase.

Putnam, on the other hand, shows price indicators below their prior year levels, the report says. The median sales price in the second quarter was $293,025, down 6.6 percent year-over year; average price per square foot was $173, 8 percent down, year-over-year, and the average sales price, $348,114, was down 9.6 percent year-over-year. — Zachary Kussin