Houlihan Lawrence – 1Q 2013 Market Report

Houlihan-Q1-2013The seeds of a housing recovery sown last year have blossomed this spring in both our region and across the United States. In Westchester, Putnam and Dutchess counties, pending sales (commitments to purchase a home at a specified price and terms, typically closing within 60 to 90 days) are up sharply compared to the same period last year, while inventory is down to 2004 levels, near the lows of the last bull market.

Our current supply/demand ration in Westchester (three active listings for every pending home sale) is at the lowest levels since 2005, and we are increasingly seeing multiple bidders vying for new listings in many communities. With inventory being absorbed at a faster pace than new listings entering the market – both locally and nationwide – we can expect to see rising home prices in 2013, consistent with our prediction last year that home values had bottomed.

In face, median prices are beginning to edge up locally in Q1 compared to the same period last year: in Westchester the median price was up 2% to $515,000; Putnam County median price increased by 3%.

The national trend toward reduced inventories reflects a combination of psychological and economic factors. Some homeowners are unable to sell because they are under water on their mortgages, or have minimal equity available to purchase another home. Others may feel that time is on their side and are waiting for higher prices before listing. Whatever their reasons, homeowners across the country are staying put in greater numbers for the time being.

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Barbara Kerrigan – Real Estate Buyer/ Broker, Relocation Specialist
Barbara Kerrigan has been in residential real estate for 18 years and is an expert at seeing the potential in distressed properties. She can help you with any of your needs, not just in property that needs renovation but in all aspects of buying and selling residential properties.

Houlihan Lawrence – 4Q 2012 Market Report

Q4-ReportThe local real estate market finished 2012 with a bang marked by the record-breaking sale of Devonshire in Bedford Corners, the first brokered property sale in Westchester to exceed $21 million. Closing on December 24th, this historic transaction punctuated the most active quarter in our market since 2006. As home sales increased sharply across most of the region in Q4, median sale prices increased by 3.8%.

Westchester enjoyed strong gains in Q4 and the highest number of Q4 home sales since 2006: single-family home sales increased to 1,041 in Q4-2012, a 30% gain from Q4-2011, while condo and coop sales were up 44% and 16% respectively in Q4-2012 compared to Q4-2011.

Continuing a trend prevalent since 2008, Southern Westchester outperformed the northern suburbs in sales growth. Single-family home sales in the Sound Shore region were up 53% in Q4, Lower Westchester was up 48%, and Greater White Plains was up 50%. Northern Westchester saw home sales increase by 26%, while Northwest Weschester was up 16%.

Looking further north to Putnam County, Q4 single-family home sales increased by 4%, while median sale price dropped by 5%, when compared to Q4-2011. In Dutchess County, homes sold increased by 19% in Q4-2012 and median sale price was up by 6%, compared to Q4-2011.

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And learn more about our Residential Real Estate Services.

Barbara Kerrigan – Real Estate Buyer/ Broker, Relocation Specialist
Barbara Kerrigan has been in residential real estate for 18 years and is an expert at seeing the potential in distressed properties. She can help you with any of your needs, not just in property that needs renovation but in all aspects of buying and selling residential properties.

Houlihan Lawrence – 3Q 2012 Market Report

With 2012 on pace to record the most regional home sales since 2007, the scorching Spring market settled to a steady simmer in Q3. All year long, we’ve pointed to the encouraging surge in pending sales – first noted in Q4-2011 – which now is beginning to translate into healthy increases in closed sales across most of the region. In Westchester, closed sales of single family homes increased 15% in Q3-2012 compared to the prior year. In Putnam County, closed single-family home sales increased by 28% year-over-year, while Dutchess County posted a small decline of 2.7%.

Since the largest gains in sales activity have been at entry-price levels across the region, median prices have declined year-to-date in 2012 by 5%, 10% and 13% in Westchester, Putnam and Dutchess counties respectively. However, the lower median prices reflect primarily a shift in the mix of homes selling rather than a continuing decline in values for comparable homes. From the peak in 2007, price declines have ranged from 10-15% in Lower Westchester to 30-35% in parts of Northern Westchester, Putnam and Dutchess counties. For most of the markets we serve, values appear to have stabilized, and in the case of Lower Westchester, have actually begun to increase modestly.

Read the Full Report

And learn more about our Residential Real Estate Services.

Barbara Kerrigan – Real Estate Buyer/ Broker, Relocation Specialist
Barbara Kerrigan has been in residential real estate for 18 years and is an expert at seeing the potential in distressed properties. She can help you with any of your needs, not just in property that needs renovation but in all aspects of buying and selling residential properties.

Houlihan Lawrence – 2Q 2012 Market Report

For Westchester, Putnam and Dutchess Counties – Excerpt

The national media is finally catching on to what we first reported in our Q4-2011 Market Report six months ago – that the housing market has bottomed and we are in the early stages of what could become the next bull market. The market indicators we track are tracing a pattern that has typically marked the bottom of previous housing cycles. Transaction volume is increasing at double-digit rates across most market areas, with lower-end price levels still leading the way. Prices have stabilized at 2003/2004 levels, and we continue to see strong demand across most market areas and price ranges.

Demand is up and supply is down across Westchester, Putnam and Dutchess counties. This market dynamic is a message of confidence to prospective sellers who may have been waiting on the sidelines to bring their home to the market. In fact, with record-low mortgage rates, the shortage of well-priced inventory is about the only thing discouraging motivated buyers at the moment.

The surge in pending sales during Winter and Spring has translated into the best second quarter for closed sales since 2007 in many market areas, and the momentum shows no signs of tapering off.

Read the Full Report

Barbara Kerrigan – Real Estate Buyer/ Broker, Relocation Specialist
Barbara Kerrigan has been in residential real estate for 18 years and is an expert at seeing the potential in distressed properties. She can help you with any of your needs, not just in property that needs renovation but in all aspects of buying and selling residential properties.