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.

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