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.

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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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