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.

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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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