Benefitting from rising housing prices in New York City, sales in Westchester County hit a new, 34-year high, according to a report from analysts at real estate market firm Douglas Elliman.
Analysts report that fourth quarter 2015 sales were at their highest level since 2004 in Westchester County and set a new, 34-year record after reaching record numbers in the prior quarter. Listing inventory fell 4.1 percent to 3,814, the lowest fourth quarter total since 2004.
Median sales price for all residential properties was unchanged at $425,000 from the same quarter last year, Douglas Elliman analysts say. The remaining price indicators showed mixed results, as average price-per-square-foot rose 2.6 percent to $280 from last year and average sales price slipped 3.6 percent to $548,877.
Median sales price for the single-family luxury market, reflecting the top 10 percent of all sales, fell 5 percent to $1,900,000 from $2,000,000 over the same period. Sellers of luxury single-family homes continued to be anchored to the previous market peak and remained out of sync with fourth quarter market conditions, according to the report.
Days on market, the number of days from the original list price to the contract price, fell 11.7 percent to 98 days, roughly half the 186 day average in the same quarter five years ago.
Listing discount, the percentage from the original list price to the sales price, tightened to 3.6 percent from 4.3 percent in the fourth quarter of 2014.
The Putnam Conty housing market moved much more quickly than last year with more sales and less inventory, according to the Douglas Elliman report on Putnam and Duchess counties. Despite the faster moving pace, housing prices slipped from last year’s levels. Douglas Elliman analysts report that Putnam County sales rose sharply as supply slipped. There were 299 sales in the final quarter of 2015, up 13.3 percent from the fourth quarter of last year.
Listing inventory declined 2 percent to 701 over the same period, as the combination of rising sales and falling inventory resulted in a faster market pace, the report says.
Inventory rose faster than sales as the market pace in Dutchess County eased; single family prices remained stable as condo prices slipped, analysts concluded.
