We published our report on the Manhattan rental market for 2Q 2012 this morning. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.
Key Points
WESTCHESTER
Housing prices were stable, basically unchanged from this time last year. Median sales price was $459,000 in 2Q 12Sales activity jumped, up 14.7% from last year to 1,815.Listing inventory fell 11.7% to 7,064.
The combination of rising sales and falling inventory quickened the “pace” of the market as the monthly absorption rate fell to 11.7 months from 15.2
Luxury market saw stronger price trends than the stable overall market, median was up 6.6%.
PUTNAM
Housing prices softened – median down 6.6% to $293KSales jumped in response to falling rates.
Inventory fell 13.2%
Here’s an excerpt from the report:
…The Westchester housing market showed price stability, rising sales and falling inventory during the second quarter, as the regional economy continued to confront tight credit and a slowly improving economy. Median sales price was $459,000, essentially unchanged from $457,500 in the prior year quarter. Average sales price followed the same pattern. The average sales price was $645,208 in the second quarter, similar to $643,907 in the same period last year. Price per square foot, the least reliable of the three price indicators, reflected a 2.6% increase to $279 per square foot over the same period…
You can build your own custom data tables on the Westchester & Putnam market – now updated with 2Q 12 data. I’ll have the newly created chart section for Westchester & Putnam uploaded this evening.
The Elliman Report: 2Q 2012 Westchester & Putnam Sales [Miller Samuel]
The Elliman Report: 2Q 2012 Westchester & Putnam Sales [Prudential Douglas Elliman]
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