[Stable Burb] 2Q 2012 Westchester & Putnam Report

Posted by Jonathan Miller - Thursday, July 12, 2012, 4:43 PM

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 $293K
Sales 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]

View the original article here

[Shift In Mix] 4Q 2011 Westchester & Putnam Sales Report

Posted by Jonathan J. Miller -Thursday, January 19, 2012, 10:17 AM
1 Comment

We released our report on the Brooklyn sales market for 4Q 2011 this morning. I’ve been authoring this series for Douglas Elliman since 1994. This report is the first to provide comprehensive insight and analysis for both counties beyond standard MLS stats.

Overall Westchester price indicators were mixed while the number of sales slipped from the same period a year ago. Overall sales were up but single family sales fell 5.4%. Sales of Westchester 1 families comprised 57% of all county residential sales, their lowest market share in 30 years (as far back as the data goes). Over the last few years there have been quarters that have been close. The uptick in everything else (lower priced or rent driven) caused the low market share. Putnam showed a jump in overall sales while the price indicators were mixed.

Here’s an excerpt from the report:

The price indicators for the quarter were partially mixed partially, as a result of a significant variance caused by the surge in entry-level co-op sales. The average square footage of a residential sale was 2,082, down 2.8% from 2,143 in the same period last year. As a result of the decline in size and shift in the mix to smaller sales, the fourth quarter median sales price and average sales price were nearly identical. The median sales price of a Westchester residential sale was $525,000, up 16.7% from $450,000 in the prior year quarter. The average sales price showed the opposite trend, falling 9% to $524,722 from $576,512 in the prior year quarter.

The custom data tables are updated and ready for you to play with. The chart section on the new site remains a work in progress.

The Elliman Report: 4Q 2011 Westchester & Putnam Sales [Prudential Douglas Elliman]
The Elliman Report: 4Q 2011 Westchester & Putnam Sales [Miller Samuel]

View the original article here

[NYT] Overwhelmed by (Tax) Appeal: Westchester

[click to open]

My friend and colleague Todd Huttunen, a periodic contributor here in his column “The Hall Monitor” and my old blog, the now defunct Soapbox, is an assessor for the Town of Eastchester, New York. He penned a response to the NYT article earlier this month: Westchester Towns Take Hit From Rise in Tax Appeals.

Todd is spot on with his commentary on the growing phenomenon of tax appeals as the economy flounders.

The increase in this number is the appropriate and predictable response to the devastating economic events of the last three years, and their impact on homeowners.

In fact, property taxes are rising in a weak economy despite much lower real estate values. This is an expected result in any economic downturn.

Government spending always lags such a downturn since it is much harder and less politically popular to address. Spending expanded during the boom largely due to real estate tax related revenue growth (property, transfer, permits, construction/housing related jobs, etc.)

Large local government shortfalls, with the lag in response to the change in economic conditions, is the next big thing the US will have to grapple with.

It’s particular interesting how private sector employment is finally rising but being partially offset by government employment declines. That’s the lag.

View the original article here