Douglas Elliman Releases Q2 2017 Westchester, Putnam, and Dutchess Counties Market Report

Heavy Sales Volume, Rising Prices, Falling Inventory

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Jul 13, 2017, 09:00 ET

NEW YORK, July 13, 2017 /PRNewswire/ -- Douglas Elliman Real Estate, the largest brokerage in the New York Metropolitan area and the fourth largest residential real estate company nationwide, today releases the second quarter 2017 Westchester, Putnam, and Dutchess Counties Market Report. The report reveals heavy sales volume with rising prices and a decrease in inventory across all three counties.

"We've been seeing heavy sales volume in Westchester, Putnam, and Dutchess Counties for the past two years, but now we are experiencing upward price pressure," said Scott Durkin, Elliman's Chief Operating Officer. "Westchester's single family properties have shown median price gains for two consecutive quarters and the county's single family luxury properties have also shown median price gains. We are seeing growing interest in the northern suburbs of New York City for both primary and second homes."

"Conditions have clearly improved," added Jonathan Miller, author of the report. Putnam and Duchess Counties are consistently showing rising prices, high sales volume and falling inventory. I suspect this pattern will only continue as the Hudson Valley gains more attention as an affordable second home market."

Highlights of the Douglas Elliman Q2 Market Reports:

WESTCHESTER SALES MARKET HIGHLIGHTS

Overview
- Most second quarter sales recorded since 1982
- Lowest second quarter listing inventory 14 years
- After two years of heavy sales, upward price pressure is evident for overall single family market
- Luxury single family median sales price increased annually for 3rd consecutive quarter
- Market remains tightest in the entry-level and softest at the top.
- Fastest moving second quarter in at least 22 years

Key Trend Metrics (compared to same year ago period)
- Median sales price increased 1.6% to $500,000
- Average sales price rose 2.1% to $675,509
- Number of sales jumped 18.2% to 2,684

- Listing inventory dropped 13.9% to 4,431
- Days on market was 89 days, down from 92 days
- Listing discount was 2.1%, down from 2.9%
- Monthly absorption rate was 5, down from 6.9

By Property Type

Single Family Market
- Median sales price increased 4.6% to $670,000
- Number of sales rose 10.5% to 1,627

Condo Market
- Median sales price increased 4.7% to $375,500
- Number of sales declined 4.1% to 354

Co-op Market
- Median sales declined 0.8% to $161,000
- Number of sales surged 70% to 522

Multifamily (2-4) Family Market
- Median sales price increased 7.6% to $455,000
- Number of sales fell 18.9% to 145

Luxury Market (upper 10% of all 1 family sales)
- Median sales price increased 6.7% to $2,200,000
- The luxury price threshold rose 11.3% to $1,725,000

PUTNAM SALES MARKET HIGHLIGHTS

Overview
- Sales were the second highest second quarter total since 2006
- Largest annual price increase in more than 3 years
- Faster marketing time with more negotiability

Key Trend Metrics (compared to same year ago period)
- Median sales price rose 9.6% to $328,750
- Number of sales slipped 1.1% to 266

- Listing inventory fell 23.7% to 635
- Days on market was 128 days, down 3.1%
- Listing discount was 4.5%, up from 3.4%

DUTCHESS SALES MARKET HIGHLIGHTS

Overview
- Most second quarter sales in at least 21 years
- With the decline of inventory, the pace of the market accelerated
- Continuation of faster marketing time with less negotiability

Key Trend Metrics (compared to same year ago period)
- Median sales price increased 1.4% to $265,000
- Number of sales jumped 31.3% to 323

- Listing inventory fell 10.9% to 778
- Days on market was 104 days, down 4.6%
- Listing discount was 3.9%, down from 6%

About Douglas Elliman Real Estate
Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the fourth largest residential real estate company nationwide. With more than 6,500 agents, the company operates approximately 90 offices in Manhattan, Brooklyn, Queens, New Jersey, Long Island, the Hamptons & North Fork, Westchester, Greenwich, South Florida, Colorado and Beverly Hills. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 59 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing; Manhattan's largest residential property manager, Douglas Elliman Property Management with over 250 buildings; and DE Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit www.elliman.com.