Douglas Elliman Real Estate has issued its second-quarter report on residential sales in Westchester, Putnam and Dutchess showing an increase in Westchester for the fourth consecutive quarter, strong results in Putnam and some weakness in Dutchess.
Scott Elwell, Douglas Elliman’s senior executive regional manager for Westchester and New England said, “Our thinking is that the drop in mortgage rates has helped to stimulate activity.”
The report said that the number of residential sales in Westchester rose 14.5% to 2,495 in the second quarter of 2019, the median sale price rose 1.5% to $533,000 and the average sales price declined 0.4% to $674,142.
Douglas Elliman said single-family sales in Westchester rose 14.3% to 1,508 with the median sale price in that category unchanged at $700,000. Condominium sales rose 16.1% to 346 units, with the median sale price in that segment up 5.9% to $400,000. There were 490 co-ops sold, an increase of 15.3% with the median sale price up 5.9% at $180,000. Sales of two- to four-family houses increased 10.2%, resulting in 151 units sold. The median sale price was $550,000, up 8.9%.
The report found softness in Westchester’s luxury market, which it defined as the upper 10% of all single-family sales. It said the median sales price fell 5.4% to $2,150,000 while the threshold for being classified as a luxury property dropped 5.6% to $1,600,000.
In Putnam, the number of sales went up 16.4% to 256 with a 6.2% rise in the median sale price to $359,000. The number of days a typical listing was on the market dropped 15.1% to 79 days while the listing inventory decreased 14.1% to 671 properties.
In Dutchess, the median sales price dropped 5.3% to $286,000 compared with the same period a year ago, while the number of sales jumped 39.9% to 368 units. The number of properties on the market increased to 807, up 18.3% although the average time on the market decreased 7.9% to 82 days.
The Douglas Elliman report provides some interesting details about specific market areas. In White Plains, the average price per square foot for residential properties was $424, compared with $313 for Westchester’s communities along the Hudson River and $297 in the Sound Shore area. The average sales price was $656,624 in Sound Shore communities, $749,392 in Rivertown communities and $1,360,565 in White Plains.
In Putnam, the average price per square foot was $189 and the average sales price was $382,180. In Dutchess, residences averaged $154 per square foot with the average sales price at $310,108.
Jonathan Miller of Miller Samuel Inc., author of the Douglas Elliman report, said of Dutchess and Putnam, “Both are experiencing a much faster second quarter than this time last year, with Putnam County experiencing its second-fastest paced quarter in fifteen years.”