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

Date: Jul 13, 2017

DouglasElliman Releases Q2 2017 Westchester, Putnam, and Dutchess Counties Market Report

HeavySales Volume, Rising Prices, Falling Inventory

New York, NY (July 13, 2017) -- 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:
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WESTCHESTER SALES MARKET HIGHLIGHTS

Overview

- Most secondquarter sales recorded since 1982
- Lowest second quarter listing inventory 14 years

- After twoyears of heavy sales, upward price pressure is evident for overall singlefamily market

- Luxurysingle family median sales price increased annually for 3rd consecutive quarter

- Marketremains tightest in the entry-level and softest at the top.

- Fastestmoving second quarter in at least 22 years

Key TrendMetrics (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, downfrom 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

CondoMarket
- Median sales priceincreased 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

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PUTNAM SALES MARKET HIGHLIGHTS

Overview

- Sales werethe 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%

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DUTCHESS SALES MARKET HIGHLIGHTS

Overview

- Most second quarter salesin at least 21 years
- With the decline of inventory, the pace of the market accelerated

- Continuation of fastermarketing 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 isthe largest brokerage in the New York Metropolitan area and the fourth largestresidential real estate company nationwide. With more than 6,500 agents, thecompany operates approximately 90 offices in Manhattan, Brooklyn, Queens, NewJersey, Long Island, the Hamptons & North Fork, Westchester, Greenwich,South Florida, Colorado and Beverly Hills. Moreover, Douglas Elliman has astrategic global alliance with London-based Knight Frank Residential forbusiness in the worldwide luxury markets spanning 59 countries and sixcontinents. The company also controls a portfolio of real estate servicesincluding Douglas Elliman Development Marketing; Manhattan’s largestresidential property manager, Douglas Elliman Property Management with over 250buildings; and DE Commercial. For more information on Douglas Elliman as wellas expert commentary on emerging trends in the real estate industry, pleasevisit www.elliman.com.

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