« Back to Previous Page | Real Estate»News»Douglas Elliman Releases Q3 2017 Westchester, Putnam, and Dutchess Counties Market Report

Corporate Information

Douglas Elliman Releases Q3 2017 Westchester, Putnam, and Dutchess Counties Market Report

Date: Oct 12, 2017

DouglasElliman Releases Q3 2017 Westchester, Putnam, and Dutchess Counties Market Report

HeavySales Volume, Modest Price Gains, Sliding Inventory

New York, NY (October 12, 2017) -- Douglas EllimanReal Estate, the largest brokeragein the New York Metropolitan area and the fourth largest residential realestate company nationwide, today releases the third quarter 2017 Westchester,Putnam, and Dutchess Counties Market Reports.The reports reveal heavy sales volumes in most parts of the region, with modestprice gains and a decrease in inventory.

“Though the report showssales declined year over year, they still remain unusually heavy throughout thethree counties, with this quarter the third highest since 1982,” said ScottDurkin, Elliman’s Chief Operating Officer. “This can largely be attributed tothe continued influx of buyers from the city who are seeking out greateraffordability for both primary and second homes. The Hudson Valley, inparticular, is proving to be an eventual competitor to the affordable secondhome market and we’ll likely see it provide entry and middle market competitionto the East End in the future.”

“The market continues toremain soft at the top on a price basis as the luxury market saw prices slipafter edging higher over the past year,” said Jonathan Miller, author of thereport. “Putnam and Dutchess showed more of the same with the exception ofPutnam experiencing a sharp decline in sales. I suspect this is an outliersince inventory continued to fall and median price moved higher. Duchesscontinued to see heavy sales and rising prices.”

WESTCHESTER SALES MARKET HIGHLIGHTS

Overview

- Number ofsales fell year over year for only the second time in 3 years

- Third mostquarterly sales since 1982 and were 59% above the decade quarterly average

- Lowest thirdquarter inventory in 13 years

- Median salesprice rose for the fourth consecutive quarter

- Co-ops wereonly property type to see rise in sales

- Luxury pricetrends slipped after rising over the previous year

- Luxuryinventory declined for the fifth consecutive quarter

Key TrendMetrics (compared to same year ago period)

- Median sales price increased 2.9% to $535,000
- Average sales price slipped 0.5% to $675,191
- Number of sales declined 6% to 3,003


- Listing inventory decreased 5.2% to 4,203
- Days on market was 71 days, down from 81days
- Listing discount was 2.1%, down from 2.5%

-Monthly absorption rate was 4.2, unchanged

By Property Type

Single Family Market
- Median sales price increased 2.2% to $685,000
- Number of sales declined 8% to 1,931

CondoMarket
- Median sales priceincreased 4.9% to $387,250
- Number of sales declined 3.2% to 388

Co-op Market

- Median sales declined 5.1% to $165,000
- Number of sales surged 4.7% to 559

Multifamily (2-4) Family Market
- Median sales price increased 10.2% to $469,000
- Number of sales fell 20.9% to 125

Luxury Market (upper 10% of all 1 family sales)
- Median sales price slipped 1.7% to $2,112,500
- The luxury price threshold rose 0.6% to$1,650,000

______________________________________________________

PUTNAM SALES MARKET HIGHLIGHTS

Overview

- Price trends were mixed as sales fell sharply

- Faster marketing time with less negotiability

- Listing inventory declined for the 9th consecutivequarter

Key Trend Metrics (compared to same year ago period)
- Median sales price rose 2.1% to $329,900
- Number of sales declined 16.1% to 308

- Listing inventory fell 16.3% to 584
- Days on market was 81 days, down 28.9%
- Listing discount was 2.7%, up from 3.3%

______________________________________________________

DUTCHESS SALES MARKET HIGHLIGHTS

Overview

- Second mostsales in at least 21 years

- All price trendindicators moved higher

- Listinginventory fell for the sixth consecutive quarter

Key TrendMetrics (compared to same year ago period)

- Median sales price increased 1.8% to $280,000
- Number of sales slipped 1.6% to 377

- Listing inventory fell 6.1% to 726
- Days on market was 91 days, down 1.1%
- Listing discount was 2.6%, down from 2.8%

AboutDouglas Elliman Real Estate

Established in 1911, DouglasElliman Real Estate is the largest brokerage in the New York Metropolitan areaand the fourth largest residential real estate company nationwide. With morethan 7,000 agents, the company operates approximately 110 offices in Manhattan,Brooklyn, Queens, New Jersey, Long Island, the Hamptons & North Fork,Westchester, Greenwich, South Florida, Colorado and California. Moreover,Douglas Elliman has a strategic global alliance with London-based Knight FrankResidential for business in the worldwide luxury markets spanning 60 countriesand six continents. The company also controls a portfolio of real estateservices including 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 elliman.com.

###

575 MADISON AVENUE, NEW YORK, NY 10022. 212. 891.7000 © 2017 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY. CalBRE# 01947727