|
2008 First Quarter Residential Real Estate Sales Report Out for Westchester and Putnam Counties
Although the Westchester- Putnam real estate market outperformed that of New York State and the country during the past two years, the ongoing national economic difficulties finally caught up with the area during the winter months of 2007-2008. The first-quarter closings that resulted from marketing activity in that period were down 30% from a year ago and constituted the largest year over year decrease compiled by the Westchester- Putnam Multiple Listing Service (WPMLS) since it commenced.
Realtor firms participating in WPMLS reported 1,340 closed residential transactions in Westchester County from January through March, constituting a 30.5% decrease from the comparable period a year ago. The single-family house and condominium sectors were down by 30.5% and 34.5% respectively, while the highly troubled multi-family sector (2- 4 units) slipped by 56%. The brightest spot in Westchester's market was the cooperative unit sector which posted a year over year decline of only 18.9%.
Putnam County fared better than Westchester, having posted only a 9% year over year sales decline, to 154 residential sales. From a statistical aspect however, considering the relatively small size of the Putnam real estate market, just a few sales can make a large percentage difference. The reality for Putnam is that its real estate market has lagged Westchester's for the past two years and that the current percentage fall-off may be just a statistical fluke. It will take another quarter or two to know for sure.
On a seasonally adjusted basis, Westchester's first-quarter closings were equivalent to an annual sales rate of 6,840 units, the lowest adjusted rate measured by WPMLS since the 1993-1996 period and 14% below the prior fourth quarter 2007 rate. Although the burst of activity at the beginning of 2007 created hope that our local market was on the way to recovery after the retrenchment of 2006, that outlook dimmed rapidly and precipitously with each succeeding quarter. With its poor first quarter 2008 results, Westchester finally joined the rest of New York's metropolitan counties in the real estate market contraction.
| 
