Market Trends

The number of residential home sales in Westchester showed an increase in the 4th quarter of 2013.  Realtors logged 1220 residential closings, a significant increase of 16.9% from the 1044 reported a year ago.  The median price for a single family home in Westchester increased to $560,000.  This represents a slight increase of 2.75% from last year’s median price of $545,000.

                 Putnam’s single family home sales increased in the 4th quarter reporting 195 residential closings compared to 168 closings a year ago during the same period.  This is a stellar increase of 16.1%.  Also in Putnam, in the 4th quarter of 2013, the median sales price for a single family home was $300,000; this price remains flat (0%) with last year’s median price.

Year-to-date sales in Westchester, for the twelve-month period ending in December 2013 were 5434 compared to 4475 during the same period a year ago.  This is an outstanding 21.4% increase in home sales. Year-to-date housing prices in Westchester were $610,000 compared to $587,000 during the same period a year ago.  This is a minor 3.9% increase in the median price of homes in Westchester.

Year-to-date, homes sold in Putnam, for the twelve-month period ending in December 2013, were 719 compared to 634 during the same period a year ago.  This is a significant 13.4% increase in home sales. Year-to-date, housing prices in Putnam were $308,000 compared to $300,000 during the same period a year ago.  This is a slight 2.67% increase in the median price of homes in Putnam.

With the end of the 4th quarter of 2013, the economy is continuing to grow slowly, with unemployment dropping steady to 6.7%.  As of late December, the stock market rose to 16,500.  According to The Wall Street Journal , mortgage rates are around 4.50% for a 30-year fixed mortgage.  There is currently a low inventory of homes available to be sold.  Real estate experts see home pricing rising slowly (for the fifth consecutive quarter in Westchester).  This makes Winter and Spring a great time, in a very long time, to sell.

In 2014, real estate sales and prices of houses should continue to improve!

The time to enter the market is now!