Market Trends

                 The number of residential home sales in Westchester showed an increase in the 1st quarter of 2014.  Realtors logged 922 residential closings, a sizeable increase of 18.7% from the 777 reported a year ago.  The median price for a single family home in Westchester increased to $600,000.  This represents a lofty increase of 16.5% from last year’s median price of $515,000.

                 Putnam’s single family home sales increased in the 1st quarter reporting 128 residential closings compared to 116 closings a year ago during the same period.  This is a solid increase of 10.3%.  Also in Putnam, in the 1st quarter of 2014, the median sales price for a single family home was $318,000; this is a  significant increase of 11.9% from last year’s median price of $284,200.

With the end of the 1st quarter of 2014, the economy is continuing to grow slowly, with unemployment staying steady at 6.7%.  As of late March, the stock market is hovering at just over 16,500.  According to The Wall Street Journal , mortgage rates are around 4.37% 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 moderately (for the sixth consecutive quarter in Westchester).  This makes Spring and Summer 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!