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Elliman Report: Westchester Real Estate Improving

WESTCHESTER COUNTY, N.Y. – The action in the real estate market in Westchester has jumped significantly the last 12 months, according to the third-quarter Elliman Report, released Thursday by Prudential Douglas Elliman Real Estate.

Overall, sales for the quarter were up by nearly 22 percent compared to last year, while inventory fell by nearly 10 percent.

When sales are compared year to year, the sale of single-family houses in the last 12 months has surged nearly 26 percent, the sale of condos is up by 7.6 percent in the same time period.

Sales of co-ops and multi-family houses are below last year’s level in the third quarter.

Housing prices have dipped slightly the past year. The average overall sales price, including single- and multi-family houses, as well as condos and co-ops, in the third quarter was $636,364, a decrease of 7.7 percent from 2011's $689,468.

The average sales price for just single-family houses in the third quarter of 2012 was about $801,230, a decrease of 9.7 percent from 2011's average of $887,571.

The overall number of sales closed during the third quarter of 2012 were 2,233, compared to 1,832 last year.

The average discount from the listing price of a single-family house was 13.5 percent a year ago at this time. This year it was 7.9 percent. The number of days a property was listed showed a slight increase of six days to 176 days.

The current real estate market is at “the fastest market pace in five years,” according to the report,which credits the progress with a combination of rising sales and falling inventory.

Click here to read the full report.

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