Douglas Elliman Real Estate, the largest brokerage in the New York Metropolitan area and the second largest independent residential real estate brokerage in the United States by sales volume, today releases the third quarter 2019 Westchester, Putnam and Dutchess Counties Market Reports.

In Westchester County, sales fell year-over-year for the first time in five quarters as all three price trend indicators rose. Total and new single family contracts increased, and luxury listing inventory fell as stale listings were pulled from the market.

“The news from across the regions this quarter is encouraging, with the sharp decline in mortgage rates helping to mitigate some of the uncertainty in the market following the SALT tax nearly two years ago,” said Scott Elwell, Elliman’s Senior Executive Regional Manager of Westchester and New England. “While the report showed adecline in sales in Westchester County, it was largely within the co-op market, and we actually saw an increase in single family contracts and pricing trends on the rise.”

In Putnam County, the median sales price set a new record after rising annually for ten straight quarters. The number of sales increased while inventory also rose. In Dutchess County, the number of sales surged year over year, rising for the third straight quarter.

“Heavy sales volume continues to exceed the rise of listing inventory in Dutchess County, creating a surge,” said Jonathan Miller,of Miller Samuel Inc., author of the report. “We also saw a notably faster market pace year-over-year in the two most recent quarters.”

WESTCHESTER SALES MARKET HIGHLIGHTS

Overview

“Sales fell year over year for the first time in five quarters as price trends rose.”

- For the first time in seven quarters, all three price trend indicators rose year over year

- County-wide sales declined annually for the first time in five quarters

- Most of the year over year sales gains occurred from $700K to $900K

- Total and new single family contracts increased year over year

- All luxury price trend indicators increased annually after falling for three quarters

- Luxury listing inventory declined annually for the second time in three quarters

Key Trend Metrics (compared to same year ago period)

- Median sales price rose 6% to $565,000
- Average sales price increased 5.1% to $718,846
- Number of sales slipped 1.1% to 2,987

- Listing inventory decreased 1.8% to 4,104
- Days on market was 68 days, up from 66 days
- Listing discount was 2.8%, up from 2.6%

- Months of supply was 4.1, down from 4.2

By Property Type

Single Family Market- Median sales price increased 3.6% to $699,000
- Number of sales rose 1.1% to 1,942

Condo Market - Median sales price rose 1.7% to $399,750
- Number of sales increased 3.8% to 414

Co-op Market

- Median sales increased 5.7% to $180,000
- Number of sales declined 15.8% to 454

Multifamily (2-4) Market
- Median sales price rose 3.8% to $545,000
- Number of sales increased 10.6% to 177

Luxury Market (upper 10% of all 1 family sales)- Median sales price increased 2.8% to $2,187,500
- The luxury price threshold rose 2.3% to $1,637,500

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PUTNAM SALES MARKET HIGHLIGHTS

Overview

“Median sales price rose year over year for ten straight quarters.”

- Median sales price set a new record after rising annually for ten straight quarters

- The number of sales increased for the second time in three quarters

- Listing inventory rose annually for the third consecutive quarter

Key Trend Metrics (compared to same year ago period)

- Median sales price rose 3.5% to $361,000
- Number of sales fell increased 7.9% to 354

- Listing inventory increased 10.4% to 679
- Days on market was 74 days, down 2.6%
- Listing discount was 2.2%, up from 1.9%

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DUTCHESS SALES MARKET HIGHLIGHTS

Overview

“Heavy sales volume continued to exceed the rise of listing inventory.”

- The number of sales surged year over year, rising for the third straight quarter

- Listing inventory increased annually for the fifth consecutive quarter

- The market pace moved much faster year over year in the two most recent quarters

Key Trend Metrics (compared to same year ago period)- Median sales price was unchanged at $320,000
- Number of sales surged 30.7% to 489

- Listing inventory rose 7.8% to 785
- Days on market was 73 days, down 11%
- Listing discount was 2.8%, up from 1.6%

About Douglas Elliman Real Estate

Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the second largest independent residential real estate brokerage in the United States by sales volume. With more than 7,000 agents, the company operates approximately 120 offices in New York City, Long Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts and Texas. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 60 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing, Douglas Elliman Property Management and Douglas Elliman Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.