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The Westchester Putnam Association of Realtors, Inc, states the total real estate closings for the first six months of 2011 as reported to the Empire Access Multiple Listing Service were about 16 percent fewer than for the first half of 2010. However, they were about 35 percent ahead of the volume posted in the first half of 2009.
Both comparisons are made to abnormal markets. The 2009 data reflected the depth of the recession as it affected real estate in this region. Sales volumes fell to levels not experienced since the early 1990s. 2010s sales volumes, in contrast, particularly from January to June, reflected the first-time homebuyers' tax credit with its initial June 30 closing deadline. The tax credit had the effect of bulking up the second quarter market activity at the expense of subsequent quarters.
Inventory at the end of the second quarter was almost 8,000 units in Westchester, up five percent from last year. The median sale price of condos was one percent down while the median coop sale price was down seven percent. Single-family homes showed a two and half percent increase in the median sale price.
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