PUTNAM COUNTY, N.Y. -- The recovering Putnam County housing market saw a 26.8 increase in first quarter home sales compared to the same quarter last year, according to the first quarter report from Douglas Elliman Real Estate.
There were 227 closed sales in the first quarter, up from 179 in the first quarter of 2015. It marked the second straight strong quarter for Putnam, which saw 299 transactions in the final quarter of 2015.
The average sale price rose 7.8 percent compared to the first quarter of 2015. The average sale price in the first quarter was $339,036.
The good news for Putnam landholders did not stop there. New contracts signed in the first quarter shot up 62.1 percent compared to the first quarter in 2015, and listing inventory declined 7.2 percent. The absorption rate, the number of months to sell all inventory at the current rate of sales, fell from 12.5 months to 9.1 months. The faster market pace helped push prices upward.
Click here for the complete report from Douglas Elliman.
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