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Compared with the first quarter of 2014, the number of housing units sold in Putnam climbed 29.8 percent. Single-family home sales grew 26.6 percent. Condominiums saw a sales increase of 47.4 percent, and multifamily home sales rose 25 percent.
“That’s terrific news for Putnam,’’ said Leah Caro, president and principal broker of Bronxville Real Estate and president of the Hudson Gateway Multiple Listing Service. “Putnam was overdue.”
While activity increased, the median sale price for a single family home in Putnam fell 14.6 percent, to $271,500. The median sale price rose 12.6 percent for condominiums and 19.2 percent multifamily homes.
“The lower the price, the better the activity,’’ Caro said. “As prices have had downward pressure, it’s allowing more people to buy. It’s the textbook example of a market return.”
There were 162 home sales in the first quarter in Putnam, up from 128 last year.
Another encouraging sign is Putnam’s dwindling inventory. That number fell 5.8 percent for single-family homes, to 664 available at the end of the quarter. That was the lowest figure in the last four years. In 2012, there were 796 single-family homes on the market at the end of the first quarter.
The rise in condominium sales, in particular, could be an encouraging trend. Millenials, who sat on the housing sidelines during the recession and wrestled with college debt, are beginning to emerge as homebuyers instead of renters.
Interest rates remain low, but rumors continue that they may rise by the end of the year, which could push more fence-sitters into the market.
Caro said homeowners thinking of selling “would be wise to get their houses in the best condition possible. Buyers are attracted to the ones with the least work required. And millenials for the most part don’t have the time or inclination to take on big projects.”
Click on the attached PDF for the complete report from Hudson Gateway.
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