Multiple Listing Service reports 41% drop in first quarter residential sales in Westchester

2009 First quarter residential real estate report for Westchester and Putnam Counties, New York
Reprinted with permission from Westchester-Putman Multiple Listing Service, Inc.
April 27, 2009

Above, “Quarterly Sales” from 2004 through first quarter of 2009; see inside for text and graphs

 

 

Deepening recessionary conditions in the autumn months of 2008 markedly reduced real estate activity in the Westchester region. Plunging equity markets, rising unemployment, weak corporate earnings reports, and pre- and post-election jitters about economic policy and the unknown effects of the various stimulus and bailout plans, all combined to discourage prospective homebuyers from entering the real estate market then. The result of the reduced marketing and showing activity at the end of 2008 was that far fewer closings were posted in the first quarter of 2009.

Realtor firms participating in the Westchester-Putnam Multiple Listing Service reported only 850 closed transactions in Westchester in the first quarter of 2009, a decrease of 37% from the first quarter of 2008. Westchester’s single family house market was most affected with a 41% decrease. Putnam County closings were down by 31% from last year.

The first quarter normally posts the lowest closed sales volume of the year since it follows upon reduced sales activity during the holiday season and winter months. However, when the data are adjusted for such seasonality, the first quarter 2009 rate of closings was down 31% from the fourth quarter of 2008. The 850 Westchester closings were equivalent to an annual rate of only 4,230 sales, the lowest pace recorded by the Multiple Listing Service since the 1985-1990 period.

The seasonally adjusted rate is an annualized rate for a given quarter. It represents what the total sales volume would be for the whole year based on the quarter’s customary share of total sales. For example, if a quarter customarily accounts for 20% of annual sales, the seasonally adjusted rate would be five times the actual number of sales reported for that quarter. This allows the four quarters to be compared to each other according to their equivalent annual rates.

Prices decreased too. The first quarter median sale price of a single family house in Westchester was $532,000, a decrease of $90,500 or nearly 15% from last year. That price level was last seen in 2003. The Putnam County median of $411,250 was 20%lower than last year’s. The Westchester decrease, however, was not all a case of across-the-board price depreciation. Rather, much of it reflected a severe contraction in the volume of high-end sales. Houses selling for $1 million or more accounted for only 13% of all sales in the first quarter whereas prior quarters have posted 20% or more. As a result of this change in the contents of the real estate market basket, the mean sale price of a Westchester house fell to $695,176, a very large 26% decrease from last year.

The median sale price is the mid-point of all reported sales, i.e., half of the sales were for more than the median price and half were for less. The median is not affected by unusually low or high sale prices. The mean sale price is the arithmetic average, i.e., the sum of all sales prices divided by the number of sales. The mean does reflect the influence of sales at unusually low or high prices.

The condominium and cooperative sectors fared better. The median sale price of a Westchester condominium was $352,000, a decrease of 7% or $28,000 from last year. The median sale price of a Westchester cooperative unit actually increased by 2%, to $179,500.

Above, “Median Sale Price”

Above, “Mean Sale Price”

Above, “End of Quarter Inventory”

The inventory of MLS-listed Westchester properties stood at 6,324 units at the end of the first quarter, an increase of 7% since last year. Putnam County inventory decreased by 14%. The 2009 Westchester inventory was actually less than that of the first quarter of 2007, once again illustrating the volatility of this local market indicator in terms of the different forces that affect it. In 2007 the inventory was “high” because sellers were attracted to list by the still-favorable market conditions then. In 2009 the inventory could also be regarded as “high,” but for the opposite reason. At the same time, the 2009 inventory could also be regarded as exceptionally low, considering the 37% decrease in sales volume. The wild card that defeats ordinary supply and demand analysis in Westchester continues to be the ability of potential sellers to time their listing activity to market conditions. As of March 30, 2009, they were still largely withdrawn from the market.

The Westchester-Putnam Multiple Listing Service, Inc. (WPMLS) is a subsidiary of the Westchester County Board of Realtors, Inc. and the Putnam County Association of Realtors, Inc. All data tables refer to Westchester County sales unless expressly noted otherwise. The reported transactions do not include all real estate sales in the area or all sales assisted by the participating offices but they are fairly reflective of general market conditions. For additional information, go to wcbr.net. 

Previous Weeks’ Real Estate Transactions in New Castle, from newest to oldest (July 8, 2008)

No transactions published for the week ending May 1, but see our stats of latest trends:

No transactions published for the week ending April 23, but see our stats of latest trends:

For sale as of Wednesday, April 1:

In New Castle: 138 single family homes; 124 within Chappaqua Central School District, ranging in price from $300,000 to $15.75 million

In New Castle: 15 condos, 15 within Chappaqua Central School District

Three years of first quarter sales

 

January - March 2009

In New Castle within Chappaqua Central School District:

3 houses . . . .  $659,500 to $925,000

1 condo . . . . .  $440,000

In New Castle outside of Chappaqua Central School District:

None

 

January - March 2008

In New Castle within Chappaqua Central School District:

20 houses . . .  $385,000 to $2,250,000  

In New Castle outside of Chappaqua Central School District:

6 houses . . . . . .including one for $17.5 million

 

January - March 2007

In New Castle within Chappaqua Central School District

25 houses . . . . . $345,000 to $3.6 million

3 condos . . . . . . $356,000 to $570,000

In New Castle outside of Chappaqua Central School District:

1 house . . . . . . .  $1.6 million

No sales listed for the week ending April 3, 2009.

No sales listed for the week ending March 26, 2009.

No sales listed for the week ending March 20, 2009.

See our article on tax grievance in today’s edition, with links to more info on the reassessment process.

No sales listed for the week ending March 13, 2009.

Published week ending March 6, 2009

Address…......................Price ................Date of Transaction

401 Quaker Road ......... $490,000 ........  11/7/08
353 Sarles Street ......... $940,000   .......12/30/08

 

No sales listed for the week ending February 27

No sales listed for the week ending February 20.

Published week of February 13, 2009

Address…............ .....sale date…................Price

21 Dogwood Road…...1/20/2009;................$659,500
82Pheasant Run…......1/23/2009…..............$440,000
6 Tall Timber Road…...1/15/2009 ................$925,000
7 Mayberry Road…......1/16/2009….............$745,000

Published week of February 6, 2009

Address….............................. Price

2 Seth Canyon Road;...............$ 847,500
281A Croton Dam Road….........$175,000
28 James Road….....................$1,350,000
21 Pond Hill Road…..................$805,000

Published week of January 30, 2009

Address….............................. Price

48 Quaker Bridge Road…..........$1,550,000
150 N Bedford Road.,Unit 5B…...$327,000
20 Taconic Road…....................$840,000
9 Peck Road…..........................$1,720,000

Published week of January 23, 2009

Address….............................. Price

306 Millwood Road….............$ 835,000
139 Devoe Road….................$ 1,200,000
14 Pineview Road…...............$ 680,000
24 Algonquin Drive…..............$ 1,800,000

Published week of January 16, 2009

Address….............................. Price

372 Saw Mill River Road…........$410,000
78 Edgewood Road….................$450,000

Published week of January 9, 2009

Address….............................. Price

2 Briarcliff Road…....................$ 717,500
11 Breckenridge Road…...........$ 942,500
151 Pinesbridge Road ...............$592,000

Published week of January 2, 2009

Address….............................. Price

No houses were reported this week as sold.  This doesn’t mean that no houses were sold; there is a lag between the time a house sells and the time it appears in the County Clerk’s records.

Published week of December 26, 2008

Address….............................. Price

175 Harriman Road…...............$ 602,500
18 Adams Road…....................$537,000

Published week of December 19, 2008

Address….............................. Price

29 Kisco Park Drive…...................$898,000
127 Somerstown Road…...............$540,000
38 Langeland Drive…....................$550,000
190 Bedford Road….....................$1,420,000

Published week of December 12, 2008

Address….............................. Price

163 Birchwood Close…............$ 325,000
7 Fawn Ridge….......................$ 400,000
11 Frog Rock Road…...............$ 925,000

Published week of December 5, 2008

Address….............................. Price
39 Kathleen Lane…...................$735,000
152 Douglas Road…..................$510,000
8 Ludlow Drive….......................$1,400,000
24 Upland Drive…......................$2,975,000
4 Bittersweet Lane….................$1,220,000

Published week of November 28, 2008

Address….............................. Price

643 King Street (5 Lots).............$4,000,000
75 Hidden Hollow Lane…...........$650,000
643 King Street…......................$2,400,000
75 N Greeley Avenue…..............$835,000
362 King Street….....................$375,000

Published week of November 21, 2008

Address….............................. Price

920 Hardscrabble Road….........$ 920,000
10 Fox Den Road….................$ 1,485,000
29 Garey Drive….....................$ 825,000
126 Cross River Road…...........$ 850,000

Published week of November 14, 2008

Address….............................. Price

50 Spring Lane…......................$888,000
27 Hidden Hollow Ln\ane…........$666,000
24 S Greeley Avenue….............$525,000
373 N Greeley Avenue…...........$375,000
10 Shady Lane….....................$1,655,000
134 Bayberry Close…..............$ 625,000
43 Hammond Ridge…..............$ 2,033,100
619 Quaker Street…................$ 855,000

 

Published week of November 7, 2008

Address….............................. Price
3 Club Way…..........................$ 1,330,000
31 Hammond Ridge…...............$1,650,000
61 Indian Hill Road….................$974,000
9 Hitching Post Lane…..............$1,200,000
28 Bretton Ridge Road…............$1,450,000
89 Pines Bridge Road….............$772,000

Published week of October 31, 2008

Address….............................. Price
7 Vetere Place…......................$1,050,000
2 Kerry Lane…..........................$1,850,000
7 Deepwood Drive…..................$865,000
150 N Bedord Rd, Unit 7E….......$545,000
23 Waters Edge….....................$575,250
7 Frog Rock Road…..................$995,000
26 Ledgewood Commons…........$500,000

Published week of October 24, 2008

Address….............................. Price
1 Alpine Lane….......................$ 1,425,000
34 Morton Place…...................$ 990,000
378 Quaker Road….................$ 545,000
732 Quaker Street…................$ 755,000
11 Colony Row….....................$ 1,170,000
2 Kisco Park Drive…................$ 735,000
138 Deer Run….......................$ 321,000
25 Winthrop Road….................$ 937,500
144 Orchard Ridge Road…........$640,150

Published week of October 17, 2008

Address….............................. Price
23 Deepwood Hill…...................$800,000
50 Inningwood Road…................$520,000
1 Sunset Dr North…...................$1,803,084
334 N Greeley Avenue….............$410,000
40 Fox Den Road…....................$802,370
5 Hammond Ridge…...................$1,774,691
737 Washington Avenue…...........$610,000
19 Turner Dr South…...................$950,000

 

Published week of October 10, 2008

Address….............................. Price
20 McKesson Hill Road…..........$1,239,000
11 Round Hill Road…................$1,757,000
114 Byram Lake Road…...........$1,695,000
40 Old Lyme Road….................$950,000
49 Brook Farm Close….............$690,000
5 Sunset Drive….......................$1,189,000
46 Westorchard Road….............$1,140,000
4 Ivy Ridge Court…....................$766,500

Published week of October 3, 2008

Address….............................. Price

45 Touchstone Way .................$ 455,100
5 Sutton Farm Dr ive…..............$  3,664,059
160 Old Roaring Brook Road…...$  360,000
8 Fawn Ridge…..........................$  380,000

Published week of September 26, 2008

6 Pin Oak Lane…..................$ 1,100,000
15 Devoe Place…..................$ 994,000
2 Wildcat Road…..................$ 1,590,500
44 Barnes Road….................$ 499,000
15 Turner Drive South…..........$ 1,150,000
42 Prospect Drive…...............$ 615,000
42 Prospect Drive…................$ 637,000
15 Taylor Road…...................$ 4,500,000

Published week of September 19, 2008

Address….............................. Price

615 North State Road…............$550,000
33 Ludlow Drive .......................$1,526,000
180 Millwood Road…................$702,500
2 Gedney Way…......................$2,425,000
107 Rambling Brook Road…......$530,000
40 Carolyn Place…...................$3,725,000
18 North Bridge Place…............$999,999

Published week of September 12, 2008

Address….............................. Price
185 Orchard Ridge Road…..........$760,000
78 Old Chimmey Road….............$1,400,000
50 Smith Street…......................$1,225,000
12 Woodmill Road…..................$2,190,000
84 Random Farms Drive….........$1,772,500
187 Croton Avenue…................$880,000
160 Hunts Lane….....................$6,600,000 (World Cup Gym)

Published week of September 5, 2008

Address….............................. Price

88 Random Farms Cir cle…........$1,217,000
49 Kitchel Road….....................$2,050,000
2 Whippoorwill Close…..............$1,150,000
113 Random Farms Drive…........$1,550,000
765 King Street…......................$2,050,000
6 Crow Hill Road….....................$899,000
41 North Way….........................$1,452,500
52 Old Lyme Road…..................$1,315,000

Published week of August 29, 2008

Address….............................. Price

417 Saw Mill River Road….........$572,186
41 Indian Hill Road….................$1,040,000
150 N Bedford Rd., Unit 5B….....$646,500
131 Ruxton Road…...................$990,000
63 Tripp St reet…......................$1,500,000
5 Marian Place…......................$735,000
34 Bischoff Avenue….................$379,500
120 Marcourt Drive….................$3,000,000
24 Kathleen Lane…...................$625,000

 

Published week of August 22, 2008

Address….............................. Price

50 Seven Bridges Road…..........$685,000
341 Whippoorwill Road…...........$8,372,500
23 Derby Lane….......................$529,200
19 Gregory Lane…....................$1,270,500
24 Valley View….......................$1,275,000
78 Edgewood Road….................$588,510

Published week of August 15, 2008

Address….............................. Price

2 Circle Dr ive…..................$600,000
43 Shingle House Road…....$930,000
10 Chappaqua Mtn. Road….$815,000
396 Saw Mill River Road…...$370,000
309 N Greeley Avenue…......$360,000
20 Overbrook Drive…............$790,000
9 Derby Lnane….................$730,000
6 Ludlow Drive….................$1,185,000
36 Edgewood Road…..........$587,000

 

Published week of August 8, 2008
Address….............................. Price

24 Ludlow Drive…......................$1,999,000
25 Pheasant Run…....................$554,900
19 Lawrence Farms Crossway….$1,250,000
83 Indian Hilll Road….................$1,020,000

Published week of August 1, 2008
Address….............................. Price

19 Williams Lane…................. $ 1,110,000
37 Marcourt Drive…..................$1,085,000
81 Tripp St reet…......................$1,875,000
3 Highpoint Circle…..................$1,170,000
31 Derby Lane….......................$ 550,000
65 Seven Bridges Road…..........$ 769,000
16 Club Way….........................$1,540,000
12 Glendale Road…..................$ 555,000

Published week of July 25, 2008
Address….............................. Price

39 Rambling Brook Road….........$625,000
101 Marcourt Drive…..................$765,500
133 Seven Bridges Road…..........$650,000
95 Marcourt Drive…....................$939,250
19 Williams Lane…....................$1,110,000
37 Marcourt Drive…....................$1,085,000

 

Published week of July 18, 2008
Address….............................. Price

343 N Greeley Avenue…............$435,000
12 Hemlock Hollow Road…........$1,157,000
22 Cross Ridge Road….............$805,000
717 Washington Avenue….........$560,000
7 Conte Lane…........................$909,729

Published week of July 11, 2008

Address….............................. Price
778 Armonk Road…..................$905,000
29 Hilltop Drive…......................$903,350
3 Daly Cross Road…..