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Elliman Report: Westchester & Putnam Sales 1Q 2013

…The first quarter of 2013 was defined by falling listing inventory and a significant rise in contract activity. Despite the faster pace of the market, price indicators showed stability compared to the same period last year. However, the overall market is expected to see more upward price pressure if the pace of falling supply and rising sales activity continues. The number of closed sales in the first quarter of 2013 showed only a modest gain of 5.6% to 1,348 compared to the same period last year. However, the total number of contracts surged 27% over the same period representing a significant acceleration in the pace of the market since the end of 2012. Listing inventory continued to fall sharply, down 17.5% to 5,587 from the first quarter of 2012, the lowest first quarter total in four years…

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