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Elliman Report: Westchester & Putnam Sales 4Q 2013

WESTCHESTER …The final quarter of 2013 for the Westchester housing market was characterized by rising sales, and falling inventory and modest price gains year-to-date. Median sales price expanded 7.6% to $425,000 from the prior year quarter, the second highest level in 8 years and the 4th consecutive quarterly gain. However, average sales price and price per square foot declined 3.5% and 6% respectively over the same period. In the year-to-date analysis, all price indicators were above the same period last year. Median sales price expanded 5.1%; average sales price increased 2.4%; and average price per square foot rose 0.4%…

PUTNAM …There were 222 sales in the quarter, a 20.7% jump from the same period last year. Over the same period there was a 5.9% decline in the number of listings in inventory, falling to 701. The combination of rising sales and falling inventory resulted in a 9.5 month absorption rate, the fastest market pace in 7 years. Price indicators were generally mixed as compared to the prior year quarter. Median sales price slipped 3% to $284,500, while average sales price expanded 3.3% to $346,352 from the same period last year.

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