House prices are on the way up, properties (the good ones) sold quicker and the number of sales rose more than 12 percent in this fourth quarter of 2013, so says Douglas Elliman in its quarterly report.
This analysis of sales in Westchester and Putnam counties by Jonathan Miller for Douglas Elliman comes in advance of final year numbers from Hudson Gateway Association of Realtors and those from other realty companies.
“The number of sales is the largest year to date sales number since 2005,” Amy Kane, director of business development for Douglas Elliman, said noting that fourth quarter sales were 1,981, 12.4 percent higher than the same period last year.
And days on the market fell to 181, nearly 3 weeks faster than the prior year’s period.
“We have had four strong quarters in 2013. Last year at this time we were working on stabilization, this year was a year of growth,” she added.
Kane said the news is great on its own but also signals that 2014 could be a good home selling year.
Signed contracts are up 18 percent going into 2014, she said.
“It is looking good and while we are being cautious because market trends can change, we foresee more houses available and more buyers.”
(Above is at home sold on Nov. 15 by Douglas Elliman agent Linda Schwarz at Whippoorwill Road in Chappaqua.)
– Median sales price rise to the second highest level in 8 years.
– All price indicators posted year-to-date gains.
– There more sales than the same period a year ago resulting in the highest 4th quarter total in 8 years.
– Fastest absorption rate for a 4th quarter in 8 years.
– Days on market and listing discount fell, reflecting the faster market pace.
Key Trend Metrics (compared to same year ago period)
– Median sales price increased 7.6% to $425,000.
– Average sales price fell 3.5% to $564,685.
– Number of sales rose 12.4% to 1,981.
– Listing inventory fell 11.5% to 4,214 units.
– Days on market was 181 days, down 10%