2011 marked a year of relative stability in the residential real estate market north of New York City, in contrast to the volatility seen in global financial markets.
Following the big bounce in home sales in 2010, we experienced modest declines in both units and median prices in 2011 across most of the region.
In Westchester, the median single-family home sold for $600,000, down 4.7% from 2010. In Putnam, median prices were up 3% to $320,000, breaking a 5-year downtrend during which prices declined a total of 25%. In Dutchess County, single-family home values were down 5% to an average of $246,000.
Although closed sales in the 4th Quarter showed the largest declines of the year compared to 2010, this reflects a lull in contracts signed during the August-October period. By November, buyer confidence had returned, and a notable number of deals were put together over the final 6-8 weeks of the year. Based on listings in contract at year-end – which typically close within 45-60 days – the stage is set for a relatively strong start to 2012, with the highest and lowest price ranges outperforming everything in between. [MORE]