The following information is based on Multiple Listings Service data for Westchester and Putnam Counties for Single Family and Condominium Properties.
The fast rise of closed sales and lower inventory in Westchester, may be starting to slow down based on April's numbers. April saw inventory spike up 10% from February. This jump may not seem dramatic because inventory does typically increase between February and April each year, but compared to April 2012, the percentage increase was almost double.
Inventory is still down from this time last year by 15%, but this recent spike may be an early indication that the lower inventory trend is reversing.
Great news for the market: April 2013 closed sales were up 34% and under contract properties were up 27% from last April! Interest rates for 30-year fixed loans are up slightly from this time last month.
To understand how these facts relate to your personal real estate investments, call me for a more detailed analysis. I am here to help! And stay tuned to my monthly newsletters to read about the direction of our local housing market.
To get more information on current and future market changes, please contact me at mark@markboyland.com or 914-234-4444.
