2007 Stats: Fewer Sales, Fewer Listings

The Westchester-Putnam Multiple Listing Service (WPMLS) released it's report on Westchester's 2007 fourth quarter sales last week. The number of sales in the county was down by 8.5%, compared to the year before, but the median sales price rose by 1.6%. The drop in the number of sales was due in part to the 15.8% decrease in the inventory of single-family homes on the market. My personal (non-professional) take on the report is that county-wide stats are only somewhat useful in understanding a specific market. From what I see, prices in northern Westchester did indeed decrease last year. There was also a definite decrease in the number of homes for sale in the area. As for guessing what lies ahead, I think the WPMLS report puts it nicely: "Rarely has it been more difficult to assess the cumulative effect of competing factors on the direction of the residential real estate market."
SOURCES: The Journal News: Sales Drop, But Prices Hold in Westchester, Westchester-Putnam Multiple Listing Service 2007 Fourth Quarter Report