Sales Down, All Around

Last week was full of bad news for the real estate market. The Westchester-Putnam Multiple Listing Service released its report for the first quarter of the year, which showed a 30.5% drop in the number of sales in Westchester compared to the previous year. That was, the reported noted, "the largest year-over-year decrease compiled by the WPMLS since it commenced record keeping in 1980." Ouch. As for prices, the median sales price in the county was down by a mere 2%. Surprisingly, given the decrease in sales and the growing number of foreclosures, the WPMLS report found that inventory has shrunk--the number of homes on the market in Westchester was 14% below the previous year. Speaking of foreclosures, the New York Times ran an article about their increasing occurrence in such outposts of affluence as Greenwich. In more bad news for the market, the Times reported that the number of new-home sales nationwide dropped 8.5% in March, to the lowest level since 1991. All in all, not a good week for realtors or sellers.
SOURCES: WPMLS First Quarter Residential Real Estate Sales Report, The New York Times: Pain of Foreclosures Spreads to the Affluent, The New York Times: New-Home Sales Fell 8.5%, to Lowest Level Since Early '90s