Following is the first quarter 2008 market report from the Westchester Multiple Listing Service. Lemonade out of lemons would be the bottom may be in sight. This report speaks for itself.
April 22, 2008
Although the Westchester-Putnam real estate market outperformed that of New York State and the country during the past two years, the ongoing national economic difficulties finally caught up with our area during the winter months of 2007-2008. The first-quarter closings that resulted from marketing activity in that period were down 30% from a year ago and constituted the largest year over year decrease compiled by the Westchester-Putnam Multiple Listing Service (WPMLS) since it commenced recordkeeping in 1980.
Realtor firms participating in WPMLS reported 1,340 closed residential transactions in Westchester County from January through March, constituting a 30.5% decrease from the comparable period a year ago. The single-family house and condominium sectors were down by 30.5% and 34.5% respectively, while the highly troubled multi-family sector (2-4 units) slipped by 56%. The brightest spot in Westchester’s market was the cooperative unit sector which posted a year over year decline of only 18.9%.
To read the entire report, here.
