Housing sales up in county, but median sales price down

Housing sales in Westchester increased overall by nearly 6 percent in the first quarter this year compared with a year ago, according to the Westchester-Putnam Multiple Listing Service.

The mean average sale price of a single-family house in the county was $897,097, an increase of $23,915, or 2.7 percent, from a year ago.

However, the median sale price of $635,000 was down $15,000, or 2.3 percent, from the first quarter of 2006. It was the second consecutive quarter in which the median price of a single-family house showed a year-to-year decline.

Realty analysts noted, though, that the high-end housing market held firm, with 21 percent of Westchester houses selling for $1 million or more in the first quarter, the same percentage as in 2006.

Realtors reported 1,927 closings from January through March. The first-quarter closings largely reflect sales activity in late autumn and winter.

First-quarter sales were equivalent to an annual rate of 10,250 sales in Westchester. At that continued pace, Westchester realty analysts noted, housing sales this year would be on a par with the high-performing 2005 market.

Sales of condominiums and single-family houses showed the largest percentage increase, while sales of co-operatives and 2- to 5-family houses declined from the first quarter of 2006.

A total of 319 condominiums were sold, up 17.3 percent from the same period in 2006. The average price of a condo was $419,976, up $6,947 or 1.7 percent from a year ago. The median sale price of a condo was $392,000, up $32,000, or 8.9 percent, from a year ago.

Realtors reported selling 1,044 single-family houses, up 11.3 percent from a year ago.

Although co-op sales dropped by 4.5 percent, with 423 units sold, co-op sale prices rose in the first quarter. The median sale price of a condo was $185,000, up $12,500, or 7.2 percent, from a year ago. The average sale price was $206,929, up $9,486 or 4.8 percent.

A total of 141 2- to 5-family houses were sold, a 17.1 percent decline from a year ago. The average sale price of $550,202 was down $26,531, or 4.6 percent, from a year ago. The median sale price of $535,000 for multiple-family houses was down $42,000, or 7.3 percent.

Analysts said the outlook for both the local and national real estate markets is clouded by uncertainty over mortgage interest rates. Slightly increased rates since the start of the year diminishes the pool of qualified buyers, especially in high-cost areas such as Westchester.

And the rise in defaulted loans due to interest rate hikes has led to tighter lending criteria that can slow the housing market recovery.