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Elliman Report: Putnam & Dutchess Sales 1Q 2017

PUTNAM Despite the year over year decline in sales volume, the number of sales in Putnam County was the second highest first quarter total of the past 12 years. There were 219 sales, down 3.5% from the prior year quarter. Listing inventory fell 22.4% to 537 over the same period. With high sales volume and much less supply, the pace of the market moved faster. The absorption rate, the number of months it would take to sell all inventory at the current rate of sales was 7.4 months, down from 9.1 months in the year ago quarter. Yet despite…

DUTCHESS Sales volume in Dutchess County continued to rise, resulting in the most first quarter sales in 21 years. The heavy volume overpowered inventory from keeping up with demand. There were 239 sales in the first quarter, up 27.1% from the year ago quarter. At the same time listing inventory dropped 15.7% to 616. As a result, the pace of the market moved faster. The absorption rate, the number of months to sell all listing inventory at the current rate of sales, was 7.7 months,…

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