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Elliman Report: Putnam & Dutchess Sales 2Q 2016

PUTNAM Putnam county sales activity continued to surge above year ago levels. Sales levels have been up sharply since the third quarter of 2015. There were 269 sales in the second quarter, up 36.5% from the prior year quarter and the most second quarter sales in a decade. Of those sales, 87% were single family and 13% were condos. Total contract volume is up 24% to 315 and new contract volume is up 24.5% to 259 respectively over the same period. As a result of heavy sales volume, listing inventory fell. There were 832 listings in the second quarter, down 20.6% from the same period last year…

DUTCHESS The number of Dutchess sales continued to surge over prior year levels. There were 246 sales in the second quarter, up 26.8% from the same quarter last year. Of those sales, 92.3% were single family and 7.7% were condos. Listing inventory fell 9.2% to 873 over the same period. As a result of rising sales and falling inventory, the pace of the market was faster. The absorption rate, the number of months to sell all inventory at the current rate of sales, was 10.6 months down sharply from 14.9 months in the year ago period…

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