Real Estate Market Heats Up In Putnam

PUTNAM COUNTY, NY — The constricting supply of housing in Putnam County has brought about some long-expected price increases, according to a report about the 2nd quarter of 2017 from the Hudson Gateway Association of Realtors. The price bump was seen in the second quarter of 2017 in most property types.

Prospective homebuyers were operating in a market that has seen reductions in the supply of for-sale housing over the past four years.

Putnam County’s median price at $345,000 for single family homes was a significant 9.9 percent increase over last year. Realtors reported a decrease in total single family residential sales, 241 in 2017 compared to 254 in the second quarter of 2106 (down 5.4 percent).

Realtors participating in HGMLS, a subsidiary of the Hudson Gateway Association of Realtors, Inc., reported a grand total of 281 closed residential transactions in Putnam during the second quarter of 2017, a decline of 7 percent from last year.

The double-digit percentage rate of shrinking inventory is continuing as new listings barely make up for high rates of sale, HGAR officials said.

With the inventory in all four sectors down, real estate officials said, "There appear to be no obstacles to a continuation of a healthy Hudson Valley real estate market except for the shortage of inventory which may inevitably drive prices higher or may diminish the volume of sales, or both."