First Quarter 2019: Real Estate Market Report – Putnam County, NY

The Putnam housing market got off to a relatively soft start to the year, with both sales and prices falling in a slow first quarter of 2019. Single family home sales were down almost 5%, and average prices were down almost 4%, from the first quarter of last year, maybe as a result of a slackening of demand from the 2018 Tax Reform cap on state and local tax deductions (“SALT Cap”). That said, Putnam sales were only down about 2% for the year, and prices for the year were up almost 4%, so this first quarter might be a hiccup. Indeed, overall, Putnam sellers have reason to be optimistic for the spring market, with supply still below six months of inventory, interest rates near historic lows, and days-on-market still falling. We expect that at some point the SALT Cap impact will get priced into the market, and Putnam will show some more meaningful price appreciation in a robust spring.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on TwitterPinterest, and Instagram.

Posted on April 15, 2019 at 3:50 pm
Adam DiFrancesco | Category: Rand Country Blog

Comments are closed.