MAHOPAC, N.Y.-Home sales declined nearly 13 percent in the fourth quarter of 2017 in Putnam County when compared to the same period a year ago with listing inventory declining for the 10th consecutive quarter as well.
According to the Elliman Report, a real estate analysis prepared by Miller Samuel Inc., a New York City real estate appraiser and consultant, sales volumes have been near record highs in recent years and were simply not sustainable.
“We have seen sales rise [in recent years] and the inventory decline, but now sales have declined as well,” said Jonathan Miller, president, and CEO of Miller Samuel. “It was like what we saw in the city when people were moving north because they were being priced out of the market. But sales [in Putnam County] have been at record highs and that couldn’t continue at that same pace.”
Miller said that the Republican tax overhaul recently passed by Congress likely contributed to the drop-off in fourth-quarter real estate sales as well.
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