4th Quarter 2014Market Report

Presented By

CHRIS MEYERSManaging Principal

Houlihan Lawrence

HoulihanLawrence.com

We are happy to report that a goldilocks market - neither too hot, nor too cold- is now firmly in place in New York City’s northern suburbs. The conditions are well balanced and solid for both buyers and sellers to make informed decisions as we head into a promising 2015.

Westchester single-family home prices are rising - and getting closer to all-time highs of 2007. For Q4, median prices were up about 2% from a year ago. For the year, the increase was 4% to $635,000. While the pace of price increases slowed towards the end of the year, Westchester price levels are now just 7% below the 2007 peak of $685,000. In some communities in Lower Westchester and the Sound Shore, home prices have already surpassed previous highs. For sellers who have been waiting for the right time to put their homes on the market, 2015 may be that time.

Sales are happening faster: Average days on the market for Westchester single-family homes are the lowest since 2006. Buyers can’t be slow to pull the trigger if they want the best properties. Properties are selling closer to asking price: Sales prices in Westchester are the closest to ask since 2005. In Lower Westchester, the Rivertowns and the Sound Shore, single-family homes are getting closer to ask than we’ve seen in more than a decade. Sellers who price right will sell their properties quickly.

Westchester luxury surged at the end of the year: Sales of homes priced above $2 million were up 28% in the 4th quarter vs. a year ago. For the entire year of 2014, that market was up 16%. Demand is growing and so too is the supply of luxury homes for sale – the inventory of homes priced over $2 million is up 25% from 2013.

Putnam County sales were up 17% in Q4 compared to a year ago, and median prices jumped 8% in the quarter. Dutchess County is holding steady but could see increased interest from buyers looking for second homes.

Here are some trends we see as we enter 2015:

Buyers are paying up for new construction. While this has always been true to a degree, we are now seeing the premium at the highest levels in memory. Sellers who have not renovated need to be strategic in how they present their homes.

The second-home market is finally back. Weekend buyers are looking for properties in northern Westchester towns like Bedford and Pound Ridge, as well as Putnam’s Cold Spring and Garrison, in addition to Dutchess County.

The breakout trend for 2015: Millennials will drive a new wave of home buying in the suburbs. Millennials (born between 1980 and the mid/late 1990’s) are already the biggest segment of homebuyers. More of them have better jobs, and with the U.S. economy growing at its fastest pace in more than a decade, their buying power has the potential to create a lot more activity in the market.

Outlook for 2015: It’s go time. We have buyers on the sidelines waiting for the right property at the right price. We have sellers ready to put their homes on the market early in the New Year. It’s not yet groundhog day, but we expect an early spring for real estate in New York City’s northern suburbs.

FOURTH QUARTER 2014

EXECUTIVE SUMMARY

Stephen MeyersPresident and CEO

Chris MeyersManaging Principal

TABLE OF CONTENTSFOURTH QUARTER 2014

WESTCHESTER COUNTYSingle Family Home Overview

NEW YORK CITY GATEWAYMount Vernon, New Rochelle, Pelham, Yonkers

LOWER WESTCHESTERBronxville, Eastchester, Edgemont, Scarsdale,Tuckahoe

THE RIVERTOWNSArdsley, Briarcliff Manor, Dobbs Ferry, Elmsford,Hastings, Irvington, Mount Pleasant, Ossining,Pleasantville, Pocantico Hills, Tarrytown

GREATER WHITE PLAINSGreenburgh, Valhalla, White Plains

THE SOUND SHOREBlind Brook, Harrison, Mamaroneck, PortChester, Rye City, Rye Neck

NORTHERN WESTCHESTERBedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem, Somers

NORTHWEST WESTCHESTERCroton-Harmon, Hendrick Hudson, Lakeland,Peekskill, Yorktown

WESTCHESTER COUNTYCondominium Overview

WESTCHESTER COUNTYCo-Operative Overview

PUTNAM COUNTYBrewster, Carmel, Garrison, Haldane, Mahopac,Putnam Valley

PUTNAM COUNTYCondominium Overview

DUTCHESS COUNTYSingle Family Home Overview

SOUTHEAST DUTCHESSBeekman, Dover, Pawling, Union Vale

SOUTHWEST DUTCHESSBeacon, East Fishkill, Fishkill, LaGrange,Poughkeepsie, Poughkeepsie/City, Wappinger

NORTHEAST DUTCHESSAmenia, North East, Pine Plains, Stanford,Washington

NORTHWEST DUTCHESSClinton, Hyde Park, Milan, Pleasant Valley, RedHook, Rhinebeck

DUTCHESS COUNTYCondominium Overview

HOULIHANLAWRENCE.COM

WESTCHESTER COUNTYSINGLE FAMILY HOMES

QUARTERLY MARKET OVERVIEW  Q4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGEHOMES SOLD 1244 1228 1.3% 5398 5445 -0.9%

AVERAGE SALE PRICE $769,773 $739,953 4.0% $861,621 $811,056 6.2%

MEDIAN SALE PRICE $567,750 $560,000 1.4% $635,000 $610,000 4.1%

AVERAGE PRICE PER SQUARE FOOT $292 $284 2.8% $308 $297 3.7%

% SALE PRICE TO LIST PRICE 95.7 95.4 0.3% 96.7 96.0 0.7%

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $499,999 768 438 2 810 388 2 -5.2% 12.9%

$500,000 - $699,999 401 191 2 446 178 3 -10.1% 7.3%

$700,000 - $999,999 363 149 2 345 150 2 5.2% -0.7%

$1,000,000 - $1,499,999 231 106 2 220 98 2 5.0% 8.2%

$1,500,000 - $1,999,999 138 43 3 149 63 2 -7.4% -31.7%

$2,000,000 - $2,499,999 70 22 3 62 28 2 12.9% -21.4%

$2,500,000 - $2,999,999 69 20 3 59 18 3 16.9% 11.1%

$3,000,000 - $3,999,999 74 11 7 44 11 4 68.2% 0.0%

$4,000,000 and up 101 13 8 86 16 5 17.4% -18.8%

Market Totals 2215 993 2 2221 950 2 -0.3% 4.5%*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $881,726 $914,144 $935,515 $881,108 $763,462 $827,687 $814,126 $800,088 $811,056 $861,621 Average Sale Price

Average Price/SqFt $345 $348 $350 $334 $297 $305 $292 $286 $297 $308 Average Price/SqFt

Days On Market 80 95 108 113 121 119 121 124 112 99 Days On Market

%Sale Price to List Price 97.6 96.4 96.0 95.2 92.9 94.2 94.3 94.4 96.0 96.7 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, SINGLE FAMILY HOMES

NEW YORK CITY GATEWAYSINGLE FAMILY HOMES

NEW ROCHELLE

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HOMES SOLD

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGE

MOUNT VERNON 27 28 -4% 124 101 23%

NEW ROCHELLE 81 79 3% 327 340 -4%

PELHAM 24 35 -31% 122 144 -15%

YONKERS 123 135 -9% 469 464 1%

NYC Gateway 255 277 -8% 1042 1049 -1%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

MOUNT VERNON NEW ROCHELLE

PELHAM YONKERS

HOMESSOLD

2014 VS. 2013 1%MEDIANSALE PRICE

2014 VS. 2013 5%

MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGE FULL YEAR

2014FULL YEAR

2013%

CHANGE

MOUNT VERNON $433,000 $390,000 11%  $390,000 $370,000 5%

NEW ROCHELLE $622,000 $610,000 2%  $640,000 $580,000 10%

PELHAM $734,500 $675,000 9%  $810,500 $750,000 8%

YONKERS $435,000 $401,000 9%  $435,000 $420,250 4%

NYC Gateway $480,000 $455,000 6%  $520,000 $495,000 5%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zones 7 & 8

NEW YORK CITY GATEWAYSINGLE FAMILY HOMES

MOUNT VERNON, NEW ROCHELLE, PELHAM, YONKERSClick on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 56 38 1 60 39 2 -6.7% -2.6%

$300,000  -$399,999 101 59 2 101 44 2 0.0% 34.1%

$400,000 - $499,999 77 51 2 92 35 3 -16.3% 45.7%

$500,000 - $599,999 60 25 2 79 23 3 -24.1% 8.7%

$600,000 - $799,999 81 27 3 73 33 2 11.0% -18.2%

$800,000 - $999,999 30 10 3 37 12 3 -18.9% -16.7%

$1,000,000 - $1,999,999 43 13 3 45 17 3 -4.4% -23.5%

$2,000,000 and up 10 1 10 7 0 Not Valid 42.9% 0.0%

Market Totals 458 224 2 494 203 2 -7.3% 10.3%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $684,970 $658,763 $668,933 $619,854 $539,928 $572,784 $574,874 $539,314 $567,284 $596,452 Average Sale Price

Average Price/SqFt $295 $292 $298 $283 $254 $253 $245 $239 $253 $261 Average Price/SqFt

Days On Market 80 94 105 113 121 118 121 130 119 100 Days On Market

%Sale Price to List Price 98.0 96.7 96.4 95.6 94.1 94.5 94.3 94.4 95.8 96.6 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zones 7 & 8

LOWER WESTCHESTERSINGLE FAMILY HOMES

SCARSDALE

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HOMES SOLD

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGE

BRONXVILLE 6 12 -50% 80 83 -4%

EASTCHESTER 34 32 6% 135 120 13%

EDGEMONT 23 18 28% 104 92 13%

SCARSDALE 42 32 31% 253 237 7%

TUCKAHOE 11 10 10% 51 43 19%

Lower Westchester 116 104 12% 623 575 8%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

BRONXVILLE EASTCHESTER

EDGEMONT SCARSDALE

TUCKAHOE

HOMESSOLD

2014 VS. 2013 8%MEDIANSALE PRICE

2014 VS. 2013 16%

MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGE FULL YEAR

2014FULL YEAR

2013%

CHANGE

BRONXVILLE $1,930,000 $1,887,500 2%  $1,800,000 $1,655,000 9%

EASTCHESTER $669,750 $606,275 11%  $690,000 $587,500 17%

EDGEMONT $1,101,000 $1,084,999 2%  $1,165,000 $968,750 20%

SCARSDALE $1,512,500 $1,106,500 37%  $1,497,000 $1,297,500 15%

TUCKAHOE $550,000 $592,500 -7%  $680,000 $695,000 -2%

Lower Westchester $895,000 $885,000 1%  $1,160,000 $998,000 16%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 6

LOWER WESTCHESTERSINGLE FAMILY HOMES

BRONXVILLE, EASTCHESTER, EDGEMONT, SCARSDALE, TUCKAHOEClick on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $499,999 1 6 0 2 6 0 -50.0% 0.0%

$500,000 - $699,999 22 6 4 23 16 1 -4.3% -62.5%

$700,000 - $999,999 21 30 1 22 25 1 -4.5% 20.0%

$1,000,000 - $1,499,999 31 17 2 21 15 1 47.6% 13.3%

$1,500,000 - $1,999,999 17 8 2 18 12 2 -5.6% -33.3%

$2,000,000 - $2,499,999 7 4 2 12 11 1 -41.7% -63.6%

$2,500,000 - $2,999,999 15 6 3 5 6 1 200.0% 0.0%

$3,000,000 - $3,999,999 22 3 7 5 3 2 340.0% 0.0%

$4,000,000 and up 16 3 5 12 1 12 33.3% 200.0%

Market Totals 152 83 2 120 95 1 26.7% -12.6%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $1,330,846 $1,351,736 $1,393,748 $1,297,435 $1,212,153 $1,302,610 $1,282,116 $1,312,425 $1,263,156 $1,388,882 Average Sale Price

Average Price/SqFt $447 $456 $455 $440 $387 $411 $398 $402 $413 $443 Average Price/SqFt

Days On Market 82 96 100 97 125 113 105 100 103 76 Days On Market

%Sale Price to List Price 97.5 96.5 96.6 95.6 91.9 94.6 95.0 96.0 96.3 97.7 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 6

THE RIVERTOWNSSINGLE FAMILY HOMES

THE RIVERTOWNS

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HOMES SOLD

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGEARDSLEY 16 25 -36% 110 107 3%

BRIARCLIFF MANOR 15 13 15% 61 81 -25%

DOBBS FERRY 13 11 18% 66 61 8%

ELMSFORD 16 10 60% 63 46 37%

HASTINGS 16 13 23% 67 86 -22%

IRVINGTON 18 12 50% 82 75 9%

MOUNT PLEASANT 20 19 5% 95 82 16%

OSSINING 40 42 -5% 157 159 -1%

PLEASANTVILLE 20 16 25% 77 74 4%

POCANTICO HILLS 3 1 200% 11 8 38%

TARRYTOWN 13 17 -24% 74 65 14%

The Rivertowns 190 179 6% 863 844 2%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

ARDSLEY BRIARCLIFF MANORDOBBS FERRY ELMSFORDHASTINGS IRVINGTONMOUNT PLEASANT OSSININGPLEASANTVILLE POCANTICO HILLSTARRYTOWN

HOMESSOLD

2014 VS. 2013 2%MEDIANSALE PRICE

2014 VS. 2013 3%MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGE FULL YEAR

2014FULL YEAR

2013%

CHANGEARDSLEY $523,750 $655,000 -20%  $627,500 $611,700 3%

BRIARCLIFF MANOR $805,000 $725,000 11%  $800,000 $765,000 5%

DOBBS FERRY $685,000 $540,000 27%  $749,000 $650,000 15%

ELMSFORD $400,500 $438,500 -9%  $364,500 $409,000 -11%

HASTINGS $792,500 $775,000 2%  $725,000 $660,000 10%

IRVINGTON $1,137,500 $732,500 55%  $991,500 $949,000 5%

MOUNT PLEASANT $525,500 $530,000 -1%  $527,000 $513,500 3%

OSSINING $398,750 $367,500 9%  $390,000 $376,000 4%

PLEASANTVILLE $495,000 $557,500 -11%  $570,000 $572,500 0%

POCANTICO HILLS $580,000 $510,000 14%  $595,000 $635,750 -6%

TARRYTOWN $590,000 $555,000 6%  $582,500 $564,000 3%

The Rivertowns $550,000 $535,000 3%  $586,000 $568,750 3%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 3

THE RIVERTOWNSSINGLE FAMILY HOMES

ARDSLEY, BRIARCLIFF MANOR, DOBBS FERRY, ELMSFORD, HASTINGS, IRVINGTON,MOUNT PLEASANT, OSSINING, PLEASANTVILLE, POCANTICO HILLS, TARRYTOWN

Click on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 30 25 1 20 25 1 50.0% 0.0%

$300,000  -$399,999 34 19 2 30 26 1 13.3% -26.9%

$400,000 - $499,999 47 29 2 50 17 3 -6.0% 70.6%

$500,000 - $599,999 31 23 1 65 13 5 -52.3% 76.9%

$600,000 - $799,999 47 29 2 53 31 2 -11.3% -6.5%

$800,000 - $999,999 29 10 3 21 16 1 38.1% -37.5%

$1,000,000 - $1,999,999 58 25 2 51 35 1 13.7% -28.6%

$2,000,000 and up 22 7 3 22 3 7 0.0% 133.3%

Market Totals 298 167 2 312 166 2 -4.5% 0.6%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $749,336 $739,862 $719,413 $727,417 $622,480 $630,618 $620,144 $608,046 $664,832 $690,393 Average Sale Price

Average Price/SqFt $335 $329 $327 $313 $288 $281 $274 $264 $285 $294 Average Price/SqFt

Days On Market 79 91 105 119 117 119 125 130 105 99 Days On Market

%Sale Price to List Price 98.0 96.5 96.6 95.6 94.7 94.7 95.1 95.3 97.5 98.2 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 3

GREATER WHITE PLAINSSINGLE FAMILY HOMES

WHITE PLAINS

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HOMES SOLD

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGE

GREENBURGH 37 29 28% 128 134 -5%

VALHALLA 19 22 -14% 65 89 -27%

WHITE PLAINS 46 52 -12% 215 227 -5%

Greater White Plains 102 103 -1% 408 450 -9%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

GREENBURGH VALHALLA WHITE PLAINS

HOMESSOLD

2014 VS. 2013 9%MEDIANSALE PRICE

2014 VS. 2013 1%

MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGE FULL YEAR

2014FULL YEAR

2013%

CHANGE

GREENBURGH $459,000 $425,000 8%  $478,000 $433,000 10%

VALHALLA $465,000 $540,000 -14%  $495,000 $527,500 -6%

WHITE PLAINS $705,006 $616,750 14%  $618,000 $565,000 9%

Greater White Plains $523,750 $545,000 -4%  $527,000 $521,500 1%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 4

GREATER WHITE PLAINSSINGLE FAMILY HOMES

GREENBURGH, VALHALLA, WHITE PLAINSClick on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 8 6 1 7 7 1 14.3% -14.3%

$300,000  -$399,999 26 6 4 19 11 2 36.8% -45.5%

$400,000 - $499,999 25 24 1 35 14 3 -28.6% 71.4%

$500,000 - $599,999 25 16 2 21 17 1 19.0% -5.9%

$600,000 - $799,999 35 7 5 18 13 1 94.4% -46.2%

$800,000 - $999,999 15 8 2 14 5 3 7.1% 60.0%

$1,000,000 - $1,999,999 9 9 1 14 1 14 -35.7% 800.0%

$2,000,000 and up 1 0 Not Valid 0 0 0 0.0% 0.0%

Market Totals 144 76 2 128 68 2 12.5% 11.8%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $674,650 $675,274 $672,834 $658,832 $579,604 $578,480 $532,545 $563,760 $555,397 $594,770 Average Sale Price

Average Price/SqFt $332 $328 $325 $308 $284 $272 $258 $252 $264 $272 Average Price/SqFt

Days On Market 61 80 89 110 112 113 114 128 107 93 Days On Market

%Sale Price to List Price 98.9 97.3 97.1 95.9 93.9 95.4 95.1 95.0 96.8 97.2 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 4

THE SOUND SHORESINGLE FAMILY HOMES

THE SOUND SHORE

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HOMES SOLD

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGE

BLIND BROOK 23 22 5% 95 101 -6%

HARRISON 33 40 -18% 144 154 -7%

MAMARONECK 49 56 -13% 287 272 6%

PORT CHESTER 22 25 -12% 93 104 -11%

RYE CITY 21 22 -5% 140 174 -20%

RYE NECK 20 17 18% 67 63 6%

The Sound Shore 168 182 -8% 826 868 -5%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

BLIND BROOK HARRISON

MAMARONECK PORT CHESTER

RYE CITY RYE NECK

HOMESSOLD

2014 VS. 2013 5%MEDIANSALE PRICE

2014 VS. 2013 7%

MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGE FULL YEAR

2014FULL YEAR

2013%

CHANGE

BLIND BROOK $653,500 $770,625 -15%  $815,000 $762,500 7%

HARRISON $1,300,000 $1,449,000 -10%  $1,300,000 $1,182,500 10%

MAMARONECK $924,450 $980,000 -6%  $1,035,000 $995,000 4%

PORT CHESTER $438,750 $395,000 11%  $433,000 $400,000 8%

RYE CITY $1,250,000 $1,450,000 -14%  $1,835,000 $1,487,000 23%

RYE NECK $713,500 $757,500 -6%  $930,000 $832,500 12%

The Sound Shore $835,500 $847,500 -1%  $999,000 $938,000 7%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 5

THE SOUND SHORESINGLE FAMILY HOMES

BLIND BROOK, HARRISON, MAMARONECK, PORT CHESTER, RYE CITY, RYE NECKClick on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $499,999 27 33 1 39 23 2 -30.8% 43.5%

$500,000 - $699,999 28 22 1 33 22 2 -15.2% 0.0%

$700,000 - $999,999 60 21 3 44 23 2 36.4% -8.7%

$1,000,000 - $1,499,999 26 23 1 34 22 2 -23.5% 4.5%

$1,500,000 - $1,999,999 27 13 2 34 22 2 -20.6% -40.9%

$2,000,000 - $2,499,999 24 8 3 17 9 2 41.2% -11.1%

$2,500,000 - $2,999,999 18 9 2 15 10 2 20.0% -10.0%

$3,000,000 - $3,999,999 17 5 3 15 3 5 13.3% 66.7%

$4,000,000 and up 36 5 7 28 9 3 28.6% -44.4%

Market Totals 263 139 2 259 143 2 1.5% -2.8%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $1,237,111 $1,316,380 $1,356,202 $1,344,403 $1,149,544 $1,215,667 $1,262,051 $1,225,038 $1,271,109 $1,298,716 Average Sale Price

Average Price/SqFt $433 $455 $453 $450 $395 $398 $402 $392 $406 $418 Average Price/SqFt

Days On Market 84 90 106 114 122 114 108 107 100 86 Days On Market

%Sale Price to List Price 96.6 96.7 95.6 94.8 91.2 93.7 94.1 93.9 96.1 96.9 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 5

NORTHERN WESTCHESTERSINGLE FAMILY HOMES

BEDFORD

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HOMES SOLD

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGE

BEDFORD 45 49 -8% 240 213 13%

BYRAM HILLS 17 27 -37% 133 153 -13%

CHAPPAQUA 36 35 3% 176 218 -19%

KATONAH-LEWISBORO 47 40 18% 194 191 2%

NORTH SALEM 15 13 15% 60 60 0%

SOMERS 43 36 19% 138 146 -6%

Northern Westchester 203 200 2% 941 981 -4%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

BEDFORD BYRAM HILLS

CHAPPAQUA KATONAH–LEWISBORO

NORTH SALEM SOMERS

HOMESSOLD

2014 VS. 2013 4%MEDIANSALE PRICE

2014 VS. 2013 2%

MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGE FULL YEAR

2014FULL YEAR

2013%

CHANGE

BEDFORD $948,500 $700,000 36%  $831,000 $740,000 12%

BYRAM HILLS $1,240,000 $999,000 24%  $1,056,001 $999,000 6%

CHAPPAQUA $777,500 $850,000 -9%  $892,500 $892,000 0%

KATONAH-LEWISBORO $607,500 $695,000 -13%  $627,000 $644,000 -3%

NORTH SALEM $590,000 $659,000 -11%  $528,250 $490,000 8%

SOMERS $505,000 $491,900 3%  $535,000 $497,500 8%

Northern Westchester $675,000 $704,500 -4%  $749,000 $738,000 2%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 2

NORTHERN WESTCHESTERSINGLE FAMILY HOMES

BEDFORD, BYRAM HILLS, CHAPPAQUA, KATONAH–LEWISBORO, NORTH SALEM, SOMERSClick on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $499,999 103 35 3 112 40 3 -8.0% -12.5%

$500,000 - $699,999 77 23 3 92 37 2 -16.3% -37.8%

$700,000 - $999,999 110 36 3 103 27 4 6.8% 33.3%

$1,000,000 - $1,499,999 87 30 3 83 24 3 4.8% 25.0%

$1,500,000 - $1,999,999 59 10 6 54 11 5 9.3% -9.1%

$2,000,000 - $2,499,999 27 6 5 19 6 3 42.1% 0.0%

$2,500,000 - $2,999,999 28 2 14 32 2 16 -12.5% 0.0%

$3,000,000 - $3,999,999 26 2 13 19 5 4 36.8% -60.0%

$4,000,000 and up 42 5 8 38 5 8 10.5% 0.0%

Market Totals 559 149 4 552 157 4 1.3% -5.1%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $1,117,697 $1,172,111 $1,219,303 $1,073,808 $917,065 $979,814 $939,854 $912,747 $929,282 $1,021,269 Average Sale Price

Average Price/SqFt $373 $360 $368 $340 $289 $299 $274 $267 $278 $284 Average Price/SqFt

Days On Market 89 105 122 115 126 129 136 136 125 119 Days On Market

%Sale Price to List Price 97.4 95.8 95.2 94.6 92.7 93.6 93.2 92.8 94.7 94.8 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 2

NORTHWEST WESTCHESTERSINGLE FAMILY HOMES

YORKTOWN

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HOMES SOLD

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGE

CROTON-HARMON 13 12 8% 70 75 -7%

HENDRICK HUDSON 41 22 86% 124 89 39%

LAKELAND 67 76 -12% 225 211 7%

PEEKSKILL 24 21 14% 78 75 4%

YORKTOWN 62 49 27% 184 217 -15%

Northwest Westchester 207 180 15% 681 667 2%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

CROTON–HARMON HENDRICK HUDSON

LAKELAND PEEKSKILL

YORKTOWN

HOMESSOLD

2014 VS. 2013 2%MEDIANSALE PRICE

2014 VS. 2013 2%

MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGE FULL YEAR

2014FULL YEAR

2013%

CHANGE

CROTON-HARMON $587,000 $560,000 5%  $550,000 $470,000 17%

HENDRICK HUDSON $419,000 $304,950 37%  $419,500 $397,500 6%

LAKELAND $330,000 $325,150 2%  $337,500 $320,000 6%

PEEKSKILL $221,000 $230,000 -4%  $255,250 $230,500 11%

YORKTOWN $422,500 $415,000 2%  $422,500 $413,000 2%

Northwest Westchester $375,000 $351,500 7%  $375,000 $369,000 2%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 1

NORTHWEST WESTCHESTERSINGLE FAMILY HOMES

CROTON–HARMON, HENDRICK HUDSON, LAKELAND, PEEKSKILL, YORKTOWNClick on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 92 43 2 95 49 2 -3.2% -12.2%

$300,000  -$399,999 85 40 2 91 32 3 -6.6% 25.0%

$400,000 - $499,999 52 24 2 54 18 3 -3.7% 33.3%

$500,000 - $599,999 40 22 2 27 7 4 48.1% 214.3%

$600,000 - $799,999 36 22 2 49 7 7 -26.5% 214.3%

$800,000 - $999,999 15 3 5 16 1 16 -6.3% 200.0%

$1,000,000 - $1,999,999 12 1 12 15 2 8 -20.0% -50.0%

$2,000,000 and up 3 0 Not Valid 5 0 Not Valid -40.0% 0.0%

Market Totals 335 155 2 352 116 3 -4.8% 33.6%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $518,962 $524,300 $511,158 $513,692 $419,037 $421,273 $395,090 $394,377 $398,011 $421,813 Average Sale Price

Average Price/SqFt $259 $256 $248 $243 $215 $207 $195 $187 $194 $202 Average Price/SqFt

Days On Market 74 97 110 117 121 122 128 129 121 108 Days On Market

%Sale Price to List Price 97.9 96.5 96.3 95.0 94.8 94.9 94.8 94.9 96.5 96.2 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 1

WESTCHESTER COUNTYCONDOMINIUMS

QUARTERLY MARKET OVERVIEW  Q4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGEUNITS SOLD 307 270 13.7% 1097 1157 -5.2%

AVERAGE SALE PRICE $434,408 $367,048 18.4% $422,997 $397,179 6.5%

MEDIAN SALE PRICE $335,000 $325,985 2.8% $350,000 $343,000 2.0%

AVERAGE PRICE PER SQUARE FOOT $298 $275 8.4% $288 $276 4.3%

AVERAGE DAYS ON MARKET 91 101 -9.9% 94 111 -15.3%

% SALE PRICE TO LIST PRICE 96.6 96.7 -0.1% 96.8 96.4 0.4%

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 168 86 2 149 91 2 12.8% -5.5%

$300,000  -$399,999 114 59 2 106 53 2 7.5% 11.3%

$400,000 - $499,999 55 21 3 53 13 4 3.8% 61.5%

$500,000 - $599,999 40 13 3 27 15 2 48.1% -13.3%

$600,000 - $799,999 24 18 1 26 8 3 -7.7% 125.0%

$800,000 - $999,999 18 14 1 21 2 11 -14.3% 600.0%

$1,000,000 - $1,999,999 26 7 4 19 4 5 36.8% 75.0%

$2,000,000 and up 5 1 5 4 0 Not Valid 25.0% 0.0%

Market Totals 450 219 2 405 186 2 11.1% 17.7%*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $420,845 $424,248 $434,812 $429,759 $396,861 $400,599 $411,994 $371,630 $397,179 $422,997 Average Sale Price

Average Price/SqFt $312 $328 $330 $321 $291 $286 $277 $262 $276 $288 Average Price/SqFt

Days On Market 77 99 110 115 121 125 128 128 111 94 Days On Market

%Sale Price to List Price 99.0 97.2 96.6 95.8 94.2 94.8 94.2 94.9 96.4 96.8 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Condominiums

WESTCHESTER COUNTYCO-OPERATIVES

QUARTERLY MARKET OVERVIEW  Q4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGEUNITS SOLD 479 385 24.4% 1709 1536 11.3%

AVERAGE SALE PRICE $177,514 $189,788 -6.5% $179,774 $188,060 -4.4%

MEDIAN SALE PRICE $146,000 $145,000 0.7% $147,500 $150,000 -1.7%

AVERAGE PRICE PER SQUARE FOOT $175 $180 -2.8% $174 $181 -3.9%

AVERAGE DAYS ON MARKET 129 139 -7.2% 138 152 -9.2%

% SALE PRICE TO LIST PRICE 95.4 95.2 0.2% 95.5 94.8 0.7%

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 965 374 3 1161 366 3 -16.9% 2.2%

$300,000  -$399,999 51 25 2 42 12 4 21.4% 108.3%

$400,000 - $499,999 8 5 2 17 6 3 -52.9% -16.7%

$500,000 - $599,999 6 2 3 12 3 4 -50.0% -33.3%

$600,000 - $799,999 3 0 Not Valid 8 3 3 -62.5% -100.0%

$800,000 - $999,999 5 2 3 0 2 0 0.0% 0.0%

$1,000,000 - $1,999,999 1 1 1 0 0 0 0.0% 0.0%

$2,000,000 and up 0 0 0 0 0 0 0.0% 0.0%

Market Totals 1039 409 3 1240 392 3 -16.2% 4.3%*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $170,763 $200,536 $207,205 $213,747 $205,763 $192,922 $195,024 $185,347 $178,012 $188,060 Average Sale Price

Average Price/SqFt $180 $209 $218 $223 $219 $202 $197 $185 $174 $181 Average Price/SqFt

Days On Market 83 83 94 108 111 134 145 151 152 152 Days On Market

%Sale Price to List Price 98.4 98.3 96.6 96.0 95.3 93.9 93.8 93.6 94.0 94.8 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Co-Operatives

PUTNAM COUNTYSINGLE FAMILY HOMES

BREWSTER-MAHOPAC

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HOMES SOLD

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGE

BREWSTER 46 22 109% 149 125 19%

CARMEL 51 59 -14% 210 203 3%

GARRISON 6 9 -33% 31 39 -21%

HALDANE 17 11 55% 44 43 2%

LAKELAND 12 9 33% 34 25 36%

MAHOPAC 66 56 18% 200 185 8%

PUTNAM VALLEY 25 25 0% 78 87 -10%

Putnam County 223 191 17% 746 707 6%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

BREWSTER CARMELGARRISON HALDANELAKELAND MAHOPACPUTNAM VALLEY

HOMESSOLD

2014 VS. 2013 6%MEDIANSALE PRICE

2014 VS. 2013 1%

MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2014Q4

2013%

CHANGE FULL YEAR

2014FULL YEAR

2013%

CHANGE

BREWSTER $303,750 $262,000 16%  $287,500 $305,000 -6%

CARMEL $228,600 $215,000 6%  $252,250 $235,500 7%

GARRISON $592,500 $595,000 0%  $615,000 $508,000 21%

HALDANE $470,000 $525,000 -11%  $467,000 $500,000 -7%

LAKELAND $403,750 $260,000 55%  $347,500 $285,000 22%

MAHOPAC $365,000 $336,250 9%  $334,750 $350,000 -4%

PUTNAM VALLEY $242,900 $280,000 -13%  $270,000 $246,500 10%

Putnam County $322,500 $300,000 8%  $305,500 $307,000 -1%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 9

PUTNAM COUNTYSINGLE FAMILY HOMES

BREWSTER, CARMEL, GARRISON, HALDANE, LAKELAND, MAHOPAC, PUTNAM VALLEYClick on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 244 122 2 248 95 3 -1.6% 28.4%

$300,000  -$399,999 109 35 3 133 33 4 -18.0% 6.1%

$400,000 - $499,999 94 20 5 85 16 5 10.6% 25.0%

$500,000 - $599,999 56 11 5 54 11 5 3.7% 0.0%

$600,000 - $799,999 66 10 7 58 6 10 13.8% 66.7%

$800,000 - $999,999 15 3 5 28 4 7 -46.4% -25.0%

$1,000,000 - $1,999,999 32 0 Not Valid 20 2 10 60.0% -100.0%

$2,000,000 and up 15 1 15 12 2 6 25.0% -50.0%

Market Totals 631 202 3 638 169 4 -1.1% 19.5%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $466,576 $466,984 $463,756 $438,500 $373,616 $356,730 $372,783 $350,828 $359,387 $366,876 Average Sale Price

Average Price/SqFt $242 $245 $232 $214 $190 $176 $178 $169 $173 $175 Average Price/SqFt

Days On Market 99 107 132 133 139 150 154 146 160 140 Days On Market

%Sale Price to List Price 97.1 96.3 95.6 94.5 92.7 94.3 93.7 94.0 94.6 94.9 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 9

PUTNAM COUNTYCONDOMINIUMS

QUARTERLY MARKET OVERVIEW  Q4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGEUNITS SOLD 35 28 25.0% 108 102 5.9%

AVERAGE SALE PRICE $244,967 $250,304 -2.1% $254,174 $229,906 10.6%

MEDIAN SALE PRICE $227,000 $211,500 7.3% $227,500 $201,000 13.2%

AVERAGE PRICE PER SQUARE FOOT $161 $167 -3.6% $163 $158 3.2%

AVERAGE DAYS ON MARKET 112 122 -8.2% 114 197 -42.1%

% SALE PRICE TO LIST PRICE 96.0 94.5 1.6% 95.8 95.8 0.0%

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 48 20 2 45 16 3 6.7% 25.0%

$300,000  -$399,999 9 3 3 10 5 2 -10.0% -40.0%

$400,000 - $499,999 4 3 1 0 0 0 0.0% 0.0%

$500,000 - $599,999 6 6 1 3 6 1 100.0% 0.0%

$600,000 - $799,999 6 1 6 1 0 Not Valid 500.0% 0.0%

$800,000 - $999,999 0 0 0 0 0 0 0.0% 0.0%

$1,000,000 - $1,999,999 0 0 0 0 0 0 0.0% 0.0%

$2,000,000 and up 1 0 Not Valid 1 0 Not Valid 0.0% 0.0%

Market Totals 74 33 2 60 27 2 23.3% 22.2%*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $262,122 $277,229 $290,809 $296,499 $248,638 $248,143 $266,995 $231,039 $229,906 $254,174 Average Sale Price

Average Price/SqFt $211 $223 $217 $211 $188 $174 $169 $155 $158 $163 Average Price/SqFt

Days On Market 71 94 108 115 126 144 136 187 197 114 Days On Market

%Sale Price to List Price 98.3 97.2 96.6 96.2 95.4 94.8 95.0 94.7 95.8 95.8 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Condominiums

DUTCHESS COUNTYSINGLE FAMILY HOMES

QUARTERLY MARKET OVERVIEW  Q4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGEHOMES SOLD 545 500 9.0% 1841 1871 -1.6%

AVERAGE SALE PRICE $294,236 $298,293 -1.4% $287,656 $296,613 -3.0%

MEDIAN SALE PRICE $242,500 $252,000 -3.8% $244,000 $243,000 0.4%

AVERAGE PRICE PER SQUARE FOOT $141 $137 2.9% $135 $137 -1.5%

% SALE PRICE TO LIST PRICE 91.4 95.5 -4.3% 93.8 94.3 -0.5%

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 946 270 4 963 232 4 -1.8% 16.4%

$300,000  -$399,999 313 50 6 262 50 5 19.5% 0.0%

$400,000 - $499,999 154 10 15 131 24 5 17.6% -58.3%

$500,000 - $599,999 107 22 5 108 29 4 -0.9% -24.1%

$600,000 - $799,999 87 14 6 92 9 10 -5.4% 55.6%

$800,000 - $999,999 50 7 7 43 2 22 16.3% 250.0%

$1,000,000 - $1,999,999 70 5 14 51 7 7 37.3% -28.6%

$2,000,000 and up 58 0 Not Valid 47 0 Not Valid 23.4% 0.0%

Market Totals 1785 378 5 1697 353 5 5.2% 7.1%*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $384,747 $396,631 $386,895 $347,398 $304,326 $307,938 $311,943 $291,125 $296,613 $287,656 Average Sale Price

Average Price/SqFt $187 $188 $181 $165 $149 $147 $140 $135 $137 $136 Average Price/SqFt

Days On Market 137 151 155 160 164 172 187 190 180 171 Days On Market

%Sale Price to List Price 97.3 96.2 95.2 94.6 93.7 94.0 92.0 93.7 94.3 93.8 %Sale Price to List Price

Source: Mid-Hudson Multiple Listing Service, Residential-detached homes.

SOUTHWEST DUTCHESSSINGLE FAMILY HOMES

POUGHKEEPSIE AREA

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HOMES SOLD

TOWN/CITYQ4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGE

BEACON 28 30 -7% 78 94 -17%

EAST FISHKILL 84 69 22% 259 219 18%

FISHKILL 25 33 -24% 98 112 -13%

LA GRANGE 39 37 5% 129 134 -4%

POUGHKEEPSIE 68 76 -11% 285 295 -3%

CITY OF POUGHKEEPSIE 24 14 71% 100 94 6%

WAPPINGER 48 39 23% 155 154 1%

Southwest Dutchess 316 298 6% 1104 1102 0%

CLICK TO OBTAIN A SPECIFICTOWN/CITY MONTHLY MARKET REPORT.

BEACON EAST FISHKILLFISHKILL LA GRANGEPOUGHKEEPSIE CITY OF POUGHKEEPSIEWAPPINGER

HOMESSOLD

2014 VS. 2013 0%AVERAGESALE PRICE

2014 VS. 2013 1%

AVERAGE SALE PRICE

TOWN/CITYQ4

2014Q4

2013%

CHANGE FULL YEAR

2014FULL YEAR

2013%

CHANGE

BEACON $219,950 $241,000 -9%  $225,000 $243,250 -8%

EAST FISHKILL $350,500 $325,000 8%  $342,000 $349,000 -2%

FISHKILL $245,000 $254,000 -4%  $243,962 $230,000 6%

LA GRANGE $257,400 $286,000 -10%  $271,000 $275,000 -2%

POUGHKEEPSIE $192,500 $204,500 -6%  $204,000 $195,000 5%

CITY OF POUGHKEEPSIE $161,974 $194,000 -17%  $166,250 $169,475 -2%

WAPPINGER $249,962 $232,500 8%  $247,000 $250,175 -1%

Southwest Dutchess $245,000 $248,750 -2%  $240,000 $238,000 1%

Source: Mid-Hudson Multiple Listing Service reports the Average Sale Price.

SOUTHWEST DUTCHESSSINGLE FAMILY HOMES

BEACON, EAST FISHKILL, FISHKILL, LA GRANGE, POUGHKEEPSIE, CITY OF POUGHKEEPSIE, WAPPINGERClick to obtain a specific town/city monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 487 168 3 522 150 3 -6.7% 12.0%

$300,000  -$399,999 166 31 5 131 27 5 26.7% 14.8%

$400,000 - $499,999 78 5 16 68 16 4 14.7% -68.8%

$500,000 - $599,999 75 17 4 62 18 3 21.0% -5.6%

$600,000 - $799,999 29 4 7 40 5 8 -27.5% -20.0%

$800,000 - $999,999 11 1 11 8 0 Not Valid 37.5% 0.0%

$1,000,000 - $1,999,999 8 1 8 7 0 Not Valid 14.3% 0.0%

$2,000,000 and up 4 0 Not Valid 1 0 Not Valid 300.0% 0.0%

Market Totals 858 227 4 839 216 4 2.3% 5.1%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $371,303 $380,928 $366,935 $337,162 $300,417 $292,581 $272,472 $268,876 $274,463 $274,015 Average Sale Price

Average Price/SqFt $180 $183 $176 $161 $150 $142 $134 $127 $134 $134 Average Price/SqFt

Days On Market 128 145 148 154 159 165 183 178 180 167 Days On Market

%Sale Price to List Price 98.4 97.7 96.4 95.5 95.5 95.4 95.3 95.3 96.4 96.3 %Sale Price to List Price

Source: Mid-Hudson Multiple Listing Service, Residential-detached homes.

SOUTHEAST DUTCHESSSINGLE FAMILY HOMES

DUTCHESS COUNTY

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HOMES SOLD

TOWN/CITYQ4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGE

BEEKMAN 20 26 -23% 76 82 -7%

DOVER 6 9 -33% 26 38 -32%

PAWLING 12 8 50% 43 61 -30%

UNION VALE 5 3 67% 32 25 28%

Southeast Dutchess 43 46 -7% 177 206 -14%

CLICK TO OBTAIN A SPECIFICTOWN/CITY MONTHLY MARKET REPORT.

BEEKMAN DOVER

PAWLING UNION VALE

HOMESSOLD

2014 VS. 2013 14%AVERAGESALE PRICE

2014 VS. 2013 2%

AVERAGE SALE PRICE

TOWN/CITYQ4

2014Q4

2013%

CHANGE FULL YEAR

2014FULL YEAR

2013%

CHANGE

BEEKMAN $279,250 $315,750 -12%  $295,000 $301,500 -2%

DOVER $129,500 $205,000 -37%  $169,250 $198,750 -15%

PAWLING $297,000 $277,500 7%  $270,000 $285,000 -5%

UNION VALE $285,000 $364,000 -22%  $295,500 $278,000 6%

Southeast Dutchess $275,000 $307,175 -11%  $275,000 $280,000 -2%

Source: Mid-Hudson Multiple Listing Service reports the Average Sale Price.

SOUTHEAST DUTCHESSSINGLE FAMILY HOMES

BEEKMAN, DOVER, PAWLING, UNION VALEClick to obtain a specific town/city monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 117 37 3 117 22 5 0.0% 68.2%

$300,000  -$399,999 58 7 8 37 13 3 56.8% -46.2%

$400,000 - $499,999 27 2 14 18 4 5 50.0% -50.0%

$500,000 - $599,999 10 4 3 15 6 3 -33.3% -33.3%

$600,000 - $799,999 19 4 5 15 3 5 26.7% 33.3%

$800,000 - $999,999 6 1 6 11 0 Not Valid -45.5% 0.0%

$1,000,000 - $1,999,999 18 0 Not Valid 9 0 Not Valid 100.0% 0.0%

$2,000,000 and up 10 0 Not Valid 7 0 Not Valid 42.9% 0.0%

Market Totals 265 55 5 229 48 5 15.7% 14.6%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $420,705 $421,775 $446,774 $424,535 $330,810 $339,438 $316,494 $304,702 $324,952 $300,883 Average Sale Price

Average Price/SqFt $206 $198 $190 $181 $156 $154 $133 $135 $143 $131 Average Price/SqFt

Days On Market 145 154 170 157 180 189 219 216 188 175 Days On Market

%Sale Price to List Price 97.4 96.6 95.4 94.3 93.0 94.2 93.7 96.0 93.7 95.4 %Sale Price to List Price

Source: Mid-Hudson Multiple Listing Service, Residential-detached homes.

NORTHWEST DUTCHESSSINGLE FAMILY HOMES

DUTCHESS COUNTY

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HOMES SOLD

TOWN/CITYQ4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGE

CLINTON 24 12 100% 55 42 31%

HYDE PARK 40 39 3% 115 136 -15%

MILAN 7 6 17% 25 22 14%

PLEASANT VALLEY 25 20 25% 73 75 -3%

RED HOOK 30 12 150% 82 58 41%

RHINEBECK 18 27 -33% 67 89 -25%

Northwest Dutchess 144 116 24% 417 422 -1%

CLICK TO OBTAIN A SPECIFICTOWN/CITY MONTHLY MARKET REPORT.

CLINTON HYDE PARK

MILAN PLEASANT VALLEY

RED HOOK RHINEBECK

HOMESSOLD

2014 VS. 2013 1%AVERAGESALE PRICE

2014 VS. 2013 2%

AVERAGE SALE PRICE

TOWN/CITYQ4

2014Q4

2013%

CHANGE FULL YEAR

2014FULL YEAR

2013%

CHANGE

CLINTON $380,250 $352,500 8%  $350,000 $305,500 15%

HYDE PARK $152,100 $180,000 -16%  $175,000 $180,000 -3%

MILAN $290,000 $425,000 -32%  $244,900 $300,000 -18%

PLEASANT VALLEY $219,000 $221,250 -1%  $219,000 $242,000 -10%

RED HOOK $247,750 $292,250 -15%  $262,225 $256,500 2%

RHINEBECK $395,000 $286,000 38%  $330,000 $294,500 12%

Northwest Dutchess $231,979 $249,750 -7%  $239,000 $245,000 -2%

Source: Mid-Hudson Multiple Listing Service reports the Average Sale Price.

NORTHWEST DUTCHESSSINGLE FAMILY HOMES

CLINTON, HYDE PARK, MILAN, PLEASANT VALLEY, RED HOOK, RHINEBECKClick to obtain a specific town/city monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 247 44 6 230 45 5 7.4% -2.2%

$300,000  -$399,999 60 8 8 65 6 11 -7.7% 33.3%

$400,000 - $499,999 34 3 11 34 2 17 0.0% 50.0%

$500,000 - $599,999 16 1 16 24 3 8 -33.3% -66.7%

$600,000 - $799,999 27 5 5 25 1 25 8.0% 400.0%

$800,000 - $999,999 20 3 7 11 2 6 81.8% 50.0%

$1,000,000 - $1,999,999 18 1 18 15 2 8 20.0% -50.0%

$2,000,000 and up 9 0 Not Valid 6 0 Not Valid 50.0% 0.0%

Market Totals 431 65 7 410 61 7 5.1% 6.6%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $361,070 $397,290 $369,052 $331,664 $283,071 $308,343 $292,439 $298,652 $297,311 $303,333 Average Sale Price

Average Price/SqFt $184 $193 $179 $165 $145 $151 $145 $140 $138 $143 Average Price/SqFt

Days On Market 141 155 159 172 166 167 175 199 181 176 Days On Market

%Sale Price to List Price 96.4 93.6 93.8 93.5 93.1 92.8 92.9 90.9 93.6 93.3 %Sale Price to List Price

Source: Mid-Hudson Multiple Listing Service, Residential-detached homes.

NORTHEAST DUTCHESSSINGLE FAMILY HOMES

DUTCHESS COUNTY

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HOMES SOLD

TOWN/CITYQ4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGE

AMENIA 8 7 14% 20 21 -5%

NORTH EAST 1 3 -67% 9 9 0%

PINE PLAINS 6 6 0% 14 17 -18%

STANFORD 11 6 83% 36 29 24%

WASHINGTON 5 8 -38% 22 32 -31%

Northeast Dutchess 31 30 3% 101 108 -7%

CLICK TO OBTAIN A SPECIFICTOWN/CITY MONTHLY MARKET REPORT.

AMENIA NORTH EAST

PINE PLAINS STANFORD

WASHINGTON

HOMESSOLD

2014 VS. 2013 7%AVERAGESALE PRICE

2014 VS. 2013 0%

AVERAGE SALE PRICE

TOWN/CITYQ4

2014Q4

2013%

CHANGE FULL YEAR

2014FULL YEAR

2013%

CHANGE

AMENIA $141,500 $175,000 -19%  $149,000 $130,000 15%

NORTH EAST $1,457,500 $287,500 407%  $399,000 $250,000 60%

PINE PLAINS $193,000 $202,500 -5%  $193,000 $190,000 2%

STANFORD $240,000 $230,250 4%  $265,000 $300,000 -12%

WASHINGTON $400,000 $301,000 33%  $425,000 $351,250 21%

Northeast Dutchess $215,000 $229,600 -6%  $250,000 $250,000 0%

Source: Mid-Hudson Multiple Listing Service reports the Average Sale Price.

NORTHEAST DUTCHESSSINGLE FAMILY HOMES

AMENIA, NORTH EAST, PINE PLAINS, STANFORD, WASHINGTONClick to obtain a specific town/city monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 67 14 5 72 10 7 -6.9% 40.0%

$300,000  -$399,999 22 3 7 21 4 5 4.8% -25.0%

$400,000 - $499,999 13 0 Not Valid 9 2 5 44.4% -100.0%

$500,000 - $599,999 5 0 Not Valid 6 2 3 -16.7% -100.0%

$600,000 - $799,999 12 1 12 10 0 Not Valid 20.0% 0.0%

$800,000 - $999,999 13 2 7 13 0 Not Valid 0.0% 0.0%

$1,000,000 - $1,999,999 26 3 9 20 5 4 30.0% -40.0%

$2,000,000 and up 34 0 Not Valid 33 0 Not Valid 3.0% 0.0%

Market Totals 192 23 8 184 23 8 4.3% 0.0%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $661,970 $644,016 $645,731 $462,148 $531,786 $520,955 $1,012,500 $579,793 $572,532 $466,774 Average Sale Price

Average Price/SqFt $252 $244 $254 $207 $198 $204 $252 $221 $191 $168 Average Price/SqFt

Days On Market 180 184 205 217 177 219 234 238 198 208 Days On Market

%Sale Price to List Price 93.9 94.5 91.1 91.5 85.5 88.9 80.9 90.6 88.0 80.5 %Sale Price to List Price

Source: Mid-Hudson Multiple Listing Service, Residential-detached homes.

DUTCHESS COUNTYCONDOMINIUMS

QUARTERLY MARKET OVERVIEW  Q4

2014Q4

2013%

CHANGEFULL YEAR

2014FULL YEAR

2013%

CHANGEUNITS SOLD 103 136 -24.3% 401 399 0.5%

AVERAGE SALE PRICE $196,485 $232,088 -15.3% $205,770 $205,732 0.0%

MEDIAN SALE PRICE $170,000 $227,500 -25.3% $190,000 $190,000 0.0%

AVERAGE PRICE PER SQUARE FOOT $128 $147 -12.9% $135 $142 -4.9%

AVERAGE DAYS ON MARKET 159 216 -26.4% 175 209 -16.3%

% SALE PRICE TO LIST PRICE 97.6 97.7 -0.1% 97.4 96.7 0.7%

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2014 AS OF DECEMBER 31, 2013 2014 vs. 2013

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 235 50 5 242 49 5 -2.9% 2.0%

$300,000  -$399,999 45 24 2 52 20 3 -13.5% 20.0%

$400,000 - $499,999 12 8 2 18 8 2 -33.3% 0.0%

$500,000 - $599,999 0 1 0 2 0 Not Valid -100.0% 0.0%

$600,000 - $799,999 0 2 0 1 0 Not Valid -100.0% 0.0%

$800,000 - $999,999 0 0 0 0 0 0 0.0% 0.0%

$1,000,000 - $1,999,999 0 0 0 0 0 0 0.0% 0.0%

$2,000,000 and up 0 0 0 1 0 Not Valid -100.0% 0.0%

Market Totals 292 85 3 316 77 4 -7.6% 10.4%*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $205,470 $213,092 $229,891 $218,228 $203,034 $201,596 $199,877 $192,054 $205,732 $205,770 Average Sale Price

Average Price/SqFt $167 $173 $175 $163 $152 $146 $135 $134 $142 $135 Average Price/SqFt

Days On Market 116 132 143 172 162 162 209 209 209 175 Days On Market

%Sale Price to List Price 98.2 97.0 97.2 96.1 95.2 95.1 95.5 95.5 96.7 97.4 %Sale Price to List Price

Source: Mid-Hudson Multiple Listing Service, Residential-attached homes.

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