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market reports: Why Your Market Report Stinks - 02/29/12 06:21 AM
After a discussion of market reports in a real estate discussion group geared at forwarding the industry, I am prompted to revisit what makes a market report good or bad in terms of consumer response.
First, if what you produce gets no consumer response, you need to change what you write. If what you do works, keep it.
Consumers basically want to know three things from a market report, and the more simply and elegant it is presented, the better. They want to know
If the local market is up or down. What prices are these days. An example of what … (94 comments)
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market reports: 2012 Westchester Real Estate Market off to Slow Start in January - 02/12/12 11:58 PM
Sometimes there is no pretty way to say it, so I'll just say it: January 2012 was not a very good month in Westchester real estate. According to the Empire Access MLS, both the transaction total and median sale price of single family homes in the county were down from the same time in 2011. Since 2011 started out far slower than 2010, the ramifications could be far reaching.
To sumarize:
In January 2011, 237 single family homes closed at a median sale price of $540,000. In January 2012, 219 single family homes closed at a median sale price of $485,000.
The … (13 comments)
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market reports: How the Chappaqua Condo Market Demonstrates That All Real Estate is Local - 01/31/12 11:30 PM
For the third time in the past 4 weeks, I have been contacted by a buyer who chose to call me directly instead of having their agent call me because their offer was not accepted. In each case, I have told the agent-and the buyer when they called- that I'd be happy to know what comparable sale they used to justify their price. In each case, I have heard the same thing in lieu of any other fact: It is a buyer's market.
This is what I wrote earlier this week on the "buyer's market:"
the "buyer's market" phrase was thrown … (27 comments)
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market reports: 2011 Westchester Real Estate Market Wrap Up: Dead Cat Bounces and the New Normal - 01/17/12 12:13 AM
Month by month, I have watched the 2011 Westchester Real estate market in comparison to the same month in 2010 to see how we'd stack up. Would values rise? Would transaction totals improve? 2011 started out behind the curve compared to 2010, but my theory was that 2010 started out artificially high due to the housing stimulus which ended at the end of April 2010. Going into November, it looked like we'd at least catch up to 2010 if we could hold serve in the 4th quarter.
We did not hold serve. As a matter of fact, the 4th quarter of … (37 comments)
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market reports: Cortlandt Market Report November 2011 - 12/10/11 09:29 AM
The town of Cortlandt has many moving parts: The villages of Croton on Hudson and Buchanan, the Hamlet of Verplanck, Cortlandt Manor, and right in the middle, the separate municipality of the city of Peekskill. Croton and Peekskill have their own school districts, so the vast majority of Cortlandt is served by the Hendrick Hudson and Lakeland school districts. This is the November 2011 market report for single family homes in Cortlandt covering Hendrick Hudson and Lakeland separately.
Hendrick Hudson Schools
November 2011- 6 homes closed at a median price of $427,500November 2010- 2 homes closed at a median price of … (10 comments)
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market reports: Ossining Real Estate Market Report November 2011 - 12/05/11 11:29 AM
Prices are down, but volume is up according to the data for single family homes in the Ossining school district for November 1-30 2011. All information is taken from the Empire Access Multiple Listing Service.
This past November, 11 homes closed at a median sale price of $332,000. In November of 2010, 8 homes closed at a median sale price of $367,500.
It is consistent that lower prices would yield a higher volume of closings. With the winter and end of the year coming, more sellers might be willing to discount their price for expediency. I counted several homes that sold considerably below … (8 comments)
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market reports: Cold Spring & Philipstown 3rd Quarter Market Results - 11/15/11 10:05 AM
If one were to do a heat map of population density for Westchester, Putnam and the Hudson Valley, they would discover an amazing fact about Philipstown- of all the river communities from Westchester to Poughkeepsie, Philipstown -including Cold Spring and Garrison- is the least populated and perhaps most pastoral river town for 60 miles.
That's a good thing. That's a great thing. That means you can live on the Hudson line, commuting distance from New York City, close to the river, but not be in a crowded place.
Philipstown has two school districts, and this market report for the 3rd quarter … (6 comments)
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market reports: Ossining Real Estate Market Report October 2011 - 11/13/11 11:42 PM
The October real estate closing statistics in the Ossining School district indicate a drop from October of the prior year.
In October 2011, 7 single family homes sold at a median sale price of $410,000.
In the same period last year, 11 single family homes sold at a median sale price of $535,000.
Obviously, this is a precipitous drop in both volume and median price. However, there is an explanation: The number of homes under contract ballooned from 19 last month to a whopping 37 this month. Buyers are indeed signing contracts; they just aren't closing yet.
This could be due … (5 comments)
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market reports: Westchester Real Estate Market Year to Date October 2011 - 11/05/11 08:34 PM
Last month I posted on the shrinking disparity in transaction totals in Westchester County comparing 2010 to 2011. This year has been playing "catch up" with last year's totals, and each month 2011 has been closing the gap. It was my theory that 2010 started out hot due to the stimulus but that 2011 would catch up by year's end. Last month, we were just 139 closings for single family homes through the end of the 3rd quarter.
Well, October wasn't a good month for closing the gap. We are now down by 157 transactions, 3463 in 2010 to 3306 for this year.
… (5 comments)
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market reports: What Does $540,000 Buy in Tuckahoe, NY? - 10/22/11 01:58 PM
What can you get for $540,000 in Tuckahoe, New York? I'm so glad you asked! $540,000 can get you a pretty, pre-war tudor on a quiet residential street in the Tuckahoe school district just a hop skip and a jump from New Rochelle and Bronxville. If you are like our client, you'll get an 1840 square foot 3 bedroom with a deck, garage, granite and stainless steel kitchen and a ton of classic charm.
Our client closed on the one pictured just this past week, and it also has a finished basement, beautifully landscaped yard, woodburning fireplace, formal dining room, den, … (12 comments)
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market reports: Westchester 3rd Quarter 2011 Real Estate Market Report: Up, Kinda Sorta - 10/16/11 02:16 PM
The 3rd quarter of 2011 was better in volume for single family home sales than the 3rd quarter of 2010 from a volume perspective, according to the data I found on the Empire Access MLS. And in comparing the years to date, 2011 is still "catching up" to 2010 and may indeed do so by the end of the year.
If you have been following my observations of the market, you'll know that 2011 started out far behind 2010 because of the bloated results of last year's stimulus. However, I have postulated that because things fell off so precipitously after the … (4 comments)
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market reports: Croton Real Estate Market 3rd Quarter 2011 Shows Improvement - 10/10/11 09:49 PM
One of the risks a real estate broker like myself incurs when commenting on the market is the perception that we as licensees puff things up to make the climate seem better than it really is. Given that we are entitled to our own opinion but not our own facts, I'll lead with the numbers on Croton's 3rd quarter real estate market.
For the 3rd quarter of 2010, the Croton-Harmon school district had 15 single family home closings at a median sale price of $425,000.
For the 3rd quarter of 2011 which just ended September 30th, Croton had 18 single … (11 comments)
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market reports: Ossining Real Estate Market September 2011 - 10/05/11 05:09 PM
The numbers are in for September real estate closings in the Ossining School district, and they show a significant improvement over the prior September. All information is for single family homes and is sourced by the Empire Access MLS, a wholly owned subsidiary of the Westchester Putnam Association of Realtors.
In September 2011, 17 single family homes sold at a median sale price of $395,000.
In the same period last year, 9 single family homes sold at a median sale price of $345,000.
That is almost a 90% jump in transaction totals and a 14% rise in median sale price. It … (8 comments)
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market reports: What Does $741,000 Buy in Ossining, NY? - 09/15/11 06:41 PM
What can you get in Ossining for $741,000?
If you acted fast, you could have gotten a gorgeous 2002-built colonial in Waterview Estates. Here's what it had under the hood: a level half acre lot backing up to wilderness (General Electric-owned reservoir), exquisite landscaping, a lawn sprinkler system, a wrap around porch and a 2-car garage to start, and we havn't even walked inside.
Inside: 3600 square feet of living space, 4500 if you included the walkout finished basement. 5 bedrooms, 4.5 baths, with a master suite to die for; a granite and stainless steel gourmet kitchen with an island; a … (6 comments)
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market reports: Westchester January Through August 2011 Real Estate Market: Catching Up - 09/14/11 04:08 PM
Earlier this year, I wrote a piece on how the 2011 market was starting out far slower than the same period in 2010. I qualified the statement with the prediction that 2011 might surpass 2010 later in the year, as early 2010 results were skewed by the stimulus.
Here's how we are doing thus far:
From January 1 2011 through August 31 2011, 2655 single family home has sold at a median price of $635,000.
From January 1, 2010 through August 31 2010, 2832 single family homes have sold at a median price of $648,000.
We are down 177 sales from … (5 comments)
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market reports: Cold Spring & Philipstown New York Market Snapshot - 09/05/11 11:29 PM
Anyone who knows me knows that I love the Hudson River towns, and not just the ones in Westchester. Nyack in Rockland is near and dear to my heart, and so is Cold Spring, a hop skip and a jump away in Putnam County, NY directly across the Hudson from West Point.
The area is very popular with weekenders from Manhattan, and aside from the village of Cold Spring, which has one of the most charming downtowns you'll ever see, there is also the village of Nelsonville, and the larger areas outside the villages in the town of Philipstown. All share … (0 comments)
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market reports: Ossining Real Estate Market, August 2011 - 09/04/11 11:27 PM
This is the market report for Ossining, NY for August 2011. It covers single family homes in the Ossining School District. All data is from the Empire Acess MLS.
In August 2011, Ossining had 15 closings at a median sale price of $420,000.
In August 2010, Ossining had 15 closings at a median sale price of $436,000.
Both volume and price are holding steady, and this is a fairly siginificant departure from the downward trend of previous periods this year. August of 2010 was in the the stimulus period, so the results this August, which are unaffected by any outside forces … (7 comments)
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market reports: July 2011 Sees a Rebound in Ossining Real Estate; Croton is Steady - 07/31/11 09:05 PM
The Multiple Listing Service statistics for July closings in Ossining and Croton indicate good news for market watchers. Comparing data from this past July to July 2010, Ossining is way up, and Croton is virtually identical. July is typically a high volume month in the market cycle due to the weather and school year schedule, and despite an overall malaise in the industry, local results give reason for optimism.
In July 2011, MLS data shows that Ossining had 14 single family home closings at a median sale price of $378,000. In July of 2010, only 8 homes closed, and the median … (1 comments)
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market reports: Somers Real Estate Market 2nd Quarter 2011 - 07/17/11 11:10 PM
Somers is near and dear to my heart. I went to high school here at John F Kennedy Catholic. The area is located in northern Westchester County and is very wooded and pleasant, with the NYC reservoir system running along much of its eastern border. Appearances can be deceiving: There is quite a bit of industry here, with huge complexes for both IBM and Pepsi hidden from street view on bucolic campuses. Somers also lays claim to being the cradle of the American circus, with the high school mascot as the "Tusker" and town hall at the Elephant Hotel.
The real … (2 comments)
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market reports: Hendrick Hudson Schools 2nd Quarter Real Estate Market - 07/17/11 10:23 PM
Located in northwest Westchester County, the Hendrick Hudson School district is in the town of Cortlandt and encompasses parts of Croton, Cortlandt Manor, Peekskill, and all of Montrose, Verplanck and the village of Buchanan. All information is for single family homes from the Empire Access Multiple Listing Service.
For the 2nd quarter of 2011, 11 home closed at a median sale price of $495,000.
For the 2nd quarter of 2010, 21 homes closed at a median price of $369,000.
I see a little bit of supply/demand dynamics here- fewer homes are selling with higher prices. More homes sold last year at … (0 comments)
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J Philip Faranda, Broker-Owner
Briarcliff Manor,
NY
More about me…
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY
Address: 522 North State Road , Suite 100, Briarcliff Manor, NY, 10510
Office Phone: (914) 762-2500
Email Me
Phil Faranda is broker and owner of J. Philip Real Estate LLC in Briarcliff Manor, NY. Since founding the firm as a sole practitioner in late 2005, the team has grown to over 20 agents and closed 300 transactions valued at $125 million. He is in his 3rd term as Vice President of the HGMLS. This blog commentary is geared toward consumers and industry colleagues alike. You can reach him at (914) 723-8900. Warning: *Sarcasm and irony advisory at all times.*
  
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