westchester real estate market: 2011 Westchester Real Estate Market Wrap Up: Dead Cat Bounces and the New Normal
- 01/16/12 04:13 PM
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)
westchester real estate market: Westchester Real Estate Market Year to Date October 2011
- 11/05/11 01:34 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)
westchester real estate market: Westchester 3rd Quarter 2011 Real Estate Market Report: Up, Kinda Sorta
- 10/16/11 07:16 AM
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)
westchester real estate market: Westchester January Through August 2011 Real Estate Market: Catching Up
- 09/14/11 09:08 AM
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)
westchester real estate market: Westchester Year To Date 1st Half Market Report
- 07/16/11 03:37 PM
The Westchester Putnam Association of Realtors has released their 2nd quarter report for the two counties real estate sales. It's valuable data, and I thought I'd do something a little different- namely, take the entire first half of 2011 and see how we are stacking up with the first half of 2010. Here's the scoop for single family home sales, county wide, for the period from January 1 through June 30, 2011 from the Empire Access MLS: 1710 single family homes have sold at a median sales price of $592,475. Here are the numbers from the first half of 2010: 1958 … (4 comments)
westchester real estate market: Compelling Reason to Price Your Home Right from the Start
- 07/04/11 06:07 AM
I review market statistics ever quarter, and since we just passed the halfway point of 2011 I found some very powerful data on the relationship between percent of asking price that Westchester County homes sell for and how long they have been on the market. As the table from the Empire Access MLS below illustrates, the percentage of asking price a home sells for decreases the longer the home sits on the market, all the way down to a whopping 7% average loss for older listings. The sample size, over 1700 closed single family homes in the first half of 2011, is plenty … (63 comments)
westchester real estate market: So How are We Doing?
- 02/12/11 04:31 PM
Just in case you're up late and licking your chops about the market change toward equilibrium I just blogged about, I did a comparision of the first 6 weeks of 2010 compared to the first 6 weeks this year. In 2010, the first 6 weeks had 377 closings for single family homes at a median sales price of $605,000. In 2011, the first 6 weeks this year we have had 321 closings at a median sales price of $560,000. Should we panic? No, we shouldn't panic. And we shouldn't blame the weather, because anything that closed in January went under contract … (2 comments)
westchester real estate market: Westchester at a Glance: Sales for December 4-10, 2010
- 12/12/10 01:14 PM
According to the Empire Access Multiple Listing Service, 82 single family homes closed in Westchester County this past week, with a median sales price of $586,000. In the same period last year, there were 96 single family home closings with a median sale price of $608,000. Given the general abysmal year that 2009 was, that makes this past week not much to write home about. HOWEVER...overall, we are far ahead of the 2009 totals for the county. Last year through December 10, there were 3130 single family homes sold at a median price of $580,000. Thus far in 2010, we have … (1 comments)
westchester real estate market: Westchester Home Sales Down, but Better Than US Average By Far
- 11/26/10 10:59 AM
In light of this article in Tuesday's NY Times on the poor October in real estate sales, I thought it worthwhile to inject a little sanity into the implications for local market conditions. According to the Empire Access MLS, in Westchester County in October 2010, there were 285 closed sales of single family homes at a median price of $576,500. In October of 2009, there were 336 closed sales in the same category at a median sales price of $575,000. That is a 15% drop in volume with virtually the same median price, albeit $1500 higher. That is far below the national decline, and while … (4 comments)
westchester real estate market: Westchester County Real Estate Market 3rd Quarter 2010
- 10/17/10 03:37 PM
I thought I'd do something different and compare the 3rd quarter of 2010 with the previous years going back to 2005 to see if there was anything helpful that could be concluded. This is for single family homes sold in Westchester, and all data is taken from the Westchester-Putnam Multiple Listing Service.
Two things jump out immediately:
2009 median price was deplorable. Way down. And just to double check, I did the mean price, and it too, was also down about $100,000. After the sub prime crisis of 2007, transaction totals were way down. Even if you consider 2005 … (2 comments)
westchester real estate market: What Does $500,000 Buy in Westchester County?
- 10/03/10 02:31 PM
What can you buy in different parts of Westchester County for half a million? Interesting question. I did a survey of closed transactions around the county in the past 30 days, and what I found speaks to the different characters of the many areas of our fair county. Bear in mind that these are closed transactions since September 3, not asking prices or deals from a bygone era. All information is taken from the Westchester -Putnam Multiple Listing Service. In Somers, home of my alma mater, John F Kennedy Catholic High School, $487,000 bought a 3 bedroom 2100 square foot raised ranch … (3 comments)
westchester real estate market: Westchester Home Sales Steady
- 09/04/10 02:57 AM
In all the panic about the drop in sales nationally this past July, few news outlets made much mention of the fact that Westchester's real estate market went up. Now that August is past, how did we do as a follow up? Good question. In short, the answer is "steady." In July 2010, there were 449 closings with a median sales price of $799,000. In August 2010, there were 424 closings with a median sales price of $715,000. In August of 2009, there were 430 closings with a median sales price of $644,250. From July to August of 2010, transaction totals … (5 comments)
westchester real estate market: Westchester County Bucks Downward Trend in July
- 08/25/10 01:25 AM
By now the whole country is talking about the over 25% drop in sales this past July in the wake of the stimulus. Here in the state of New York the sales were down 34.9% overall. Locally, Rockland County was down about 27% and Putnam was down 30.6%. But Westchester County was up, a surprisingly strong 8.7%, with a median sales price of $799,000 (source: Journal News). It just goes to show that all real estate is local. But why would Westchester buck the trend? How can a county next to other counties with declining numbers have such healthy results? In my opinion, Westchester benefited at … (6 comments)
This is not your typical local market post. A 4-year look at back at single family home sales for Westchester County, NY with data from the Westchester Putnam Multiple Listing Service. The stats are banal. Read the conclusion if they bore you.
A few observations: The number of transactions in 2009 was just over half (55%) the number of sales in 2005. In 2009, the median price, which was relatively stable, took it on the chin in Westchester. I attribute this to the spike in foreclosures. The dip in transactions between … (6 comments)
westchester real estate market: Westchester County Home Sales Are Up
- 11/30/09 02:54 PM
Home sales rose almost 10% in Westchester County this October compared to last October while the median price remained almost exactly the same at $575,000. The average (mean) sale price actually rose by $10,000. How can this be? How could prices remain steady yet the number of sales actually rise? Is Westchester that insulated from the economic woes of the rest of the nation? Neighboring Rockland county also had an increase in sales but their median price was down over 11% from last October. So what gives with Westchester? There are a number of reasons why this was a better October … (0 comments)
westchester real estate market: The Day of Extremes
- 11/21/09 11:59 AM
I have listed two houses in a day before, but in 13 years I have never seen such contrast in a day. 10am: Listed a double wide mobile home in Middletown, NY for $39,900. 4pm: Listed a 3,500 square foot 6 bedroom English Tudor in New Rochelle for $975,000. Two different counties, two altogether different communities, and two radically different homes on opposite ends of the pricing spectrum. We serve everyone. … (6 comments)
westchester real estate market: Use Your Buyer Agent. That's What They're Paid For!
- 09/30/09 01:01 AM
Most consumers sort of understand how real estate works. These days, if they see a home they are interested in, they'll contact their buyer agent and have them arrange a showing. If that is THE place, that agent writes the offer, guides the transaction, and gets paid at closing. It is an uncomplicated process, and one that the vast majority of souls who have mastered walking on their hind legs grasp. However, there is a misguided minority of prospective home buyers who, due to either ignorance or selfishness, don't get it. Ignorance is not their fault. Selfishness, however, is. This past … (56 comments)
westchester real estate market: Why Use an Attorney in a New York Real Estate Transaction?
- 07/16/09 12:56 AM
Do you really need an attorney to buy or sell real estate in Westchester County? I was posed this very question by a first-time buyer recently. I asked Lisa Fantino, attorney, author, and friend, for her perspective. I cringe each time a realtor tells me the seller or buyer is going to represent themselves in the sale or purchase of a home. I'm a lawyer and I would NEVER represent myself in the biggest financial transaction of my life (not counting law school tuition payments!) I know that we are all looking to cut back these days but why would you look … (5 comments)
westchester real estate market: Westchester County Median Home Price Dips Below $500,000
- 06/24/09 02:27 PM
According REALIST, to the public data provider for the Westchester -Putnam Multiple Listing Service, the median price for a single family home in April of 2009 was $491,250. After peaking at over $700,000 in 2005, this is the first time in a long time the median price has fallen below half a million dollars.
We are also at a low ebb for transaction totals; 2008 was a deplorable year, with fewer than 4000 titles transferred. 2009 is on pace for fewer than 2500 single family homes sold. In 2005 there were over 6000 sales. This means that home values have … (0 comments)
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 80 agents & closed 1000+ transactions valued at over $1 billion. He was 2014 President of the HGMLS and a 2017 Inman Influencer. 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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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. 
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