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.
Sales Statistics
for WESTCHESTER County NY
Realist's most recent recording date for this county is 06/03/2009
Single Family Residence
Time Period
Number of Sales
Median Sale Price
Apr 2009
172
$491,250
Apr 2008
266
$572,500
Mar 2009
181
$517,000
Mar 2008
246
$576,000
2009 YTD
762
$520,000
2008
3,734
$595,000
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 dropped almost 30% from their peak and transaction totals are down almost 60%.
The available inventory remains high thanks to the flood of REO's entering the market weekly. As unsustainable as the Bubble may have been, the decline in wealth is staggering. We aren't out of the woods by a long shot, my friends.
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