Westchester Home Sales Down, but Better Than US Average By Far

By
Real Estate Broker/Owner with J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY License # 49FA1074963

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 any 15% drop is significant, it is safe to say that Westchester stunk it up far less than most parts of the country, which were down 40 and 50% according to the piece.

Consider the following:  

2009: 2668 sales at a median price of $590,000 from 1/1/09-10/30/09

2010: 3461 sales at a median price of $640,000 from 1/1/10-10/30/10

Overall, sales volume is up by almost 800 closings, or 30%, and median price is up $50,000, or 8.5%. 2010 has already torched 2009. It isn't even close. There are currently 731 homes under contract, so eclipsing 4000 closed deals is well within grasp. That would make 2010 the best year since 2007, which had over 5000 closed sales-but here's the big asterisk- the sub prime meltdown didn't occur until later in 2007. There were barely 1000 closings the last quarter of 2007 because so many banks were failing, scuttling a ton of pending transactions. 

What's it all mean? The numbers indicate that Westchester is overall ahead of the national curve, and is doing far better than last year. Beyond that you'll need to buy a fortune cookie. 

 

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Rainer
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Chandler Real Estate Liz Harris, MBA
Liz Harris Realty - Chandler, AZ
#ChandlerRealEstateAgent

Good interpretation... may you have a very successful 2011!

Nov 26, 2010 11:24 AM #1
Rainmaker
1,080,593
Greg Nino
RE/MAX Compass, formerly RE/MAX WHP - Houston, TX
Houston, Texas

Wow, good for you guys man! What a nice avg per sale, too! We're at about 162k. Big difference. Glad to hear your local numbers are doing better. This is encouraging.

Nov 26, 2010 12:48 PM #2
Ambassador
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Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

J Philip,

While national data is important in general, local data is where the real analysis is done that's important. Doesn't matter to me, my buyers or sellers what's going on in the rest of the country.

Rich

Nov 26, 2010 12:56 PM #3
Rainmaker
427,164
Leslie Ebersole
Swanepoel T3 Group - Saint Charles, IL
I help brokers build businesses they love.

Wonderful news, my friend. I was worried that there was no business out by you.

I keep these numbers down to price brackets in 25 zip codes going back four years -- if it wouldn't seem too boring to the rest of the world, I'd publish them. Maybe I will. In my 3 core zips -- 3 towns with a population of about 90,000, there are about 200 pending closes. Prices have stabilized in most price brackets -- those below the top quartile -- and while there is inventory, it's not overwhelming. Absorption rates range from about 4 months below the median price to 8 months in the 3rd quartile to many years at the very upper end, but houses are selling, every day.

I'm glad that your brokerage is doing well, as well.

Thanks....not great news, but not terrible either.

Nov 26, 2010 01:31 PM #4
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