How to Price Homes to Sell in the Westchester NY Real Estate Market
We all know the economy has hit the residential real estate market in Westchester County NY hard - not as hard as many other cities, but it has definitely made an impact. Many people are now confused about pricing their homes for sale. The best way to figure out your home's value in today's market is to speak to a Westchester County NY licensed real estate professional. It's important that you also do a bit of research on your own so that you can make informed decisions regarding the pricing of your home.
Our area's real estate price trends over 2010 have been quite complicated. The highest median sale price recorded in Westchester County was in the third quarter of 2007, when the median was $730,000. Ever since, we have seen the prices fall to the most recent low point, which was in the first quarter of 2009 at $532,000. Since then we have seen the prices improve when, surprisingly, in the third quarter of 2010 in the midst of recession, a new record median of $730,250 was reached.
Does this mean the value of every home in our area is coming up that drastically? It'd be great, but that is not the case.
The erratic prices we saw trending in 2010 didn't have much to do with appreciation, depreciation, or even foreclosures. In Westchester County NY we saw a large ratio of high-end ($1M +) homes selling. That threw our median off a bit.
Sales of high end homes accounted for 23 percent of the total sales in 2008, then fell off in 2009 to only 17 percent of all sales. It bounced back again in 2010 to 28 percent, this resulted in a new record high median of $730,250.00.
As the last few years have taught us all, things can change fast. And, in the fourth quarter of 2010, the high end market only represented 16 percent of all closed homes in Westchester County NY. This means the median home price in our area fell back to $576,500 by the end of 2010. The median sale price at the close of the year stood about 3 percent above the 2009 level, which can be attributed to actual home appreciation rather than statistical artifact.
What does this all mean to you?
If you are looking to buy or sell a home it is more important than ever to get the help of a professional Realtor. At Prudential Centennial Realty, we understand the ever-changing real estate market and are here to help you understand it too.
Contact me for assistance in pricing your Westchester NY home for sale! Looking for a great home to buy?
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