MARKET STATS COMPARISON 2011-2012 Westchester County NY

By
Real Estate Agent with Keller Williams NY Realty

According to HGAR latest newsletter dated January 14th, 2013 real estate sales increased considerably over 2011 in our region, which consists of Putnam, Orange, Rockland and Westchester County.

Here are some highlights from the Westchester County latest stats!

Westchester County accounts for ⅔ of the sales in our region.
Sales:
Single Family Homes increased 16.3% over 2011
Condominiums increased 20.2% over 2011
Cooperatives increased 8.3% over 2011
While 2-4 Family houses decreased -6.3%

While the amount of homes sold have increased, the prices of the homes decreased from 2011 to 2012:

Median Sales Price:
Single Family Homes: -2.2%
Condominiums: -2.1%
Cooperatives: -7.2%
2-4 Family: -2.9%

Mean Sales Price:
Single Family Homes: -1.7%
Condominiums: -9.9%
Cooperatives: -4.0%
2-4 Family: -0.1%
Most of the sales have occurred in the middle market. Only 18% sold in the million dollar+ range, compared to that segment accounting for 25-30% of Westchester sales 5-6 years ago.

Inventory is lower than 2011 and will continue to shrink if the spring market picks up as it did last year.

Current End of Year Inventory comparison from 2011 to 2012 is:

Single Family Homes:  -12.7%
Condominiums: -23.4%
Cooperatives: -5.7%
2-4 Family: -12.1%

Although prices were down in 2012 from 2011, what we have generally seen over the last six months is, that if a house is in mint condition, in a good location, there are more multiple bids coming in, and most are selling within 3-5% of asking price.

Comments (1)

Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Great analysis, Barbara.  I'm thinking that the reduction in inventory is a good thing and the first step towards recovery in prices.  So glad the volume (or # of units) is growing.  That is great news.

Jan 30, 2013 07:43 AM