You can't escape the news of the great collapse of the economy in 2008. Drastic depreciation in property values with home inventories and foreclosures on the rise. Thankfully there is some good news (at least for Westchester). What we are seeing in Westchester is a slip in the median sales price for homes. Values for income properties have increased slightly. For condos the news is bad. Condo sales in Westchester (where there are few developments) have slipped over 80% and values dropped about 31%. I have always urged my clients, whenever possible, to stick to "dirt" and not to condos. This is the reason why. For those that can't afford a home, a condo is a good option. However, when the market falls, condos always prices are always the hardest hit. Despite the condo market being hurt, it could be a lot worse. The median price of a home has slipped, as has the number of homes for sale. One could argue that median prices have fallen because many of the homes that have sold are foreclosures and REOs, which are listed at drastic discounts. In other parts of the Westside, we have seen drops in sales volume of up to 50%. In my opinion, Westchester is braving the storm in these tough economic times. Finally some good news!
Below are the year end real estate sales statistics for Westchesterfrom 2007 and 2008:
|
Property Sales |
2008 |
2007 |
|
Single Family Homes |
15 |
22 |
|
Income Property |
5 |
6 |
|
Condos |
2 |
11 |
|
|
|
|
|
Active Listings (Inventory) |
|
|
|
Single Family |
86 |
108 |
|
Income Property |
17 |
24 |
|
Condos |
22 |
18 |
|
|
|
|
|
Median Sales Price |
|
|
|
Single Family |
$679,000 |
$825,000 |
|
Income Property |
$709,000 |
$670,000 |
|
Condos |
$300,000 |
$437,500 |
|
|
|
|
|
|
|
|
|
Total Number Sold |
258 |
287 |
|
Total Volume (total amount of all sales) |
$180,341,687 |
$226,419,950 |
|
Total Average Days on Market (Sold) |
65 |
62 |
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