I am continually surprised at how shocked people are when I tell them that I am busy. On behalf of clients, I have been involved in half a dozen bidding wars over the past few weeks. Not all of the properties will sell above the asking price. The point remains, though, that there are plenty of qualified buyers in the marketplace.

A lot of activity was a result of the federal tax credit (which expired at 4/30/10), but the tax credit only applied to properties up to $800,000. As the graphs on the next page demonstrate, there are a lot of $1 million+ buyers who see this as a great time to transact. In fact, there have not been this many $1 million+ properties under contract in over two years.

Some highlights from April:

  • 58% year-over-year increase in the number of single family sales in Westchester
  • Harrison, the Rivertowns, Rye and White Plains (10605 & 10606) all saw greater than average increases in the number of sales
  • Harrison had a large increase in the number of expired listings
  • Average and median selling prices were higher in Edgemont, Harrison, the Rivertowns, Scarsdale and White Plains

Westchester Real Estate Sales Update 2010

Number of Under Contract Properties By Month - Greater Than $1 Million

Number of Under Contract Properties By Month - Less Than $1 Million