At the end of July, there was about eleven months’ supply of inventory (single family homes) in Westchester. We are still firmly in a buyer’s market. There are still pockets of activity and yes, even some properties that are attracting multiple bids. Most homes, though, are just sitting on the market. There are still too many sellers who are overpriced and not willing to negotiate.

The most common thing I hear from buyers is: “Why aren’t there any good houses for sale?!?” I am currently working with several qualified, serious, ready-to-transact buyers who are looking in White Plains, Mamaroneck and Scarsdale. If you own a property in these areas and are thinking about selling, call me first…. I would love to make a match!

When I tell people that I am a full time real estate agent, I am met with sympathy. People want to know how bad the market is, why nothing is selling, etc. Here is the truth: throughout Westchester County and through the end of July 2010, there were:
- Over 2,400 single family sales
- 580 condo sales
- Over 850 coop sales
- 211 multi-family sales

As you can see from the graph below, Westchester real estate has been a decent investment compared to the S&P 500. The current median selling price is at 2004 levels, though interest rates are obviously much lower. Also, price volatility is much lower with real estate than in the equity markets.

The picture is a little different when you look at it from the peak:

2010.7 Westchester Median Prices II
2010.7 Equity Benchmarks II

Despite negative news reports, the real estate market continues to serve buyers and sellers. Business is happening and banks are lending…. And if you have not refinanced your mortgage – do it now while interest rates are very close to all time lows!