There is about 14 months’ supply of inventory for Westchester – we remain firmly in a buyers’ market (anything more than 6 months is considered a buyers’ market). While there are still plenty of properties changing hands, only homes offering the most value, i.e., the best price for the given amenities, are attracting buyers. Sellers must still be flexible on price if they do not want to sit on the market.

In looking at Westchester County as a whole, the supply of single family homes has been creeping up for the past five months. In fact, inventory is at the fourth highest level in two years. Additionally, the number of expired properties is at the second highest level in two years. Many expired properties eventually find their way back to market and could further bloat inventory levels. Generally speaking, as the supply of homes increases, prices usually decrease.

There has been a HUGE increase in the number of homes sold. In June 2010, there were more than 630 single family sales – a 100% jump from June 2009. Nearly 22% of those sales were for $1+ million properties. In fact, June saw 14 property sales of $3 million or more (versus 4 in June 2009). Showings have definitely been slowing, though, since the expiration of the federal tax credit on April 30, 2010.