The most important thing to note about November 2009 was the strong effect of the home buyer tax credit. Buyers rushed to close before the 11/30/09 deadline, which is, I believe, the main reason Westchester County showed a 47% jump in single family home sales. Of the areas I follow closely, only Larchmont/Mamaroneck experienced a decline in the number of homes sold over last November and Edgemont was flat (though prices were solidly higher for the homes that did sell).
The other factor driving home sales is interest rates. BusinessWeek just came out with a good article (http://www.businessweek.com/lifestyle/content/dec2009/bw2009127_753974.htm) stating that “if you don’t buy a house now, you’re stupid or broke.” If you are not looking to purchase real estate, then you should refinance.
As I’ve been saying for most of 2009, the local real estate market is doing well. Check this out:
