The Westchester real estate market continues to hold steady. For October 2009, the County as a whole had a 10% jump in single family transactions (from 10/2008). Average and median list prices and selling prices were up year-over-year, though overall, it is taking longer for properties to sell. The inventory of single family homes has declined year-over-year, partly because the number of homes that do not sell has increased, but also because there are fewer new listings. I expect this to change, though, because smart sellers should put their homes on the market now in order to get a buyer who qualifies for the extended homebuyer tax credit.
Congress has just extended the homebuyer tax credit through April 30, 2010. This should continue to put a floor under prices. The extension raises the annual income threshold to $225,000 (married filing jointly) and $125,000 (single filer). It phases out at a purchase price of $800,000. The tax credit has been good for our market; I have seen multiple bids on several properties in the past few weeks. Anybody who thinks there is nothing going on is simply not in the market!
Some highlights (October 2009 vs. October 2008):
- Westchester – The number of transactions was up 10%, to 333. Average selling price was up 2%.
- Larchmont/Mamaroneck - Average & median selling prices were up 18% and 8%, respectively.
- Rivertowns - More sales than last year; 33 vs. 25.
- Rye - More sales than last year; 10 vs. 5. Average & median selling prices were up 35% and 30%, respectively.
- Scarsdale - More sales than last year; 20 vs. 8. Average selling price was up 33%.
As I have mentioned in previous updates, if you have not refinanced recently, you should look into it now. If you don’t know who to call, get in touch with me and I can help you. And of course, please continue to refer your friends and colleagues who are interested in buying, selling or investing in Westchester real estate.