The Westchester County real estate market is alive and doing well! The accompanying charts and graphs show that things are quite active. For example:
- Total Single Family Sales
September 2011 – 358 closings
September 2010 – 323 closings
September 2009 - 329 closings
- Single Family Sales Less Than $1 Million
September 2011 – 236 closings
September 2010 – 186 closings
September 2009 – 230 closings
- Single Family Sales Greater Than $1 million
September 2011 – 43 closings
September 2010 – 33 closings
September 2009 – 44 closings
Inventory continues to be low; at the end of September, there were about 4,800 single family homes for sale. That compares favorably to 5,200+ for sale in September 2010 and just over 5,000 in September 2009. Pricing generally continues to be weak; for 3Q2011, median and mean single family sale prices were down 6.3% and 4.4%, respectively.
Serious buyers continue to shop for homes; I have been involved in several multiple bid situations over the past few months. The buyers that I have encountered are motivated by several factors, including low interest rates and favorable pricing. The main reason I hear, though, is that people are just tired of waiting; they want to move on with their lives and buy the house they’ve always wanted.
For those of you who are happy in your current living situation, I hope you’ve looked into refinancing. Interest rates are very low and you might be able to save a lot of money by lowering your monthly payment.