The Westchester real estate market has had a very good year, though things have started to slow down a bit. I believe that the recent change is due to three factors:

1) Superstorm Sandy - Cleanup continues and there are still sellers who don’t want buyers in their house. I just had an $800,000 cash buyer suspend her search because of weather concerns.
2) Lack of inventory. There is simply not enough new homes for buyers to choose from. My frustrated buyers range from $500-$600,000 in the Yonkers/Hartsdale/White Plains areas to a $3 million buyer in Scarsdale (and quite a few clients in between). There is nothing especially exciting to show them.
3) Seasonally, this is a slower time of year for transactions. Still, though, there are typically 250+/month single family closings during the winter months.

Here are some bright spots:
- YTD sales are up 12% from last year (through 10/31/12)
- October closings were up 29% from last year
- October saw the highest sale price ($12,700,000) since 2008 (offered on HGMLS)!
- Edgemont sales are up 51% YTD
- For Westchester County, sales under $1 million are up 17% YTD
- For Westchester County, sales $2 - $3 million are up 10% YTD

Regarding the lack of inventory, check out this picture of how much inventory has declined around the country; for Westchester County, the inventory of single family homes is down 39% from October 2011. That is a serious drop, especially considering the fact that the number of buyers did not drop 39%!

USA Housing Inventory Levels Decline


I fully expect it to be a very busy and early selling season in 2013. There will be eager buyers and low mortgage rates (that will probably be a bit higher than today’s super-low rates). Keep in mind, though, that serious buyers are out there right now, looking for serious sellers! If your home is for sale and has not sold, please call me - I can definitely help you get it sold. I just helped a client sell their house in less than 30 days; it had previously sat on the market for over 12 months. I am easily reached at 917-549-5296 or