2013 3rd Quarter Westchester Residential Real Estate Sales Report (2010-2013)

The following report provides some very promising signs for Westchester County homebuyers and sellers.

Westchester County 3rd quarter residential real estate closings saw the greatest improvement at 31% over last year.  With Rockland (25.8%), Putnam (21%) and Orange (24.1%) respectively, not far behind.

The 1,991 reported closings of single family homes during this third quarter showed the greatest gains for any quarter since 2005.  

Actual sales of condominiums and cooperatives outpaced single family houses as a percentage increase over last years numbers.  The region is also beginning to see modest price increases more often than not, with 2-4 family homes and condominiums overall showing double digit gains over previous 3rd quarter reports. 

Westchester's third quarter median sale price1 - $652,050 – was 3.5% more than last year. The average (mean) sale price1 of $862,356, however, was almost 8% higher and signaled the insertion of more high end properties into the sales mix. More than 24% of Westchester’s houses sold for $1 million or more in the third quarter in comparison to a range of 16% to 22% throughout last year.

The third quarter data largely reflects closings that followed upon listing and marketing activity in the spring and early summer months. Also keep in mind that the average rate on a conventional 30-year mortgage was less than 4% during much of the period that generated the third quarter sales. Rates are now hovering around 4.6%-4.8%, still very attractive.

There was, and remains, a great deal of pent up demand since the 2008 recession and its greatest impact on our local real estate market in 2010. Continued low interest rates, coupled with current demand should continue to power the market going forward as long as there is no national self-inflicted economic convulsion.

• The median sale price is the mid-point of all reported sales, i.e., half of the properties sold for more than the median price and half for less. The median is relatively unaffected by unusually low or high sale prices.
• The mean sale price is the arithmetic average, i.e., the sum of all sales prices divided by the number of sales. The mean does reflect the influence of sales at unusually low or high prices.

Wondering how all of this effects you and and your plans to buy and or sell in today's market?  Call me today.  We can schedule a no obligation consultation  - we can review the facts and explore your options.  I can be reached at (914) 374-8354.