Westchester Market Report - 2009 1st Quarter
Westchester County NY reported a 31% decrease from last quarter’s home sales transactions. The median sale price of a single family house in Westchester was $532,000, a decrease of $90,500 or nearly 15% from last year. The decrease was attributed to rising unemployment, plunging equity markets, weak corporate earnings and the general economic malaise of last year.
Westchester only closed 850 transactions last quarter; the lowest closing rate the MLS has reported since Ronald Reagan’s presidency. Price levels are now back to 2003. The most severely affected properties were homes selling above $1 Million. Investment property prices dropped 20%. Condo prices were down by 7%. Coop prices had a small uptick.
All recent activity seems to indicate that the second quarter of 2009 will be better, because activity has picked up dramatically. Banks have begun lending. Mortgage rates are low. Buyers are taking advantage of the $8,000 first-time homebuyers’ tax credit if they close by December 1st. To get the full WPMLS Westchester report, go to AskRey.net and click on the RE NEWS tab, or…. AskRey.