Westchester Market Report – Q3 2010
Single Family Homes
Westchester’s housing market has rebounded from 2009’s record lows in prices and transactions. The median sale price for a single family home in Westchester is $676,875 this August; up 9.7% from the same time last year. Westchester has already sold 2,831 homes and it looks like 2010 will outpace the last two years. The average time it took to sell these homes was 165 days, down 7% from a year ago. Prices had been declining in Westchester since 2007, but rebounded significantly this year.
Whether credit should be given to Obama’s fiscal policy, tax credits, or regulatory changes is debatable. However, clearly things are better than last year and the outlook looks good for the remainder of 2010.
Condominiums
Condominiums continue to lag in the market. The median price was $353,625 in August; down almost 7% from last year. The number of units sold is down 20% and numbers of units for sale is down 6.5%, which indicates that sellers are opting to take their units off the market until this market recovers.
Co-operatives
Co-operatives are down 4% this year so far, making the average price $168,000 in August. Units sold are down a whopping 31.7% this year, evidencing the difficulty of selling a co-op in this market. Tighter regulatory hurdles and jittery buyers are making co-op sales a Herculean effort in 2010.