Today Coldwell Banker Real Estate gave Ossining the dubious distinction of being the most expensive housing market in New York State. The real estate company used a number of factors to make their determination. Those factors included the average home listing price (which was $919,986) for a four-bedroom, two-bathroom properties on ColdWellBanker.com between the months of September 2010 and March 2011.
The company looked at a total of 164 housing markets across New York State. Taking the number two to six most expensive spots were Northport, Long Beach, Somers, New Rochelle and Yorktown Heights. Other expensive area housing markets include Yorktown, White Plains, Carmel and Cortlandt. The least expensive New York housing markets are Niagara Falls, Utica and Buffalo.
Local realtor and Patch columnist takes issue with the way Coldwell Banker assembled the data. “This is an example of the computer principal of GIGO (garbage in garbage out),” said Faranda. “While Westchester is a high cost county, Ossining is actually one of the least expensive markets in the county, and the average of $919,986 is not representative of the true typical cost of living here.”
“According to the MLS, the median SALE price of a 4 bedroom, 2 bath single family home in Ossining in the same period was $328,000 and the average was $585,000. That includes all companies, and is the true indication of values, because those are the numbers that actually closed,” said Faranda. “The anomaly of taking the listing inventory from one company, with just asking prices (what people as for and what they sell for are two different animals), can create fallacious data. That is the case here.”