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Croton-on-Hudson Housing Market Update

The Croton real estate market in October was flat.

The numbers are in from the Empire Access Multiple Listing Service for the Croton-Harmon school district. Here is the snapshot:

47 Single Family Homes are on the market at a median asking price of $668,000
10 Single Family Homes are under contract or pending sale at a median list price of $389,450.

14 Condominiums are on the market at a median list price of $519,500. None are under contract. 

In October 2011, 5 single family homes closed at a median price of $385,000. 
In the same period last year, 5 homes closed at a median price of $400,000. 

In October 2011, 1 condo sold for $375,000. 
Last October 1 condo sold as well, with a price of $435,000. 

Clearly, for both single family houses and condos the number of units closed is about the same but the prices have gone down. To give some perspective, in 2006, 9 single family homes sold in Croton at a median sale price of $639,250. Times have changed. The median asking price of $668,000 is certainly far higher than the median sale price, but what that really means is that higher priced homes are not selling at the same pace as more affordable properties.

For condos in particular, the lack of anything even under contract speaks to a slow period coming, which is not unheard of around the holidays. If you are selling, anyone who requests a showing this time of the year is more likely to be a serious buyer than a tire kicker.

For single family homes, I expect that most of the 10 homes under contract will close by the year's end, giving the area a respectable finish. Once the holidays are over and 2012 kicks off, the "spring" of real estate begins, and only weather will be an encumbrance to more normal activity. Of course, the "new normal" is considerably off pace from the exuberance we saw 5 years ago.

Happy Thanksgiving!   

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