Ossining Real Estate Market, 2nd Quarter 2011

This is the market report for Ossining for the 2nd quarter of 2011. It covers single family homes in the Ossining School District from April 1, 2011 to June 30, 2011. All data is from the Empire Acess MLS. 

In the second quarter  of 2011, Ossining had 28 closings at a median sale price of $374,250.

In the 2nd quarter  of 2010, Ossining had 44 closings at a median sale price of $443,000.

Compared to last year during the same period, this is a significant drop in both volume and price, and speaks to the decline of the market we are witnessing both in Ossining and other parts of Westchester County. This is great for buyers, but it is tough on sellers. 

Currently, there are 31 homes under contract at a median asking price of $375,000. This shows that pending prices are virtually pinned to within a few hundred dollars of last quarter's median. At least it is consistent. 

There are 161 active listings at a median asking price of $440,000. The reason volume is so swollen is that prices remain higher than buyers are willing to pay. Sellers who lower their price should expect to get an offer. Legitimately more expensive, upscale homes may simply have to wait longer for a buyer.

I had a client make an offer on a nice home in the Village last week, but we couldn't get the seller to come down to our offer. They were asking the same price as they paid over five years ago when the market was hot. They'll never get it. And if they do, the house won't appraise.

It's a great time to be a buyer in Ossining, but sellers are in a more difficult position.