Ossining Real Estate Market Shows Strong Rebound in July 2012

After a weak June, Ossining's real estate market exhibited a strong bounce back for July with both single family home transactions and median price both going up dramatically.

According to data sourced from the Hudson Gateway MLS, Ossining had 16 single family home closings in July at a median sale price of $427,500. For same period in 2011, 14 homes closed at a median price of $378,000. This comes in the wake of a very , where sales and price were both down for the period.

The strong performance put Ossining slightly ahead of the pace for 2011, with 72 closings thus far compared to 70 for the same period in 2011. However, median price overall is down from $377,000 last year to $346,611 this year.

The numbers do point to the summer finishing strongly, with 40 homes under contract or pending sale at a median price of $369,111. 136 homes are active and available, giving the buying public significant choices.The numbers do reflect agreement with a recent assessment in the Wall Street Journal that the housing bust is past its nadir. 

Being past the worst does not mean that all is rosy; however, it does mean that the annual declines in prices witnessed since 2008 are over, and that a protracted flat period is probably upon us. Mixed news is superior to the almost exclusively bad news we have seen the past 5 years. Easy does it.

For more real estate commentary, log onto Westchester Real Estate Blog, authored by J. Philip Faranda, broker and owner of J. Philip Real Estate.