As the first quarter of 2012 drew to a close at the end of March, Westchester County saw an identical number of single family home sales as the first quarter of 2011 but a drop in median sale price. According to the data on the Empire Access MLS, 722 transactions closed in the first 3 months of 2012, the exact same total of closings as the same period in 2011.
The median sale price of a single family home in the first quarter of 2011 was $551,250.
The Median sale price of a single family home in the first quarter of 2012 was $505,00.
This represents an almost 8.4% drop in median price from the year before, and the lowest median price for a quarter since the second quarter of 2002. However, in that period, there were over 1500 closings.
While reports around the country show some signs of the market stablizing, the local market seems more sluggish. This is great news for buyers, but not such a hot thing for sellers. Buyers still have leverage, and they also have ample choices.
There are currently 3865 single famly homes for sale in the county, signifying about 16 months worth of available inventory. That is an awful lot to choose from. The median asking price of the homes for sale is $665,000. This does not mean that the average home for sale is overpriced by $160,000, but it does mean that the lower cost inventory is selling at a higher rate.
But that slow trend may not last. There are 973 homes currently under contract pending sale, and the median asking price of those homes is $649,850. This means that the Spring market is pretty active, and buyers are signing on to buy some more expensive homes. However, spring comes but once a year, and those homes not priced for action may and up facing a reduction if they reach the fall unsold. With a median list of of close to $650,000 for the pending sales, we may be finally crossing into a stronger market. Stay tuned.
For more real estate commentary, log onto Westchester Real Estate Blog, authored by J. Philip Faranda, broker and owner of J. Philip Real Estate.
