October Sales Drift Downward
We failed to maintain our previous optimistic levels of real estate sales in the Along the Sound Westchester real estate market. While there seemed to be plenty of home seekers out in September judging by the open houses, October closings usually represent contracts signed in July. Perhaps the exceedingly warm weather this summer took a toll on the home buyers.
|
October/Year |
Single Family Sold Units |
Median Sales Price (000s) |
Square Feet |
Days on Market |
|
2010 |
62 |
$840 |
2760 |
146 |
|
2009 |
74 |
675 |
2284 |
156 |
|
2008 |
59 |
690 |
2135 |
163 |
|
2007 |
78 |
812.5 |
2271 |
154 |
|
2006 |
71 |
815 |
2086 |
141 |
Year-to-date, there have been 880 single family homes sales in Pelham, New Rochelle, Larchmont, Mamaroneck, Rye Neck, Harrison, Rye City, Rye Brook, and Port Chester. The median selling price was $837,500. As of November 7th, 2010, there were 804 houses still on the market Along the Sound. The median asking price of these homes was $889,500. At this time there are also 158 homes that are under contract with a median list price of $749,500. While the number of homes sold is down about 16% from last year, selling price has rebounded significantly (up 24%). And that higher price is buying a larger home: almost 20% larger than last year. ($295/sq ft for 2009 and $304/sq ft for 2010)
What are Home Buyers Bidding On?
Looking at the numbers, sellers must be willing to reduce their home price to bring in offers. This is going to be difficult news for most sellers, but it’s time be realistic. There is almost a full year of inventory on the market. If you are serious about selling and have decided to move, what is holding you back? Could it be lack of a buyer? And what is preventing the buyer from making an offer once he has seen your house, even if it’s only on the internet? The price. Buyers need to believe there is value in your home before they will be interested in making an offer. They literally have hundreds of homes to choose from and if they perceive that you are unrealistic in your price, they will move onto the next seller who is truly ready to sell.
What is in it for the Seller
Hopefully today's seller is tomorrow's buyer and you will also reap the benefit of a "buyer's market." You may not be able to get the price for you rhouse that you could a few years ago, but you will also pay less for your new home. Hopefully that will be of some comfort.
All numbers taken from the Westchester Putnam MLS.
