November Real Estate Sales Along the Sound

November single family real estate sales in the area Along the Sound (Pelham, New Rochelle, Larchmont, Mamaroneck, Rye Neck, Harrison, Rye, Rye Brook, and Port Chester) declined from prior years. The number of homes sold is also down slightly from prior months. (In October 2010 there were 62 single family houses sold.) In addition, selling price/square foot fell below $300/sf, far below prices over the last four years. So while there have been reports of consumer confidence rising (see Wall Street Journal article), this has not had a trickle up effect in real estate sales. Buyers seem to be firmly in control of this market. On the plus side, days on market for November 2010 dropped significantly from 156 last year to 131 this November, approaching the average market time of 2006 and 2007.

 Consumer Confidence: From the Wall Street Journal: 

"A separate report Tuesday showed that consumers are feeling a bit better about the economy in spite of the woeful housing market. The Conference Board, a private research group, said its index of consumer confidence increased to 54.1 in November from 49.9 in October. While confidence remains low by historical standards, the November reading was the highest since June."

Anomaly?

One interesting item is that in November there were 13 homes sold for less than $500,000 and only one for more than $2,000,000. In October, there were 10 homes sold for less than $500,000 and 8 for more than $2,000,000.

On the Market

Currently there are 687 single family houses for sale in the eastern part of Westchester. The median asking price is $850,000. The asking price is well above the past month’s median sales price (although in line with the year-to-date selling price), showing a disconnect between the price sellers are seeking and what buyers are able to pay. And I mean able, not willing. Mortgage rates are rising and the job market is still relatively uninspiring with unemployment at high levels. Banks are not rushing to give mortgages, so buyers may be willing to buy but unable due to lack of financing.

In the Pipeline 

There are 165 single family homes under contract Along the Sound. Year-to-date we have had 936 homes sold in this area of Westchester at a median price of $830,000. They were on the market for about 4.5 months. It looks like we will reach the 1,000 mark of homes sold Along the Sound by the end of the year. Overall the real estate outlook is murky Along the Sound. One question is: will rising mortgage rates force on-the-fence buyers into action? If so, will they be able to obtain financing? Another is: will Wall Street bonuses have a trickle over effect to Westchester real estate sales? If you have any thoughts/insights on the current state of the market feel free to email us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .