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.

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 7^th, 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.

The inventory of unsold homes is building around the country according to The Wall Street Journal article by Nick Timiraos in yesterday's paper. The real estate market in New York was not included in this article.

How is the Westchester real estate market stacking up so far this month? As of July 16th, we have 922 single family homes for sale in the Along the Sound market from Pelham to Port Chester. (There are 228 homes under contract.)This number has barely moved from the end of June. This is good news as it seems that inventory is not building. As interest rates continue to remain at historical lows, buyers should be motivated to continue their search for an affordable Westchester home.

Where is all the inventory in the Westchester real estate market along the Sound?

Pelham 77 homes

New Rochelle 253

Mamaroneck 105

Rye Neck 42

Rye 87

Harrison 183

Rye Brook 78

Port Chester 97

Total: 922 single family homes

In general, the number of homes on the market is proportional to the size of the town/city. This is definitely a good time for the confident buyer to make a move in the market. Most sellers have begun to be realistic. See the related Wall Street Journal article on why you should lower your listing price if your house is not selling. This is advice a seller never likes to hear from their agent, but it is the most basic tactic to getting your house sold.

Rye is a great place to live! Lots of people love the neighboring towns of Port Chester and Rye Brook too! But don't just take our word for it. Check out this great video on Rye Patch that shows local scenes and interviews residents for their take on why it's great to live here. The Town of Rye will celebrate the 350th anniversary of its founding at various events celebrated throughout the spring, summer and fall. The community seems to attract and keep wonderful, caring people who make a commitment to their hometown. It is a combination of the best of both worlds: convenient to the city and its attractions and offering it's own quieter version of New York ambiance. Take a trip and see for yourself why so many people are happy to make their home Along the Sound!

Jackie and Carol attended the Grand Opening of the Fairway in Pelham this past week.  Filet Mignon at $5/lb, how can you go wrong?  There was a rush of new customers on the first day, but should settle down shortly.  Definitely a must!