Pelham NY....where you can live in a mansion and walk to the train!

This gorgeous Pelham Arts & Crafts home has just been listed by Carol Higgins.

This stunning 6-bedroom stone estate was built in 1908 and has been beautifully maintained and enhanced. You will be enchanted by all of the remarkable details! Greeted by the expansive front porch this 6,000 sq ft home is sited on a beautifully landscaped level half acre. Special features include: tiger oak paneled reception room, carved mantles, beamed ceilings, 4 fireplaces, and a separate two-story stone stable with endless possibilities.

June Real Estate Sales

The Wall Street Journal is reporting that home sales across the United States declined from May to June 2010.  However, they were up almost 10% for the month when compared to 2009.  Will people focus only on the bad news?  Well in our area don't just focus on the headline.  If you read the article, it further states: "Sales fell in most parts of the country in June except in the Northeast, where they rose 7.9% from May." So there is good news in the Westchester real estate market.

July Real Estates Sales

In the month of July so far, there have been 80 closings.  This compares to 76 closings for the same period in July 2009.  Anecdotally (fewer lookers at open houses), demand for real estate definitely seems to be decreasing, but this is a common occurrence in the summer months.  Currently, there are 921 single family houses on the market Along the Sound.  The good news is that real estate inventory seems relatively stable.  Yes there are many houses on the market right now and price adjustments will have to be made, but with interest rates continuing at there lowest levels in years it remains a good time for the confident buyer.  Currently, mortgage rates are running around 4.7% for a 30-year mortgage.

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.