High-Priced Homes in Westchester
Mansions Are Moving
An article in today's New York Times real estate section confirms what some Westchester real estate agents have been noticing over the last few months. While sales of lower priced homes have been stagnant, homes in the multi-million dollar range have been steadily moving on and off the market. Some of these homes have been reduced, sometimes by several million dollars, before selling. Nevertheless it is interesting to note the strength of this segment of real estate sales. While the article specifically references northern Westchester, the same is true of southern Westchester as well. Since September 1st in the Along the Sound real estate area, 19 houses at over $2mm have sold and another 21 are under contract. The median selling price was $2.8m for a 5 bedroom, 5 bath home with over 4300 square feet of living space.
September Real Estate Activity
Home Sales-September Activity Shows Slowdown
September 2010 real estate sales Along the Sound* definitely slowed down in comparison with prior months' transactions. But before we go wringing our hands and say the market is fading, let's consider that most closings occur 3 months after the contracts are signed, so these houses represent deals struck mainly in June and later. What happens in June? Lots of stuff! Graduations, weddings, end of school activities, etc. Most young buyers of single family homes want to close BEFORE September because of the start of school. Once June rolls around, your potential pool of buyers definitely shrinks. We should not be too down on the market, especially considering the nice number of August single family home closings that occurred (82).
There were only 43 sales for the month, which is pretty consistent with Septembers of '06-'09. Here are the details:
|
September |
Number of homes sold |
Median Price (000s) |
Days on Market |
Median Sq Ft. |
Bed/Bath |
|
‘10 |
43 |
$960 |
146 |
3,046 |
4/4 |
|
‘09 |
50 |
856 |
152 |
2,400 |
4/3 |
|
‘08 |
43 |
1,090 |
130 |
2,600 |
4/3 |
|
‘07 |
66 |
1,019 |
145 |
2,300 |
4/3 |
|
‘06 |
50 |
866 |
130 |
1,900 |
4/3 |
The definite statistic that jumps out is 3,046 sq ft for $960k. Buyers definitely got more for their money in September closed transactions when compared to prior years. Sellers need to keep this in mind when listing their home for sale: it is still a buyer's market and buyers are looking for value.
* Along the Sound market area covers Pelham to Port Chester, including New Rochelle, Larchmont, Mamaroneck, Rye Neck, Harrison, Rye, and Rye Brook real estate.
