Westchester Housing Market Continues Momentum

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Westchester County’s Hudson Gateway Multiple Listing Service has released its third-quarter analysis showing a 15 percent increase in sales.
Westchester County’s Hudson Gateway Multiple Listing Service has released its third-quarter analysis showing a 15 percent increase in sales. Photo Credit: flickr user AKZOphoto

WESTCHESTER COUNTY, N.Y. – The Westchester real estate market enjoyed another round of increased residential sales in the third quarter, according to Westchester County’s Hudson Gateway Multiple Listing Service, which just released its analysis for July 1 to Sept. 30.

Realtors reported 2,243 closed residential sales in Westchester County during the third quarter, an increase of 15 percent over the same period last year.

Condominium sales led the charge with a 19.5 percent increase in sales, followed by single-family homes with a 15.7 percent increase and co-ops with a 12.3 percent rise.

Gary Leogrande, broker for Keller Williams NY Realty and president of the Hudson Gateway Multiple Listing Service, said, “People are recognizing the value of living in the New York metropolitan area. They’re moving up from New York City or moving up from starter homes. Some are downsizing but staying in the area. It all adds up, and all the markets are strong.”

While sales were up, selling prices were not. The median price of a single-family house was $630,000 – a decrease of 7.9 percent from a year ago. Prices for co-ops were down by 6.6 percent, but the median price of a condominium went up by 3.6 percent to $349,750.

There were 6,398 residential units listed for sale in the Multiple Listing Service in Westchester at the close of the quarter, 10.2 percent fewer than last year.

The report suggests that the lower median selling price is mostly due to price concessions from the sellers, but it also cites the downshift in salable properties from multimillion-dollar residences to more modest properties.

Mike Graessle, former president of the Hudson Gateway Association of Realtors, called this “a very active time.”

“It seems that people are much more comfortable with the economy,” he said. “If they didn’t lose their jobs over the last few years, now they’ll buy that house they were thinking about.”

“People are getting priced out of Manhattan,” Graessle added. “The average two-bedroom co-op in Manhattan is close to $1 million. You can get a nice house in Westchester for that.”

Consumer confidence in the economy is not yet strong enough to completely invigorate the real estate market, reports the Multiple Listing Service, but the benefit of lower mortgage rates encourages buyers.

If the current pace of sales continues, Westchester will end the year with about 7,000 sales in all residential categories, approximately 400 sales higher than when the real estate recession began in 2008.

The report concludes, “We are probably close to the point where buyers and sellers see eye to eye on the bottom line for prices, and where an increasingly active market generates its own energy for renewed health.”

Attached: Third-quarter 2012 housing sales report (westchester_hgmls_3q_2012_sales.pdf)

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There are many news reports coming out about the revitalization of the housing market. Prices have come down and mortgage rates on a 30 year mortgage are hovering around 3.25%. The list price to sale price gap is closing and people are starting to take advantage of both the lower prices and rates. If you're looking for a home in Northern Westchester or Putnam County, please feel free to give me a call on my cell at (914) 924-8581 or email at don.mituzas@elliman.com.
Donald Mituzas
Licensed Associate Broker
2008 Realtor of the Year
Prudential Douglas Elliman
New York's #1 Real Estate Broker

If you have any questions about Buying, Selling or Renting real estate in Rye, NY or the surrounding areas, please do not hesitate to call or email me at (914) 943-6450 email: jason.mehler@randrealty.com http://www.JASONLMEHLER.com

Jason L. Mehler, Licensed Associate Broker
Better Homes and Gardens Rand Realty
Cell: (914) 943-6450