Prices Remain Low Compared to 2011
|
Westchester County Single Family Sales |
|||
|
2012 3rd Qtr sales vs 2011 3rd Qtr sales (units) |
|||
|
Year |
2012 |
2011 |
%chg |
|
|
|
|
|
|
Total Units |
1536 |
1329 |
13% |
|
Median |
629,500 |
682,000 |
-8% |
|
Average |
800,350 |
883,512 |
-10% |
|
Year |
2012 |
2011 |
%chg |
|
|
|
|
|
|
0 – 650,000 |
810 |
631 |
22% |
|
650,001 – 850,000 |
252 |
235 |
7% |
|
850,001 – 1,000,000 |
139 |
120 |
14% |
|
1,000,001 – 1,500,000 |
191 |
180 |
6% |
|
1,500,001 – 2,000,000 |
72 |
71 |
1% |
|
2,000,001 – 2,500,000 |
36 |
49 |
-36% |
|
2,500,001 – 3,000,000 |
22 |
21 |
5% |
|
3,000,001+ |
14 |
22 |
-57% |
|
|
1536 |
1329 |
|
Westchester County third quarter single family home sales increased a whopping 13 percent this year over the same period in 2011. Low prices and historically low interest rates are likely contributing factors to the warming market.
A total of 1,536 single family units sold in the third quarter of 2012 compared to 1,329 units sold during the same quarter in 2011. The average sales price during Q3 this year was $800,350 compared to $883,512. A 10 percent drop in average sales price indicates sellers are motivated and many buyers who have been waiting for the right time to buy are gaining confidence. The greatest majority of homes sold in Westchester County (810) cost less than $650,000. Home sales in the $3 million and up range represent the most dramatic decrease. In 2011, 22 homes valued at more than $3 million sold during the third quarter. In 2012 only 14 homes sold within that price range.
Edgemont School District Homes Hot This Quarter
Edgemont School District saw the greatest increase in sales (62 percent) with 34 homes sold during Q3 2012 compared to 21 sold during the same period in 2011. According to Newsweek Magazine, Westchester Magazine, and U.S. News & World Report, Edgemont Union Free School District is one of the top school districts in the nation. Sales prices were down an average 9 percent in the district: $974,688 or 347 per square foot in Q3 2012 compared to $1,073,500 or $356 per square foot in 2012.
Rye Neck School District saw the greatest reduction in single family home sales of all the districts during Q3 2012 compared to 2011. During Q3 2011 a total of 23 homes sold compared to 15 sold during the same period in 2012. Prices were also down significantly with an average sales price of $1,260,473 (371 per square foot) in 2011 compared to $729,800 (335 in 2012).
In an October 19 statement released by the National Association of Realtors, Chief Economist Lawrence Yun said the market trend is up. “Despite occasional month-to-month setbacks, we’re experiencing a genuine recovery,” he said. “More people are attempting to buy homes…and recent price increases are not deterring buyer interest.
For our breakdown by school district, please email info@PruCent.com or call 914.600.6020
