The Deals and Duds of Westchester's Real Estate

Dec 30, 2008

11:19 AM

The Latest (Not The Greatest) Real Estate Numbers

We don’t want to bum you out—but, hey, this is journalism and we tell the truth. So here is some decidedly depressing news—though there is some positive news for buyers (if there are any).

The most recent (3rd quarter ‘08) residential real estate sales report from the Westchester County Board of Realtors (WCBR) finds the median sale price of a single family Westchester home $710,000, 2.7 percent less than a year ago ($730,000).

The third quarter wasn’t good either for selling either--the number of single-family home sales dropped 21.7 percent from 1,679 to 1,315.

Ready for some more bad news? The number of sales for two-family houses and coops continued their downward trend as well, falling 37.3 percent and 23.5 percent respectively. Condominium sales, which had remained relatively stable for the past three years, dropped significantly (down 26.2 percent from 397 to 293). But, wait a minute: some good news: the prices for condominiums however were one positive note: the third quarter median sale price of $395,900 barely changed from 2007 and was higher than in 2005 and 2006.

Gilbert Mercurio, WCBR CEO, says he doesn’t see an improvement in the near future. “I expect the next few quarters to be more of the same or likely worse reflecting the economic turmoil late this year.”

Yet, Mercurio points out that Westchester is still better off than other areas including northern New Jersey and Long Island. He says sellers in the county can do well by forgetting what they thought their property was worth in 2005 or 2006 and realistically pricing their homes. “Think what it was worth in the late ‘90s or earlier when you bought it and note how well you’ve done.” To buyers, Mercurio says, “there’s no reason to dillydally. If you feel secure in your employment, prices have receded in Westchester, something they rarely do.”