White Plains NY Real Estate Report July/August 2014

Like many towns in Westchester, White Plains saw a large number of single family closings in July.  there were 33 which is up 22.2% from July 2013.  This is the highest sales have been since August 2013.  The sales/list price ratio in July decreased to 96.4% from 98.6% in June.  Overall the single family sector has performed really well this spring.  The median price in July was $581,000 which is down 8.2% from $633,000 last July.  Homes sold a bit quicker this season with an average market time of 96 days from start to finish.  Last July the average days on market was 133.  I feel this was due to low inventory and the large buyer pool many areas saw this past spring.

The condo market performed well with 14 closings, up 40% from 10 in July 2013.  The sales/list price ratio moved down to 95.2% from 97.3 in June.  The median price was $383,500, down 8.5% from $419,000 in July 2013.  Even though inventory level of 84 units was up 21.7% from June it was down 12.5% to 96 compared to July of 2013.  Condos also sold a bit faster with an average days on market of 102 which is considerably down from 129 in July 2013.

The coop market held pace with the rest of White Plains housing units with 22 units sold which is unchanged from the same time last year.  The sales/list price ratio barely changed from 95.5% down to 94.7%, good news for home sellers.  The median price in July was $175,000 up 2% from $171,500 in July 2013.  Inventory tightened up a bit with 144 units, down from 193 in July 2013.  The average days on market was 98 which is pretty low for a coop considering the process involved.  This is down substantially from 223 in July 2013.

I think it is safe to say that the White Plains real estate market had a great month of sales!

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com
Accredited Buyer Representative
Real Estate Associate Broker
William Raveis Legends Realty Group
914.406.9023

chris@legendsrealtygroup.net
mrwestchester.blogspot.com