Tarrytown Real Estate Market Report May 2014

Single Family Homes

Sales

Unit sales in April were 5, unchanged from the same month last year. This is the highest unit sales have been since 7 in October, 2013. Sales/list price ratio in April moved down to 98.7% from 106.4% in March.

Prices

Median price in April was $605,000. This is up 3.9% from $582,500 in April of 2013. This is the highest median price has been since October, 2013. 3-month median price of $540,000 in April was very slightly up from $520,000 in March but down marginally from $557,500 in April of 2013.

Inventory

Inventory of 24 in April was up 26.3% from 19 in March but down 29.4% from 34 in April of 2013. New listings of 13 in April were way up from 6 in March and up substantially from 7 in April of 2013. Months of supply of 5.1 in April was up considerably from 4 in March but way down from 8.7 in April of 2013.

Market Time

Days on market of 85 in April was up modestly from 76 in March but down considerably from 200 in April of 2013.

Condos

Sales

There were 2 unit sales in April. This is down 33.3% from 3 in April of 2013. Sales/list price ratio in April was 99.2%.

Prices

Median price in April was $296,500. 3-month median price of $487,000 in April was down just slightly from $508,500 in March and down a little from $490,000 in April of 2013.

Inventory

Inventory of 24 in April was up 60.0% from 15 in March but down 53.8% from 52 in April of 2013. New listings of 11 in April were up considerably from 3 in March but down somewhat from 14 in April of 2013. Months of supply of 4.8 in April was up substantially from 3 in March but down considerably from 12.5 in April of 2013. This is the highest months of supply has been since November, 2013.

Market Time

Days on market in April was 181.

Coops

Prices

3-month median price of $222,000 in April was way up from $142,000 in March and up considerably from $91,000 in April of 2013.

Inventory

Inventory of 18 in April was up 5.9% from 17 in March and up 12.5% from 16 in April of 2013. New listings this month are 4, the same as last month. Months of supply of 14.4 in April was up slightly from 12.8 in March and up a little from 13.7 in April of 2013. This is the highest months of supply has been since November, 2013.

Multi Family Homes

Sales

Unit sales in April were 3. Sales/list price ratio in April was 100.7%.

Prices

Median price in April was $470,000. 3-month median price of $470,000 in April was down just slightly from $476,500 in March and down marginally from $490,000 in April of 2013.

Inventory

Inventory in April was 4, unchanged from the same month last year. New listings of 1 in April were up from 0 in March and up from 0 in April of 2013. Months of supply of 6.9 in April was down somewhat from 9 in March but up considerably from 5.3 in April of 2013.

Market Time

Days on market in April was 85.

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com

Accredited Buyer Representative

Real Estate Associate Broker

William Raveis Legends Realty Group

chris@legendsrealtygroup.net

914.332.6300 office

914.406.9023 cell

Purchasing A Condo In Westchester County NY

Purchasing a Condo in Westchester County NY is much different from purchasing a Coop yet alot of people tend to get them confused. I explained in detail, in a previous post what a Coop is and discussed the purchasing process. A Condo is a single real property parcel with all of the unit owners having a right to common use and common elements with separate ownership confined to the individual units which are serially designated. There are a few different styles of Condos; Garden (usually a small building consisting of no more then three levels), Townhouse style, Midrise and Highrise buildings. Unlike a Coop You own the Unit and receive a Deed along with a Title. You will pay Property Taxes as well as monthly Common Charges which usually cover the expense of maintaining the Common areas.

The Condiminium is goverened by a Board Of Managers that makes financial decisions as to the Common Charges, but not for the costs of individual units. The Condominium Board Of Managers usually do not have decision making powers as to the sale or sublet of the unit to whom it may be sold or as to repairs and alterations within the particular unit. In some cases You may find that when situated in a building with other units any electrical or structural changes to be made may have to be brought to the attention of the board. This is to make sure that the structural integrity of the building isn't compromised and the other owners aren't going to be affected. You may also be required to have work done during certain hours during the week and have only licensed and insured workers perform.

The Buyer of a Condo will get to review a copy of the of the Condominiums Offering Plan which will include the sale price of the building and each apt or home, history of the building, budget, financial statements, right of existing owners, existing contracts or agreements (capital imporvements, ongoing construction, etc), and engineering reports. You will get to look this over with your Attorney before signing contracts. Some lenders will want to make sure that there aren't an outstanding number of owners that are late or in default with their Common Charges. This is a major red flag and could affect your chance of getting a loan for that specific complex. You will also get a copy of the Condominiums by-laws to review, which ar basically the laws that govern.

When selling a Condominium some Boards have a "Right of First Refusal". This is a provision that states the Condominium has the first right to purchase if a member wishes to sell their unit. From my experience, and my experience only, it is not common that the Condominium will buy the unit so a waiver of Right To First Refusal is usually signed.

There are many benefits to owning a Condominium, absolute ownership being the most important along with more freedom and tax incentives.  There are also different types of financing available for purchasing a condo.  The FHA is very particular about which condo complexes they back loans for.  You can visit the Hud.gov website and use their condo look-ip tool to see which condos are on the FHA approved list.  SONYMA is a loan for first time home buyers and have very similar guidelines as the FHA but can be used for all condos.  Please speak to your loan officer to find out what you will qualify for and more clarification on these and any other loan products.

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com

Real Estate Associate Broker

Accredited Buyer Representative

William Raveis Legends Realty Group

914.332.6300 office

914.406.9023 cell

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