Tarrytown NY Residential Real Estate Market Statistics Report 3/2014

Single Family Homes

There were 5 unit sales in February. This is up 66.7% from 3 in February of 2013. Sales/list price ratio in February moved down to 95.8% from 96.8% in January.

Median price in February was $419,500. This is up 9.7% from $382,500 in February of 2013. This is the lowest median price has been since February, 2013. 3-month median price of $497,500 in February was down just slightly from $521,000 in January but very slightly up from $486,000 in February of 2013.

Inventory of 26 in February was up 18.2% from 22 in January but down 33.3% from 39 in February of 2013. New listings of 8 in February were up considerably from 1 in January and way up from 2 in February of 2013. Months of supply of 5.6 in February was up modestly from 4.9 in January but down considerably from 10.4 in February of 2013.

Days on market of 182 in February was way up from 133 in January and up just slightly from 179 in February of 2013. This is the highest days on market has been since April, 2013.

Condos

Unit sales in February were 2, unchanged from the same month last year. This is the lowest unit sales have been since 1 in January, 2013. Sales/list price ratio in February moved down to 95.8% from 97.5% in January.

Median price in February was $578,750. This is up 20.6% from $480,000 in February of 2013. This is the highest median price has been since May, 2013. 3-month median price of $442,000 in February was up just slightly from $433,000 in January but way down from $675,000 in February of 2013.

Inventory of 17 in February was up 6.3% from 16 in January but down 59.5% from 42 in February of 2013. New listings of 3 in February were up from 0 in January but way down from 12 in February of 2013. Months of supply of 3 in February was very slightly up from 2.9 in January but down substantially from 11 in February of 2013.

Days on market of 226 in February was way up from 168 in January but down considerably from 308 in February of 2013. This is the highest days on market has been since February, 2013.

Coops

There were 1 unit sales in February. This is down 50.0% from 2 in February of 2013. Sales/list price ratio in February moved up to 93.4% from 89.3% in January.

Median price in February was $84,000. This is down 28.5% from $117,500 in February of 2013. 3-month median price of $142,000 in February was down modestly from $159,500 in January but up considerably from $117,500 in February of 2013.

Inventory of 15 in February was up 25.0% from 12 in January and up 15.4% from 13 in February of 2013. New listings of 6 in February were up considerably from 2 in January and way up from 2 in February of 2013. Months of supply of 9 in February was up moderately from 6.8 in January and up considerably from 6.9 in February of 2013.

Days on market of 453 in February was way up from 132 in January and up substantially from 212 in February of 2013.

Tarrytown Real Estate Agent, Tarrytown Buyers Agent

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com

Accredited Buyer Representative

Licensed Real Estate Associate Broker

William Raveis Legends Realty Group

914.332.6300 office

914.406.9023 cell

chris@LegendsRealtyGroup.net

mrwestchester.blogspot.com

twitter.com/chrispagli

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White Plains NY Real Estate Market Statistics Single Family, Condos, Coops 3/2014

Single Family Homes

Sales

There were 16 unit sales in February. This is up 100.0% from 8 in February of 2013. Sales/list price ratio in February moved down to 96.4% from 97.3% in January.

Prices

Median price in February was $627,500. This is down 1.3% from $636,000 in February of 2013. 3-month median price of $560,000 in February was down just slightly from $583,750 in January but up a little from $510,000 in February of 2013.

Inventory

Inventory of 85 in February was down 5.6% from 90 in January and down 19.8% from 106 in February of 2013. New listings of 11 in February were down considerably from 20 in January and way down from 18 in February of 2013. Months of supply of 4.4 in February was down modestly from 4.8 in January and down considerably from 7.4 in February of 2013. On a year-over-year basis, months of supply has been falling for 5 months.

Market Time

Days on market of 132 in February was up marginally from 128 in January but down substantially from 224 in February of 2013. This is the highest days on market has been since September, 2013.

Condos

Sales

There were 6 unit sales in February. This is down 25.0% from 8 in February of 2013. This is the lowest unit sales have been since 2 in October, 2010. Sales/list price ratio in February moved down to 94.6% from 98.2% in January.

Prices

Median price in February was $312,500. This is down 20.9% from $395,000 in February of 2013. This is the lowest median price has been since September, 2012. 3-month median price of $325,000 in February was down marginally from $338,000 in January and down a little from $342,500 in February of 2013.

Inventory

Inventory of 85 in February was up 6.3% from 80 in January but down 8.6% from 93 in February of 2013. New listings of 11 in February were down considerably from 21 in January and down moderately from 15 in February of 2013. Months of supply of 6.3 in February was up slightly from 5.8 in January but down a little from 7.2 in February of 2013. This is the highest months of supply has been since August, 2013.

Market Time

Days on market of 93 in February was down modestly from 107 in January and down slightly from 106 in February of 2013.

Coops

Sales

There were 12 unit sales in February. This is up 50.0% from 8 in February of 2013. This is the lowest unit sales have been since 8 in February, 2013. Sales/list price ratio in February moved up to 95.4% from 95.0% in January.

Prices

Median price in February was $139,250. This is down 36.0% from $217,500 in February of 2013. This is the lowest median price has been since September, 2013. 3-month median price of $155,000 in February was down just slightly from $160,000 in January and down a little from $166,500 in February of 2013.

Inventory

Inventory of 163 in February was up 2.5% from 159 in January but down 5.8% from 173 in February of 2013. New listings of 27 in February were up a little from 25 in January and way up from 18 in February of 2013. Months of supply this month is 11, the same as last month.

Market Time

Days on market of 157 in February was down slightly from 167 in January and down modestly from 186 in February of 2013. This is the lowest days on market has been since June, 2013.

White Plains Real Estate Agent, White Plains Buyers Agent

Christopher Pagli - www.WestchesterCountyRealEstateMarket.com

Accredited Buyer Representative

Licensed Real Estate Associate Broker

William Raveis Legends Realty Group

914.332.6300 office 

914.406.9023 cell

chris@LegendsRealtyGroup.net

linkedin.com/in/christopherpagli

Westchester County Residential Real Estate Market Statistics 4th Quarter 2014

Courtesy of the Hudson Gateway Association of Realtors

2013 ANNUAL & 4TH QUARTER RESIDENTIAL REAL ESTATE SALES REPORT 

Westchester, Putnam, Rockland and Orange Counties, New York 

The Lower Hudson region’s real estate market continued its strong recovery of the past two years with double digit increases in sales volumes, and some increases in prices as well, in the four-county area served by the Hudson Gateway Multiple Listing Service, a subsidiary of the Hudson Gateway Association of Realtors, Inc. MLS Member Realtors working in Westchester, Putnam, Rockland and Orange counties reported a grand total of 13,781 closed residential sales in those counties, a 20% increase over 2012’s performance which itself was a robust bounce-back from the bottom of the real estate recession in 2008 and 2009. 

The recent numbers were the highest posted with the MLS since 2007. On a percentage basis, Orange County led the way with a 23% increase in sales over the full year 2012, followed by Westchester (21%), Putnam (17%), and Rockland (14%). Broken down by quarters, the first quarter of 2013 was the slowest, the second and third quarters were the most vigorous, and the fourth quarter eased back again although, with a 16% increase over the fourth quarter of 2012, it was still a fine finish and bodes well for 2014 The accelerating sales volumes over the past two years have dented the region’s inventory of properties for sale. There was a total of 8,942 residential units (single-family houses, condominiums, cooperatives, and in Westchester, 2-4 family residences) available at the close of 2013, a 7.1% decrease from 2012, which itself posted a decrease from 2011. 

The region is emerging from a period when supply was tight because potential sellers were concerned about economic conditions and were reluctant to list their properties because of that. Some of that reticence to list still exists among potential sellers who are wary of lingering high unemployment as well as uncertain federal legislative and regulatory enactments that might negatively affect real estate as well as the economy as a whole. However, it now appears that the downward direction of inventory results more from classic supply and demand – sales outpacing new supply – than from consumer nervousness about the real estate market per se. 

But the inventory is not yet so tight as to be a market killer, nor has it exerted undue pressure on price levels anywhere in the region. Prospective sellers who may have been avoiding the market until it meets their expectations for higher prices, may find themselves waiting longer still. Year to year median sale prices of single family houses have increased just a few percent, and have actually decreased some more in Orange County. 

The largest price increase occurred in Westchester County where the median sale price1 of a single family house increased by 3.9%, from $587,000 in 2012 to $610,000 in 2013. The mean1 or average price of $812,108 increased only 1.4%, suggesting that there was not much change in the high end market. For example, for the fourth quarter of 2013, houses that sold for $1 million or more constituted about 17% of total house sales; in 2012 that ratio was 18%. In other sectors, Westchester condos also posted a 3.9% increase in median price, to $343,000. Cooperatives – Westchester’s most affordable housing type, posted a median of $150,000, a mere 1.0% increase from 2012. 

Various indices published by the National Association of Realtors and other organizations suggest that some amount of market slowdown occurred in the closing months of 2013, and that it will be followed by moderate growth in 2014. The data presented in this MLS report support that observation. The external factors sustaining the recovery here include steady and affordable mortgage interest rates. Although rates on 30-year conventional loans approached 5% in mid-year, they have since leveled off at around 4.6% and that is a low rate by any historic standard. While increases are expected in 2014 they are not expected to be sharp. 

Also working in favor of a strong real estate market is the continuing decrease in the unemployment rate. In Westchester, the most populous county in the MLS region, the year end rate was down to 5.5% from 6.8% a year ago. Putnam was at 5.0%, Rockland at 5.3%, and Orange at 6.3% -- all of them under 2012 levels by more than one full percentage point. Lower unemployment gives consumers the sense of economic confidence they need to venture into the housing market. So does a good showing in the equity markets, e.g., a Dow Jones index that set records all year long. 

The Hudson Gateway Multiple Listing Service, Inc. (HGMLS) is a subsidiary of the Hudson Gateway Association of Realtors, Inc. (HGAR). The MLS’s principal service territory consists of Westchester, Putnam, Rockland and Orange Counties. It also provides services to Realtors operating in Bronx, Dutchess, Sullivan and Ulster Counties. The reported transactions do not include all real estate sales in the area or all sales assisted by the participating offices but they are fairly reflective of general market conditions. HGMLS does not provide data on sub-county geographic areas. Persons desiring sub-county data are invited to contact participating real estate offices in the desired areas. Any text or data from this report may be reprinted with attribution to Hudson Gateway Multiple Listing Service, Inc. as the source. Prior reports dating back to 1981 are available on the Realtor Association’s website, www.hgar.com; click on Market Statistics. A membership directory searchable by municipality is also available on that