Historically real estate markets have always been in flux and can differ substantially from state to state, region to region, and even from town to town. These differences usually are dictated by conditions unique to  specific locations and often do not conform to the overall national trends.

While our local real estate market has leveled off quite a bit the mantra "Location, Location, Location" is still holding true for desirable Westchester County and well kept homes, priced correctly, sell near asking or slightly above. This is especially true for condominiums where the median sales price has gone up by about 5% over the same quarter of 2007.

However, the numbers of recent sales transactions for Westchester County have been significantly lower, whereas prices held pretty much firm decreasing only by about 4% for single family homes and 2% for coops. While the amount of housing units sold in the second quarter of 2008 is roughly 24% lower than last year's quarter it reflects an encouraging improvement of 7% over the first quarter of 2008. The for sale housing inventory has increased by 11% over last year's second quarter which is due to more sellers of existing homes entering the market as well as increasing numbers of newly built condos coming onto the market.

Overall it seems that Westchester County is holding it's own while it is going through a widely anticipated but modest price correction.

The most interesting offerings for our local real estate market are currently arising from the ongoing, recently started and/or planned construction of mixed use and residential developments along the Hudson River Shores in Westchester County. Tarrytown, Sleepy Hollow and Ossining have all waterfront redevelopment on their mind. Tarrytown's "Ferry Landing" has recently broken ground, Sleepy Hollow already showcases GDC's "Ichabod's Landing" complex and is working hard on it's "Lighthouse Landing" project. All three are to be connected by a public esplanade and river front parks. Ossining, also in conjunction with Ginsberg Development Company (GDC), is in the planning stages of it's very own riverfront offering "Harbor Square".

Please feel free to contact us anytime. We are here to keep you informed and help you with your real estate goals!

For further information you may also want to consult the web links offered on this page. They will lead you to independently compiled, copyrighted content, exploring the conditions and trends of present and past real estate markets locally as well as nationally.

Please note:
Any links to external, independent web sites are provided as a courtesy. Legends Realty Group LLC has no control over the content offered, representations made, opinions or views voiced by such and cannot be held liable in any way or form for their conduct. These web sites are wholly owned and controlled by their respective owners and/or authors. We cannot attest to the accuracy of information provided by linked sites. Linking to these web sites does not constitute an endorsement by Legends Realty Group LLC, or any of its employees, of the sponsors of these sites or the products and services presented on the sites.

Local Market Trends - ©Phyllis Lerner
Legends Realty Group
 

InmanNews© Real Estate Market News
 

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The median sales prices in Westchester County for 2006 stack up as follows:

• Single Family Homes
  $ 680,000
• Condominiums
  $ 375,000
• Cooperatives
  $ 185,000
• Multi Family Homes
  $ 570,000

The median sales prices in Westchester County for 2007 stack up as follows:

• Single Family Homes
  $ 685,000
• Condominiums
  $ 390,000
• Cooperatives
  $ 190,000
• Multi Family Homes
  $ 546,250

The mean sales prices in Westchester County for 2006 stack up as follows:

• Single Family Homes
  $ 915,987
• Condominiums
  $ 423,791
• Cooperatives
  $ 207,338
• Multi Family Homes
  $ 582,092

The mean sales prices in Westchester County for 2007 stack up as follows:

• Single Family Homes
  $ 936,982
• Condominiums
  $ 433,177
• Cooperatives
  $ 213,730
• Multi Family Homes
  $ 556,102