Westchester Realtors Encouraged By Latest Sales Report

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Westchester Realtors feel optimistic about recent reports.
Westchester Realtors feel optimistic about recent reports. Photo Credit: Douglas Elliman Real Estate

WESTCHESTER COUNTY, N.Y. – Westchester County Realtors reacted with optimism to Wednesday’s report by the Hudson Gateway Multiple Listing Service. Closings were up 7 percent in the first three months of 2013 from last year and sale prices were inching upward, the report said.

“I think we’re in a very healthy market,’’ said Leah Caro, president of Bronxville-Ley Real Estate. “I think it’s like we’re finding our equilibrium.”

Barbara O’Connell of Margot Bennett Real Estate, which is based in Yonkers, agreed.

“I think it’s encouraging to see any increase at this point,’’ said O’Connell. “I think buyers are realizing that this won’t last forever. They’re not just shopping, but buying. Over the last two years, we’ve seen a lot shopping but not buying.”

The report attributed the continued recovery to favorable interest rates, a rise in the stock market and a stable unemployment rate, currently around 7 percent in Westchester.

Sale prices for a single-family house in Westchester ticked up 2 percent over 2012, and the condo median price stayed stable.

“We have 19 houses that are pending, which is a great sign,’’ Caro said. “They have an executed contract, contingencies have been met and they’re just waiting to close. We’ve sold 29 houses since the beginning of the spring market. It’s a great time to be a seller, and it’s a great time to be a buyer. The balance has been maintained.”

A report by Douglas Elliman Real Estate in Westchester County was also released Wednesday. Median sale prices rose 2.6 percent from the same period last year, and the number of sales increased 5.6 percent, it said. The condo market had a whopping 13.3 percent increase, while single-family homes had a 2.8 percent increase.

Amy Kane, executive vice president at Douglas Elliman, believes the most significant number might be the reduction in inventory. That number fell to 17.5 percent, the lowest first quarter total in four years. The total number of contracts surged 27 percent over the same period from last year.

“What’s exciting about this is that there was strong business in the fourth quarter, when there were rumors of a fiscal cliff,’’ Kane said. “We did not know if this was sustainable. This is encouraging. It’s another sign of increased consumer confidence.”

Caro believes conditions are good for sellers and buyers. “Buyers are out there, but they’re not willing to overpay,’’ she said. “Equilibrium is a beautiful place. No one is feeling cheated.”

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Comments (5)

You hit the nail right on the head. Real estate people no little about anything and especially nothing about money flow or economic trends. Buy real estate in Westchester county will be a losing proposition unless it is income producing.The party is over.

You hit the nail right on the head. Real estate people no little about anything and especially nothing about money flow or economic trends. Buy real estate in Westchester county will be a losing proposition unless it is income producing.The party is over.

Oh really now check out this by Zillow market guide for Lewisboro:
Zillow predicts 10590 home values will fall 2.3% next year, compared to a 0.3% fall for Lewisboro as a whole. Among 10590 homes

Adam Ochs

Since the Voice is cooking with leftovers, my original comment from the first story applies here as well:

There's never a time when commissioned sales agents discourage transactions.
Their logic born of need is: the seller should never wait for a higher price while the buyer should buy now before prices go higher.
Yes sales do occur and for every buyer there is a seller and for every seller there is a buyer: otherwise there would not be a sale, or a purchase.
Thus all these false scientific portrayals of activity serve one purpose only:
to generate commissions. Seldom is one transaction a direct comparison with another. Likewise, it would seem that if interest rates are low, as they are, that prices are what they are because of low rates; hence if rates move higher (little room to go down), prices will come down and if prices come down, then higher interest rates on the need for fewer borrowed dollars should complete the picture. Forget the so-called "market" as told to you by commission hungry sales agents. Instead make your decision as a buyer on what you can afford and how it solves your needs or as a seller what your needs are and whether offers received will solve them. The "market" at any point in time is only the meeting of the minds -- the minds that are meeting (in agreement) over one specific property. This scenario never changes; wishes don't become horses and no one can put humpty dumpty back together again. Your only concern as buyer and seller is what someone is willing to pay -- that's the only market that counts. In a more liquid market, the price is what someone will wlling to pay; if no buyers at that price, maybe the price will come down or not. But for certain, last year's price, last month's price, an hour ago price has absolutely no relevance. In illiquid markets like residential real estate which generally are not income producing purchases but rather shelter, sales agents lack a plausible explanation for events so they resort to meaningless conversational but useless chatter to hide that their industry is based upon perceived rather than objective values. Everything else (woulda.shoulda) is noise. Don't pay the pipers for playing their song.

A report issued by the same group it is associated with hmmm biased promoting its own realtors
Face it the glory days of Westchester are over! As the report says condo sales had the biggest increase so if you read the report that would mean people are downsizing
What about foreclosures and short sales? What parts of the county are doing better or worse than others?
Westchester County still needs affordable housing especially in the northern part of the county.
We are still one of the highest in the nation when it comes to taxes
Reality Westchester is not what it use to be times have changed

Adam Ochs