Elliman Report: Westchester Real Estate Improving

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Prudential Douglas Elliman has released its third-quarter analysis showing a significant increase in Westchester property sales. Photo Credit: flickr user AKZOphoto

WESTCHESTER COUNTY, N.Y. – The action in the real estate market in Westchester has jumped significantly the last 12 months, according to the third-quarter Elliman Report, released Thursday by Prudential Douglas Elliman Real Estate. 

Overall, sales for the quarter were up by nearly 22 percent compared to last year, while inventory fell by nearly 10 percent.

When sales are compared year to year, the sale of single-family houses in the last 12 months has surged nearly 26 percent, the sale of condos is up by 7.6 percent in the same time period. 

Sales of co-ops and multi-family houses are below last year’s level in the third quarter.

Housing prices have dipped slightly the past year. The average overall sales price, including single- and multi-family houses, as well as condos and co-ops, in the third quarter was $636,364, a decrease of 7.7 percent from 2011's $689,468. 

The average sales price for just single-family houses in the third quarter of 2012 was about $801,230, a decrease of 9.7 percent from 2011's average of $887,571.

The overall number of sales closed during the third quarter of 2012 were 2,233, compared to 1,832 last year.

The average discount from the listing price of a single-family house was 13.5 percent a year ago at this time. This year it was 7.9 percent. The number of days a property was listed showed a slight increase of six days to 176 days.

The current real estate market is at “the fastest market pace in five years,” according to the report,which credits the progress with a combination of rising sales and falling inventory.

Click here to read the full report.

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Comments (3)

halmarc45:

Enough of promoting statistics from hardly disinterested parties.
Fly on the Wall is correct about "jump starting".
You will note a conveniently absent category: how many of these sales were the result of even lower prices.
If I were selling $10 bills for $9, the number of sales would skyrocket.
If I were selling them for $5, sales would go off the charts.
That is what your broker's report tells you.

Even when it says the homes and units sold have dipped in price (an average which might appear to support my thesis) these numbers are also meaningless. For example, were the homes sold more of the higher priced variety (a likely aspect in that the more affluent have more discretionary funds and more likely to trade even higher up), these sales would distort what is happening in lower priced listings.

Finally, the "listing price" is a completely foolish device when used in compiling statistics. Given the random occurrence of a meeting of the minds and the competition to obtain listings, the agent procuring the listing has the best opportunity to earn something because the MLS allows an army of agents to market the property. How does an agent obtain the original listing? By telling the seller that he/she can get them the moon. Hence, the overwhelming number of sales are made well below the listing price -- but not every sale since real estate firms love to publicize the few sales which are made over the listing price.

Trust these figures?
Then you must be the person bidding higher than me on the TZ bridge.
Hal Samis

Fly on the Wall:

Realtors are desperately trying to jump start their market with a slight increase in sales. Fact is, until more folks are working and banks start to lend money the markets will continue to be lethargic at best. Research the candidates before you vote; the country is depending on you!

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