The New York market is returning to a more balanced one, with the severe tilt toward a buyer's market in 2008-2009 yielding to a less skewed advantage. While buyer's are still in the driver's seat for most properties, there are more cases of multiple bids and even flat out bidding wars occurring, which is a surprise, given that the stimulus incentives are no longer available. The fear among many was that once that $8000 tax credit went away, the market would decline again. It hasn't happened.
From January 1-May 23, 2009, the median price for a single family home in Westchester County was $550,000 with 773 transactions.
In the same period in 2010, the median price for a single family home in Westchester is $599,000. There have been 1229 total closings.
Folks, when prices and transaction totals go up, that means the market is healthier. And in our case, to increase 59% in volume, it isn't an insignificant increase. In fairness, there was no place to go but up. But up it has gone. More people are out buying homes. It could be that prices are down, rates are low, or consumer confidence os growing. But the outcome is the same.
I remain busy, and cases of multiple bids, both on the buying and selling end, are occurring more frequently. Is the market hot? No. But is it is certainly warming up, and that bodes well for the entire economy.
That's the report from our precinct. Here's to a strong 2010.