Westchester County Median Home Price Dips Below $500,000

J Philip Faranda June 25, 2009

According REALIST, to the public data provider for the Westchester -Putnam Multiple Listing Service, the median price for a single family home in April of 2009 was $491,250. After peaking at over $700,000 in 2005, this is the first time in a long time the median price has fallen below half a million dollars. 

Sales Statistics
for WESTCHESTER County NY
Realist’s most recent recording date for this county is 06/03/2009
 Single Family Residence
 Time Period Number of Sales Median Sale Price 
 Apr 2009 172 $491,250 
 Apr 2008 266 $572,500 
 Mar 2009 181 $517,000 
 Mar 2008 246 $576,000 
 2009 YTD 762 $520,000 
 2008 3,734 $595,000 
 

We are also at a low ebb for transaction totals; 2008 was a deplorable year, with fewer than 4000 titles transferred. 2009 is on pace for fewer than 2500 single family homes sold. In 2005 there were over 6000 sales. 

This means that home values have dropped almost 30% from their peak and transaction totals are down almost 60%. 

The available inventory remains high thanks to the flood of REO’s entering the market weekly. As unsustainable as the Bubble may have been, the decline in wealth is staggering. We aren’t out of the woods by a long shot, my friends. 

 

Search the MLS like an agent here. New York’s Premier Short Sale REALTOR. Read my short sale bog here. See the New York Photo blog here. J. Philip Serves Briarcliff Manor, Ossining, the River Towns, Westchester County, and the bedroom counties of New York City.

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