In all the panic about the drop in sales nationally this past July, few news outlets made much mention of the fact that Westchester’s real estate market went up. Now that August is past, how did we do as a follow up?
Good question. In short, the answer is “steady.”
In July 2010, there were 449 closings with a median sales price of $799,000.
In August 2010, there were 424 closings with a median sales price of $715,000.
In August of 2009, there were 430 closings with a median sales price of $644,250.
From July to August of 2010, transaction totals were down 5.6%. That median sales price of $799,000 was utterly unsustainable; $715,000 is still remarkably robust.
Comparing this August to last August is more relevant in my view, as the business is cyclical. Transaction totals are down just 2% from a year ago at this time, and median price is up a whopping 11%.
Overall, there has not been much of a drop in transactions worth speaking of, and values are steady if not healthy. But in historical terms were are still in a malaise.
Some context: at the peak of the market locally in the summer of 2005, the August totals were 852 transactions (which is why we call it a “peak”) and the median sales price was $732,500. In August of 2000, there were 752 transactions with a median price of $447,000.
Westchester is doing better than most areas, overall. But there are still plenty of people hurting. Those 300-400 sales not being made are rough on the sellers, many of whom are distressed.
Note: all information is taken from the Westchester-Putnam MLS and is for single family home sales only.