Yorktown is a large town in northern Westchester County served by both the Yorktown and Lakeland School districts. It is one town over from our office and in the heart of our company coverage area. I have heard it characterized as idyllic suburbia, and I agree. We have just helped a buyer put a house under contract in Yorktown and they are scheduled to close next month.
This data is for the Yorktown school district only and is taken from the Westchester-Putnam Multiple Listing Service. It compares the sales of single family homes from September of 2010 to September of 2009.
Last month, I wrote the following:
…prices are on a downward trend in Yorktown. When prices do fall, transactions will bounce back. We just got an accepted offer in Yorktown this past week, and it was a tough time getting the sellers to accept the buyer’s offer. There is still some resistance to the downward pressure on pricing. Human nature I suppose, but when sellers adjust they’ll move. Until then, they wait.
After a poor showing last month, Yorktown bounced back with 15 closings, doubling last month and higher than September 2009 by 3. Values are down $70,000 from a year ago, which is to be expected, but at least the public responded to the lower prices- witness the 19 homes under contract at a median price of $350k. As prices drop, buyers are acting, as I conjectured.
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