Westchester Real Estate Values – Where are we going?

We have only two more weeks before we find out how the Westchester market is doing for the first half of the year. In the past two years the Westchester real estate market has been relatively unaffected by the national economic downturn. However, Westchester is now starting to see a decline in home sales (based on the first quarter market results).

This decline in homes sales has only slightly affected the selling price of homes in our area. The first quarter results showed the median sales price of single family homes declining 2%, Condominiums 3.1%, Cooperatives 4.9% and multi- family homes 3.7%.

Fortunately, the decline in home sales has not increased inventory. Quite to the contrary, the inventory of homes in Westchester has decined by 14% below last year’s first-quarter level, according to the Westchester Multiple Listings Service.

Lastly, although overall homes in Westchester are selling for a bit less than a year ago, there are still many towns where home values are still increasing. It is important to know the statistics for your town if you are looking to buy or sell. Mid year results will be posted by July 5th.