Town Of Ossining Real Estate Market Snapshot

My office is located in Briarcliff Manor, NY but technically sits on Town of Ossining soil. The town of Ossining is the unincorporated portion of the municipality located outside the village. It mostly borders the hamlet of Millwood in the town of New Castle as well as Maryknoll, NY, home of the renowned Catholic Mission. The character of the town is far more bucolic and suburban than the more densely populated village of Ossining, and the population of less than 6,000 is dwarfed by the village at more than 25,000. Both the town and village are served by the Ossining Union Free School District.

There are, as of February 27, 2009, 23 single family homes for sale in the town of Ossining. In the past 180 days 7 homes have sold at a median sales price of $464,000. The median asking price of homes for sale is $550,000. 3 homes are under contract for sale and a 4th is pending closing in the very near future.

With 23 active listings and only 7 titles transferred in the past 180 days, there is a severe  imbalance between inventory for sale and closed transactions. At that rate, there is just under two years of inventory available. With the median sales price at $464,00 and the median asking price at $550,000, it would appear that the inventory would clear faster if prices were reduced. The buying public is not showing much enthusiasm at those prices.

There are a number of condominium communities in the town as well, with 9 sales in the past 180 days at a median sales price of $397,000. The active inventory of 14 units is at a median asking price between $405,000 and $425,000. Perhaps because of the smaller gap in sales and asking prices, there appears to be less than a year of inventory available in condos. However, at this time just one condominium is under contract and a second is pending sale imminently.

A healthy Spring market can change many things, so here’s to a good March, April and May of real estate activity in Ossining.

This data is unscientific and is derived from the Westchester-Putnam MLS. It does not include non-MLS transactions and is subject to input errors (such as erroneously including village of Ossining property) from other MLS members. This may be reproduced only with consent from J. Philip Faranda, who must be credited.

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J. Philip Faranda is the broker and owner of J. Philip Real Estate, LLC, in Briarcliff Manor, NY, nestled between Ossining, Croton on Hudson, Sleepy Hollow, Chappaqua and Pleasantville. We are also in close proximity to White Plains, Peekskill, Yonkers & Yorktown. The firm specializes in residential real estate in Westchester, Putnam & Rockland County. Visit us on the web at www.jphilip.com.

Phil is one of the top selling REALTORS in Westchester County, with over 100 closed transactions in 2007-2008. He is also among the premier short sale specialists in New York. Check out www.nyshortsaleteam.com and our short sale blog, newyorkshortsaleblog.wordpress.com.