Croton on Hudson, NY Real Estate Market August 2010

This market report is for single family homes in the Croton-Harmon school district. All data is from the Westchester-Putnam MLS. Last month I wrote the following observation:

The median asking price of $624,450 is over 100k more than the median sales price, so I don’t think we’ll see a huge increase in volume until buyers and sellers are more aligned. Buyers want to spend less; sellers want more; imagine that. 

Well guess what? See below:

Only 1 home closed in Croton in August, and at $425,000, it sold for over $25,000 over asking. Other than that, sellers got nothing. The number of homes under contract swelled up to 17, with a median asking price of…wait for it…$425,000. 

The median asking price of unsold available properties in Croton? $598,500. Does this mean that if you want $600,000 that you’ll only get 425? No. But it does mean that the buying public is trending toward lower cost homes in Croton, and that sellers need to review their price if they want to move. The numbers don’t lie. Aggressively priced homes sell. Overpriced homes don’t. 

Croton on Hudson is a fantastic community. I spent a chunk of my youth there and my brother lives in Croton. But buyers aren’t gravitating toward the higher priced homes there at this time, but they’ll sign contracts on moderately prices properties.