This is the market data for September of 2010 for single family homes in Peekskill, and all information is sourced from the Westchester-Putnam MLS.
There was nowhere to go but up after a very poor August, and we may be looking at a “new normal” for this charming little city on the Hudson. The median price is up from last month but down over $160,000 from September of 2009. Transactions totals are higher, which is a good thing, but the volume of available properties- 81- means there is almost 2 years worth of inventory available, which will suppress prices.
With 8 pending sales last month, and 4 pending sales this month after the 4 September closings, nothing new has gone into contract in the last month. When your median sales price is less than $200,000 and the median asking price is $279,000, it doesn’t take a genius to figure out that the buying public is still waiting for prices to decrease. I am working on a deal that will add a sale to the hopper and greatly increase the median price, and that is because I have clients who know and love the area. They have good reason- Peekskill is a great place to live and work, and when the buyers wake up to what they can get at these low prices, you’ll see a spike. All markets are cyclical, and I think we are witnessing the calm before a storm of activity.
Previous posts about Peekskill are here.