The October real estate closing statistics in the Ossining School district indicate a drop from October of the prior year.
In October 2011, 7 single family homes sold at a median sale price of $410,000.
In the same period last year, 11 single family homes sold at a median sale price of $535,000.
Obviously, this is a precipitous drop in both volume and median price. However, there is an explanation: The number of homes under contract ballooned from 19 last month to a whopping 37 this month. Buyers are indeed signing contracts; they just aren’t closing yet.
This could be due to delays on the lender side, which is something I am seeing more frequently in this environment. The pending transactions could also be short sales, which take much longer to close than typical deals (we often say that short sales should be renamed “long sales”). There could also be title issues delaying closings, which would again indicate caution on th part of the lender, the buyers, or both. In years past, buyers might turn a blind eye to a finished basement or a deck without permits. That is no longer the case.
The median price of the 37 pending deals is $449,000, which is a healthy number.
121 homes remain on the market as active and available at a similar median list price of $399,000. While buyers still have quite a few choices, that is a rather low number for Ossining, which typically has 150 homes in inventory, but it also indicates a lull in the sales cycle. Some people are taking their homes off the market until after the holiday season.
Prior posts on Ossining.
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All information is for single family homes and is sourced by the Empire Access MLS, a wholly owned subsidiary of the Westchester Putnam Association of Realtors.