Westchester January Through August 2011 Real Estate Market: Catching Up

Earlier this year, I wrote a piece on how the 2011 market was starting out far slower than the same period in 2010. I qualified the statement with the prediction that 2011 might surpass 2010 later in the year, as early 2010 results were skewed by the stimulus. 

Here’s how we are doing thus far: 

From January 1 2011 through August 31 2011, 2655 single family home has sold at a median price of $635,000. 

From January 1, 2010 through August 31 2010, 2832 single family homes have sold at a median price of $648,000. 

We are down 177 sales from the same period last year at a $13,000 lower median price. At the end of June, we were down 248 sales.

I believe we are catching up. Will 2011 surpass 2010 at this pace? It will be a close call. We have 4 months to make up roughly 45 sales per month. 

According to the Empire Access Multiple Listing Service, which is the source of all my data, 732 homes are currently under contract with a buyer as I write this, at a median list price of $535,000. Prices are certainly down from last year. If we can get a high precentage of the pending pipeline to close, I like our chances to best 2010 volume. The wild card is short sales, which are anything but short in timeframe. 

Stay tuned! 

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