One of the risks a real estate broker like myself incurs when commenting on the market is the perception that we as licensees puff things up to make the climate seem better than it really is. Given that we are entitled to our own opinion but not our own facts, I’ll lead with the numbers on Croton’s 3rd quarter real estate market.
For the 3rd quarter of 2010, the Croton-Harmon school district had 15 single family home closings at a median sale price of $425,000.
For the 3rd quarter of 2011 which just ended September 30th, Croton had 18 single family home closings at a median sale price of $492,500.
Transaction totals are up, and median sale price has improved by almost 16%. It is an improvement. However, before we all jump for joy, consider that in the 3rd quarter of 2005, Croton had 36 sales with a median price of $600,000. We are a long way from recovered. We can take some measure of encouragement that we are headed in the right direction. This is especially the case when you consider that the housing stimulus closing deadline was over at the end of September 2010.
Looking ahead, Croton has 13 homes under contract or pending sale at a median asking price of $375,000. 54 homes remain active and for sale at a median asking price of $587,450. What this says to me is that the higher cost properties are not selling at the rate that less expensive homes are. While this does not mean that everyone should necessarily lower their price, we should note that the average days on market statistic for the homes currently for sale is 164 days, or 5 1/2 months. 5 months is a long time, especially when you consider that some of these homes are not on the market with their first listing contract.
All real estate is local, and while we are fortunate in Westchester to be relatively insulated from the catastrophic declines in the sunbelt and mid west, we are still a price sensitive market with low consumer confidence. Therefore, some homes will have to reduce their price in order to sell in the next 90 days in Croton. Failing that, inventory will bloat this coming spring and oversupply could supress prices again.
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We can argue all we want about whether or not a broker has the right to publish the production of another brokerage’s sales data. What we as licensees need to understand, and
Redfin is now offering scouting reports (“Complete performance metrics”) on 1 million real estate agents! This is causing quite a kerfuffle in the real estate world, but I have to say that I don’t mind my numbers being published by Redfin or anyone else. 








“Staging for the Average Homeowner” will be the theme for 
Recognizing that not all markets are the same and that we as brokers have an obligation to disclose material facts, my thoughts are centered on practices here in my home market of Westchester and the Hudson Valley. Simply put, I am not sure that marketing listings that are short sales as short sales first and foremost is the best approach. I have actually stopped the practice almost entirely, especially in cases where the home is still occupied.
Discovering Westchester County is like peeling an onion-anyone that views “the 914” as an amalgam of bedroom communities slumbering while all the action takes place south of us in Manhattan is missing out. For the last 37 years, Broadway has had an outpost right in Elmsford at the Westchester Broadway Theatre. Just last night, Ann and I celebrated our 10 anniversary at a fantastic performance of
Something I read on Facebook earlier made me just a little sad.
To the guy who thinks it is clever to inquire on one of my listings as if he were an interested buyer, only to pitch me that he is an Internet search firm and can improve my search engine rankings: