Despite an increase in inventory, home sales were down in Westchester County for the second quarter of 2014, according to data obtained from the Hudson Gateway Association of Realtors.
Westchester, one of the four counties for which Hudson Gateway tracks data, saw a 12 percent overall drop in home sales in the second quarter compared with the same period in 2013, and a 13.5 percent drop in the sale of single-family homes. Meanwhile, home prices stayed relatively stable in Westchester, with a median sale price of $651,250 in 2014, a negligible increase of just 0.2 percent over the second quarter of 2013.
“We are selling (homes) but they have to be aggressively priced,” said Diane Cummins, a broker with Douglas Elliman in Katonah and the president of the association. “The value has to be there for the consumer.”
Although there was a drop in the number of home sales, the number of residential properties listed for sale was up 3 percent, with single-family homes showing a 5.7 percent growth in inventory and condominium inventory rising 6 percent.
“Up in the northern part of the county, I think sales are slow because there”™s more inventory close to the city,” Cummins said. “When people can be closer to the city and have a shorter commute for a similar price, they”™re going to do that.”
As the real estate market in the southern part of the county speeds up, Cummins said she expects to see more action up north. “South of (Interstate) 287, closer to the city, the market is still getting sellers close to their asking prices. But until the asking prices accelerate to push buyers northward,” buyers will continue to close on the best buy for their money, she said.
Statewide, home sales declined for July compared with July 2013, according to data from the New York Association of Realtors.
“Despite reports of an improving national economy, many consumers remain cautious about making large financial investments such as a home purchase,” said Duncan MacKenzie, CEO of the New York State Association of Realtors, in a press release. “Employment numbers are rising, but wages remain stagnant, thus creating a counterbalance to moderating home prices and low interest rates that continue to drive improving affordability conditions.”
Statewide, July saw 10,545 closed sales, down 10.3 percent from the July 2013 total of 11,754. From Jan. 1 to July 31 of this year, the sales total of 55,217 represents a 4.5 percent decrease from the same period last year. The statewide median sale price was $239,000 in July, a 0.4 percent decrease from the July 2013 median of $239,900. The year-to-date median sale price of $225,000 remained the same compared to this period last year. The data were compiled from multiple listing services in the state of New York and includes townhouses and condominiums in addition to existing single-family homes.
Cummins noted she saw a positive sign this summer and thinks the real estate market in Westchester County will improve in the near future.
“It really felt like people went away on vacation this summer for the first time in a long time,” she said. “It felt like people went away in August, like no one was around.”
That indicated to Cummins that people had more disposable income and were willing to spend it. She thinks that soon, people will be back to purchasing homes at steadier rates.
“I”™m hoping that September will show the resurgence that I do believe is coming,” Cummins said. “This summer gives us a certain underlying hope for the future.”
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