SECOND QUARTER HOME SALES DOWN

In an article by Leif Skodnick in The Westchester County Business Journal, he points out that even with an increase in inventory, home sales were down for the second quarter of 2014. Westchester is one of the four counties for which Hudson Gateway tracks data. They conclude that there has been a 12% overall drop in home sales in the second quarter of 2014 as compared to 2013, and a 13.5% drop in sales of single family homes. Home prices stayed relatively stable in Westchester with a median sale price of $651,250 in 2014, just a 0.2% increase over 2013.

Douglas Elliman in Katonah states they are selling homes, but they have to be aggressively priced. The number of home sales were down but, the number of residential properties listed for sale was up 3%, with single family homes showing a 5.7% growth in inventory and condominium inventory went up 6%. In the Northern part of the County, sales are slow because there is more inventory closer to the City. People buy closer to the City to have a shorter commute for a similar price as the real estate market in the Southern part of the County sped up. Realtors expect to see more action up North. South of Interstate 287, closer to the City the market is still getting sellers closer to their asking prices.

Statewide, home sales declined for July compared to July, 2013. Duncan Mackenzie, CEO of The New York State Association of Realtors states “employment numbers are rising but wages remain stagnant creating a counterbalance to moderating home prices and low interest rates that continue to drive improving affordability conditions”. Statewide, New York State saw 10,545 closed sales, down 10.3% from July, 2013, a total of 11,754. From January 1, 2014 through July 31, 2014, the sales total of 55,217 represents a 4.5% decrease from 2013. Statewide median sales price was $239,900, a .4% decrease from July, 2013 of $239,900. The State median sales price of $225,000 remained the same as last year. The realtors state that they felt people went away on vacation this summer for the first time in a long time. People had more disposable income and were spending it on vacations. Realtors hope September will see the resurgence of home sales.

If you are in the need of a real estate attorney, contact the law firm of Dominick J. Robustelli & Associates, PLLC at (914) 288-0800.