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Home prices are falling due to poor economy But this will be counterbalanced by the fed continuing to lower rates and the agency loan limit being increased summer 2008, both of which will make housing more affordable. So I don't believe we will see a big drop anytime soon.
Outside our Metro area prices have dropped more. Because we are in a high income area with a lot of professional people looking to move to the suburbs, prices correct and stabilize due to the demand. Watch as the new herd of houseshoppers get on the road in the next few weeks so they can be settled for the new year. If there is no one buying, prices continue to go down. But in Westchester, especially in the 40 - 50 mile range from NYC, sales are moving a little already. As a new buyer, familiar with the market through actually watching, shopping, working with an agent for the last 2 months, I see prices holding if the property is priced correctly. There are a lot of houses overpriced to begin with, they will correct their asking price as there will be no interest in the property. Just my opinion as I say per my experience over 2 months ending today.
If you check at Welcome to WCBR.net!!! you can read the quarterly "sales stats" for the 4th quarter report. Westchester has faired well. It has not decreased in price for SFR overall, has maintained. Multi family homes on the other hand have not faired well, nor have sales/values in Putnam county.
I am a long time Westchester resident, my husband is a local Realtor in White Plains. I feel that we will pull through this. My parents and inlaws have survived previous troubled times. Our proximity to NYC should prevent us from seeing major decreases. it may be a buyers market, but there are still buyers.
Prices have still increased from 2006-2007 sales (albeit by 1%), but that is better then decreasing. Putnam county has seen a 9% decrease in dollar volume.
a direct quote:
"The median sale price of a single-family house in Westchester increased by $5,000 or just under 1%, to $685,000 for the year. The mean sale price increased by 2% to $936,982, illustrating the continuing influence of the high-end of this sector. Sales in excess of $1 million accounted for 25.4% of single-family house sales in 2007 compared to 24.7% in 2006. That ratio was 20-23% at the height of the market in 2004 and 2005.
Prices increased in the condominium and cooperative sectors as well. The median for a Westchester condominium increased by $15,000 or 4%, to $390,000. The cooperative unit median increased by 3% or $5,000, to $190,000. Only the troubled multi-family sector posted a decrease: $23,750 or 4% - down to $546,250. In Putnam County the median price of a house dropped back by $10,000 or 2% to $400,000."
Read the reaminder of the report at wcbr.net click "sales stats" 4th quarter. Very informative. They do speculat on the future markets as well under the title "A look ahead" .. its is hard even for them to speculate.
There was an article in the real estate section a few months ago about Scarsdale which stated that the price of houses (I believe it was the mean price) dropped substantially (100K) from last year. I haven't checked their statistics...but watching prices come down as I shop...by 50-100K makes you think a little.
I agree to the above post that mentioned many of the houses that come down are overpriced to begin with. In addition, maybe larger properties aren't selling because their owners have the luxury to wait (take a look at the house rentals to get a feeling of what people are doing when things don't sell...these aren't your 3 bedroom starters).
Either way...new blood like us can't quite afford to buy many appropriate properties, even with 2 really comfortable incomes. Just doesn't make sense now.
So...taking a look at the sudden influx of luxury rental buildings going up and meeting my neighbors...I think things have quite a way to fall...or even out as salaries go up and money devalues....which may be the way things are going.
Good luck, all. Hopefully you sell well and buy well.
If you check at Welcome to WCBR.net!!! you can read the quarterly "sales stats" for the 4th quarter report. Westchester has faired well. It has not decreased in price for SFR overall, has maintained. Multi family homes on the other hand have not faired well, nor have sales/values in Putnam county.
I am a long time Westchester resident, my husband is a local Realtor in White Plains. I feel that we will pull through this. My parents and inlaws have survived previous troubled times. Our proximity to NYC should prevent us from seeing major decreases. it may be a buyers market, but there are still buyers.
Prices have still increased from 2006-2007 sales (albeit by 1%), but that is better then decreasing. Putnam county has seen a 9% decrease in dollar volume.
a direct quote:
"The median sale price of a single-family house in Westchester increased by $5,000 or just under 1%, to $685,000 for the year. The mean sale price increased by 2% to $936,982, illustrating the continuing influence of the high-end of this sector. Sales in excess of $1 million accounted for 25.4% of single-family house sales in 2007 compared to 24.7% in 2006. That ratio was 20-23% at the height of the market in 2004 and 2005.
Prices increased in the condominium and cooperative sectors as well. The median for a Westchester condominium increased by $15,000 or 4%, to $390,000. The cooperative unit median increased by 3% or $5,000, to $190,000. Only the troubled multi-family sector posted a decrease: $23,750 or 4% - down to $546,250. In Putnam County the median price of a house dropped back by $10,000 or 2% to $400,000."
Read the reaminder of the report at wcbr.net click "sales stats" 4th quarter. Very informative. They do speculat on the future markets as well under the title "A look ahead" .. its is hard even for them to speculate.
Hope that helps.
I think the first quarter '08 numbers for Westchester County look pretty bad. The number of houses sold may be a more important indicator than the median selling price, and with a drop of over 30% for the number of units sold compared to this time last year- I think the market looks brutal for sellers right now.
I think the first quarter '08 numbers for Westchester County look pretty bad. The number of houses sold may be a more important indicator than the median selling price, and with a drop of over 30% for the number of units sold compared to this time last year- I think the market looks brutal for sellers right now.
Yes, but an equally important indicator is the number of homes on the market, which has decreased by 14% over same-time last year. As prices drop (which they certainly are) fewer people put their homes on the market and more and more people take them off the market if they fail to get the price they want. Most sellers in Westchester don't need to sell. Fewer homes on the market is one of the reasons that prices have remained relatively steady.
I like to watch the market in my area and what I see is that some homes sell quite quickly for asking price, while others can sit for a year and then sell for asking, and yet others can sit and sit even though the asking price is cut by 10 or even 20%. In short, I'd say that it is a really hard-to-read market and it defies being summarized.
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