If you’re an optimist you believe that the real estate market has turned for the better. However, if you’re a a pessimist then you would say, “yeah it’s good, but not as good as 2006 or even 2007″. Yes, very true. The truth is that its going to be a while before the Westchester real estate market will see 20% appreciation again-seemingly over-night. I mean, what good could possibly come out of a real estate market where the median sale price of a single family home was $730,250-Westchester’s peak in 2007. I could assure you without any statistical data to back up my claim that household income levels were not rising at that same rate. Moving forward…
Recently released real estate activity of 2010 by the Westchester Putnam Association of Realtors.
The total number of homes sold in 2010 compare to 2009 was a promising 13% increase across the board led by an almost 20% increase in number of single family homes sold. Co-op sales remained unchanged compared to 2009. Not surprisingly, the multi-unit home sales actually decreased slightly by 3.4%. It is no great secret in those to those real estate industry that the reduction of home sales has not been caused entirely by a lack of demand, but by a tightening of lending practices–for obvious reasons. The group most affected by the lack of lending has been the multi-unit owner-occupied home buyers.
source:EMLS
source:EMLS
