The bad news is that number of sales are down by 24% in Westchester County in the last 9 months compared to the first 9 months of 2008. The good news is that sales have actually increased from last quarter by approximately 35%. Although this is positive news for the local real estate market, I think another number to keep a close eye on is Inventory or the number of homes for sale. This past quarter the numbers indicate that inventories have also decreased.
According to Westchester/Putnam County Board of Realtors®, on a nine-month basis, Westchester County’s sales volume of 3,975 units was 24.1% less than in 2008, and a hurtful 43.3% less than in 2007. The second and especially the third quarter results (in 2009), however, are trending to a steady improvement in sales volumes.
The bottom line is that homes are still selling while simultaneously reducing the number of homes for sale. Let’s take one positive at a time, don’t forget median sale price is still decreasing.
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