Real estate metrics show improving market in Westchester County
Homebuyers who want to invest in houses for sale in Westchester, NY, may find that for-sale property values are on the rise and sales are about to increase exponentially.
The Westchester real estate market recently posted a successful second quarter for 2012, with many local real estate experts predicting even greater recoveries in the future. According to the official website of Westchester County, there were nearly 1,788 closed residential sales in the area during the second quarter of 2012, which is an uptick of 23 percent compared to the same time last year.
Single-family home sales increased 16.7 percent in the second quarter of 2012. Condominium sales grew 12.8 percent and co-op transactions rose 7 percent, the source reports.
"The weather certainly helped. People went out there, found properties to buy and bought them," Gary Leogrande, a local real estate expert, told the Bedford Daily Voice. He adds that home sales are trending upward, and renewed consumer confidence in both the economy and personal finances may help the market mend quicker than previously expected.
While sales were up across the county, home values remained tepid. The median price of a single-family house was $619,000, which is a 0.6 percent decline from the second quarter of 2011, the news source reports. Prices for co-ops were also down 0.6 percent and, even drastically, condominium values dropped 3 percent to $338,000.
The Westchester County real estate market is experiencing very strong activity in 2012, and many local experts are predicting an even greater mend is inevitable. While there are still some major concerns for homebuyers, the area genuinely offers stable home values, which may be worth checking out if finances are in order.
In fact, many buyers have already entered the marketplace, which has caused the housing inventory to decline over the past quarter. Currently, there are 7,081 residential units listed for sale in Westchester County - an 11.5 percent decrease on a year-over-year basis, according to the news source.
Buyers who want to relocate to Westchester County should act fast, as inventories are low and sales rate are high. The increases in activity may even drive values up, which can cause sellers to list for-sale properties for higher dollar amounts. If you want to move into the area, consider getting the paperwork together today and beginning your search tomorrow.