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Houlihan Lawrence 4th Quarter 2011 Market Report

0 Comments By Frederick Romley on January 17th, 2012
Tags:      Categories: Buying, Dutchess, Houlihan Lawrence News, Market Area, Market Conditions, Putnam, Westchester

Houlihan Lawrence 4th Quarter Market Report 231x300 Houlihan Lawrence 4th Quarter 2011 Market ReportHoulihan Lawrence has just released our 4th Quarter 2011 Market Report for New York’s Westchester, Putnam and Dutchess counties. Here is an excerpt from the report:

2011 marked a year of relative stability in the residential real estate market north of New York City, in contrast to the volatility seen in global financial markets.

Following the big bounce in home sales in 2010, we experienced modest declines in both units and median prices in 2011 across most of the region.

In Westchester, the median single-family home sold for $600,000, down 4.7% from 2010. In Putnam, median prices were up 3% to $320,000, breaking a 5-year downtrend during which prices declined a total of 25%. In Dutchess County, single-family home values were down 5% to an average of $246,000.

Although closed sales in the 4th Quarter showed the largest declines of the year compared to 2010, this reflects a lull in contracts signed during the August-October period. By November, buyer confidence had returned, and a notable number of deals were put together over the final 6-8 weeks of the year. Based on listings in contract at year-end – which typically close within 45-60 days – the stage is set for a relatively strong start to 2012, with the highest and lowest price ranges outperforming everything in between. [MORE]

Benefits to Listing Your Home During the Winter Season

0 Comments By Bobbi Egan on November 22nd, 2011
Tags: , , ,      Categories: Dutchess, Market Area, Market Conditions, Putnam, Selling, Westchester

Red House Winter med1 150x112 Benefits to Listing Your Home During the Winter SeasonThe clocks have turned back, the sun sets earlier now and a Halloween weekend snow storm reminded all of us that winter is fast approaching. A widely accepted perception is that home sales drop off dramatically during the winter months and it is generally not a great time to list your home. Is this actually the case? If you are thinking of taking your home off the market to ride out the winter, or if you are considering waiting until spring, there are a few things to consider before making that decision.

There are benefits to listing your property throughout the winter:

1.     Interest rates are still at historic lows. Lenders can determine what interest rates are currently available to individual customers. Armed with that information, potential homebuyers can search for homes at HoulihanLawrence.com. Each listing features a detail page that includes a mortgage calculator that illustrates what the monthly payment will be. The current lower rates give buyers more spending power, which also may help to sell your home.

2.     It is true that there are fewer homes on the market in the winter months than in the summer. This can work to your advantage because less inventory can create more competition and potentially more buyers for your home. An analysis of the number of homes on the market in Westchester in winter versus summer showed that on average, there were 16% less homes on the market winter 2010 versus summer 2010, and 25% less homes on the market winter 2011 versus summer 2011.*

3.     It is interesting to note that while the number of listings on the market is lower in the winter months, the percentage of listings on the market vs. sales average 7% for both summer and winter seasons.*

4.     Whether you’re in Westchester, Putnam or Dutchess Counties, people need to buy homes all year long, not just in favorable weather. However, the winter months also bring out the most motivated and serious buyers.

An accurately priced property will sell at any time in any season, so here are some tips to consider when your property is listed during the winter season:

  • Keep sidewalks and driveways free of ice and snow.
  • Make sure rugs are near doorways to catch and snow and salt brought in from outside.
  • Curb appeal is still important, but with a snow-covered landscape the emphasis should be on the exterior front door. Make your entry look inviting by keeping it welcoming and clean.
  • Raise the thermostat to a comfortable level before buyers come to visit your home. They will spend more time looking around when they are warm than if they are uncomfortably chilled.
  • If you have a fireplace, show it off by keeping it clutter free. Consider lighting a fire as long as you plan to be around.
  • If you have a fabulous landscape, show it off by supplying photos of your exterior to prospective buyers so they can see what your property looks like during the growing seasons.

It can’t hurt to present a warm and inviting atmosphere when showing potential buyers your home in the winter. Providing them with a positive experience can only help you gain an advantage in any season of the year.

Read about a co-worker’s experience in selling her home during the Holidays here.

* Source: EAMLS, all properties on the market and sold, Winter 2010 vs. Summer 2010 and Winter 2011 vs. Summer 2011, Westchester County.

Top 5 Markets for Units Sold in Westchester County October 2011

0 Comments By Debra Dalton and Amy Kane on November 10th, 2011
Tags: , , , , ,      Categories: Market Area, Market Conditions, Westchester

Westchester County October 2011 Market Report 112x150 Top 5 Markets for Units Sold in Westchester County October 2011The leaves are falling, and fortunately so is Westchester County’s inventory of unsold homes. The actual number of homes for sale this October is down 4% from October 2010. This decrease in supply is a bit of good news, as it will ultimately help stabilize real estate prices.

 

The ranking of Westchester County’s top 5 school districts, based solely on the number of transactions that took place in October, provide some additional bright spots in the market. The findings are:

  1. Yonkers School District – 28 homes sold
  2. New Rochelle – 19
  3. Bedford – 18
  4. Somers – 14
  5. (TIE) White Plains and Yorktown – 13

Source: EAMLS Single Family Homes Sold October 2011

Yonkers, Bedford and Somers school districts all experienced an increase in median sale price from last month, up 0.2%, 1.7%, and 5.9% respectively.

Although Yonkers tops the market in terms of number of homes sold, Somers seems to be a real hot spot. The median sale price is up 12.1% from October 2010 and the number of homes sold increased 75% for the year.

Yorktown is experiencing similar growth in terms of sales. While the median sale price is down modestly for the year, the number of homes sold is up 160% from October 2010. Bedford has also seen a significant increase in sales – up 63.6% from October 2010.

In White Plains, things are looking up from last month, with home sales up a modest 3.4%. And while sales in New Rochelle are down 32.1% for the month, they are up 11.8% for the year.

On average, homes in all of these markets are taking 4-6 months to sell.

Relatively speaking, with the stock market swings and uncertain economic conditions all impacting consumer confidence, Westchester County is fairing pretty well, albeit some markets better than others.

Real Estate Market Report Third Quarter 2011

0 Comments By Frederick Romley on October 7th, 2011
Tags: ,      Categories: Dutchess, Market Area, Market Conditions, Putnam, Westchester

Houlihan Lawrence Market Report 115x150 Real Estate Market Report Third Quarter 2011We have just released our 3rd Quarter 2011 Market Report. Our report offers a look into the local real estate markets in Westchester, Dutchess and Putnam Counties. The Third Quarter market is summed up in the report: “As the 3rd Quarter of 2011 draws to a close, world financial markets are being shaken by the ongoing European financial crisis and renewed fears of a global recession. For the moment, however, the local real estate market remains remarkably stable. Following the roller coaster ride of the past three years, the 2011 market looks and feels a lot like 2010 – both statistically and in practical terms. Homes priced for today’s market conditions are typically finding buyers within 2-3 months. On the other hand, homes priced optimistically – the ‘wishful pricing’ strategy – are left to linger, sometimes even after multiple price reductions.”

Our Market Report contains valuable information for sellers or buyers in our marketplace. Among the features in our new report are Supply/Demand Charts by County showing you the demand for homes in different price ranges. Also in our report are comparisons of Median Sale Price, Units Sold, Average Days on Market, and Sale Price to List Price for your local school district or town.

We hope you find Houlihan Lawrence’s 3rd Quarter Market Report a useful tool in understanding and evaluating the market. At houlihanlawrence.com, our Monthly Market Report provides additional information on each municipality.

Westchester’s Top 5 for April

0 Comments By Gay Prizio on May 13th, 2011
Tags: , , , , , ,      Categories: Market Area, Market Conditions, Westchester

In April, 245 homes closed in Westchester County, a 13% drop from April, 2010. This time last year, the First Time Homebuyer Tax Credit was in place and set to expire in April, 30, 2010, creating a surge of activity that was fueled by the approaching deadline. As a result, numbers from the first half of last year are a bit skewed when compared to this year.  

The greatest number of closed transactions this April occurred in:

  1. Yonkers – 25 Sales
  2. Scarsdale – 18 Sales
  3. New Rochelle – 16 Sales
  4. Rye – 14 Sales
  5. White Plains & Yorktown Heights tie with 13 Sales each

April’s Highest home sales (listed with Houlihan Lawrence):

  1.  20 Oak Avenue, Larchmont – $2,800,000
  2. 7 Oriole Avenue, Bronxville – $2,700,000
  3. 25 Studio Lane, Bronxville – $2,334,270
  4. 43 Highland Road, Rye – 1,925,000
  5. 1 Timber Trail, Rye – $1,900,000

For more information on specific towns and to get your April Market Reports, go to www.houlihanlawrence.com.

source: EAMLS, Single Family Homes Sold, April 2011, Westchester County

Houlihan Lawrence March 2011 Market Report

0 Comments By Gay Prizio on April 14th, 2011
Tags: , , , , , ,      Categories: Market Area, Market Conditions, Westchester

With the onset of Spring, Westchester County’s number of homes for sale in March experienced a 16% increase compared to February, 2011. The number of homes sold has also increased 16%, when compared to last month, indicating positive momentum in the market.

In the past 12 months, the median sales price in Westchester County has increased by 5.9% to $625,000 and the number of homes sold has increased by 7.9%, pointing to a more robust market when compared to the prior 12 months.

The number of homes sold in Dutchess County in March is up 40% from February and 10% from March 2010. Putnam County saw an increase of nearly double the numbers of homes sold in March versus February.

To see the market data for your town go to www.houlihanlawrence.com and access our Monthly Market Reports.

March2011 Houlihan Lawrence March 2011 Market Report

Westchester’s Top 5 Markets: January/February Highest Increases

0 Comments By Gay Prizio on March 10th, 2011
Tags: , , , , , , ,      Categories: Buying, Market Area, Market Conditions, Selling, Westchester

The top 5 Westchester County school districts that enjoyed the greatest increase in single family homes sold year-to-date as of February 28, 2011 vs. same period 2010 are: 

Single Family Homes Sold, Jan. 1 – Feb 28
School District 2010 2011 Unit
Increase
Hastings 7 12 5
Pleasantville 2 6 4
Briarcliff Manor 7 10 3
Lakeland 22 25 3
North Salem 4 7 3

Looking at this metric as a percentage gain, the best performing school districts for single family homes sold year-to-date as of February 28, 2011 vs. same period 2010 are:  

Single Family Homes Sold, Jan. 1 – Feb 28
School District 2010 2011 Percent Increase
Pleasantville 2 6 200%
North Salem 4 7 75%
Hastings 7 12 71%
Briarcliff Manor 7 10 43%
Blind Brook 6 8 33%
Dobbs Ferry 3 4 33%

For more data and trend information on Westchester, Dutchess and Putnam county school districts and towns, please go to >www.houlihanlawrence.com to access our Local Market reports.

Sense and Sensibility on Mortgages

0 Comments By Frederick Romley on March 9th, 2011
Tags: , , , ,      Categories: Buying, Credit, Market Conditions

Nick Churton of Mayfair International Realty, the London-based affiliate of Houlihan Lawrence, comments on how the continued reticence of the banks to offer sensible mortgages – other than to those with large deposits – may risk changing the way many look at property ownership.

jane austen Sense and Sensibility on MortgagesIt is a truth universally acknowledged, that a single family in possession of a good mortgage must be in want of a house. Thus a Jane Austen novel on the property market could have begun.

Sadly today there are plenty of families on both sides of the Atlantic wanting a home, especially with affordability at near-record levels, but many can not get hold of a mortgage.

Austen knew a thing or two about property, or at least the importance of owning it. Her novels had much to do with its acquisition. Although her heroines tended towards marriage as a route to ownership, she would have understood about financing a property purchase through borrowing, as her life coincided in the UK with the advent of mutual building societies.

Austen understood that social status played a major role in owning or aspiring to own property. Above all perhaps, she understood that an individual’s or family’s financial circumstances played a pivotal role in determining where and how one lived – and how one was seen to live. She certainly knew the value of a fine location and the benefits that well-proportioned rooms and good natural light bestowed upon occupants.

This understanding seems as apt today as it was when Jane Austen was alive in the late eighteenth and early nineteenth centuries. The desire to house one’s self and/or one’s family comfortably, and the pleasure that a well-designed house gives to its owner – both socially and materially – seem largely unaltered.
But two things have changed. Residential property no longer just demonstrates wealth but also creates it, and thus makes it even more desirable. Also, as far as the UK is concerned, most of the building societies, who traditionally did the lion’s share of the mortgage lending have now been demutualised and swallowed up by large banks. These are not much in the lending mood at the moment. So, with no other way of obtaining a mortgage this is altering the way many must think about owning property. In 2011 this means that, unless the UK government and the banks take urgent steps to reverse the situation, for the first time in over two hundred years it will only be the already well-off who can realistically afford to buy property.

Non-profit-making mutual building societies were created to allow their members to buy property. Banks were created to make money for their shareholders. Building societies were prudent and fiscally responsible. Banks clearly haven’t been, and are a perfect example of pride coming before a fall. To extract themselves from the trouble they are in the banks are now prejudiced against the very people the building societies were formed to assist. Jane Austen could have written a book about it.

Coming Soon: Westchester 2010 Real Estate Market Recap

0 Comments By Gay Prizio on February 8th, 2011
Tags: ,      Categories: Market Area, Market Conditions, Westchester

Recently, Houlihan Lawrence President and CEO Stephen Meyers and COO Chris Meyers sat down with former New York Times real estate contributor Teri Rogers for a conversation about the 2010 real estate market.

They discussed why different areas in Westchester County had different results, and why Westchester County’s 2010 median price increase of 10 percent does not mean that your home is now worth 10% more.

For more information on this and other topics that drove the market, look for the report coming soon on www.houlihanlawrence.com.

Love at First Sight?

0 Comments By Elizabeth Nunan on February 3rd, 2011
Tags: , , ,      Categories: Market Conditions

Love at first sight e1296743970188 Love at First Sight?With romance in the air this February, Nick Churton of Mayfair International Realty, the London based affiliate of Houlihan Lawrence, takes a loving look at how we can often fall head over heels with…a home.

February is the month of St. Valentine and it is worth remembering that it is not just people that can become the love of our lives. We can also fall under the spell of property.

Often it seems that people don’t really decide on a home. Instead homes seem to decide on people. Some homes just grab hold of buyers and make them fall in love immediately. Others flirt and intrigue but then take their time before revealing all their charms – slowly they become more comfortable, dependable and familiar until the owner’s heart is quit lost.

Do people really fall in love with their home? Of course they do. History and literature is full of stories about how a home became an important and even beloved part of someone’s life and even their soul. For many it was love at first sight.

For so many owners their home does far more than provide a shelter against heat, cold, rain, robbers and the nosey. It is their sanctuary and their muse, a place that inspires, nurtures and restores and where they can be most at peace with themselves. Perhaps that is why so many artists and other creative people care so much about where they live.

So if you are on the hunt for a new home this spring, whether it is a tiny apartment or the grandest of houses, listen to the voice of reason certainly, but also listen to your heartstrings. Love for a home is seldom unrequited. Love it and it will love you right back. And falling in love with a home can sometimes even be safer than falling in love with a person. At least your home doesn’t complain when you bring all your friends back unexpectedly!

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