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2Q 09 Westchester County, NY: Above The Fruited (White) Plain(s)

The Westchester-Putnam Multiple Listing Service, Inc. [1] provides a quarterly analysis of the real estate market. Considered a suburb of New York City, Westchester County, NY [2], is considered a suburb of the New York City real estate market.

Incidentally I’m looking forward to speaking at the Westchester County Board of Realtors annual meeting in the fall.

Courtesy of WestchesterTowns [3]

Although we perform appraisals in Westchester, it’s been a while [4] since I blogged about the market (using their report [5])…

Like NAR’s existing home sale stats, the Westchester-Putnam MLS annualizes and seasonally adjusts. Sales and prices are up from the prior quarter (remember: seasonally adjusted) and had the first significant increase in number of sales since 1Q 07.

Sales are down 30.7% from the same period last year. Median sales price was down 16.3% over the same period to $565,000. A portion of the price decline was due to a shift in the mix to proportionally more sales at the lower end of the price spectrum. Inventory is down almost 7% from last year which had been the highest level in 4 years.

Sound like other markets you know? Does to me – that’s because credit is driving this.

Download the 2Q 09 report [5] and a myriad of previous reports back to 1981.