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    North of NYC North of NYC By Houlihan Lawrence By Houlihan Lawrence by

    Westchester County-October-2011-Market-ReportThe 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.