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 White Plains, NY - While Westchester County first-quarter single-family statistics recently released by Prudential Rand Realty show a significant drop in sales, median home price and inventory, managing partner Greg Rand says that the market actually is warming up this year.
Statistics released by Prudential Rand show a 43.5 percent decline in closed single-family home sales during the first quarter of this year, down to 420 from 744 during the same period last year. The median sales price was $537,500, down 13.7 percent from $622,500 last year, and inventory was down 6.2 percent to 2,487 homes from 2,651 homes last year.
“Housing stats can often lead you to come to incorrect conclusions,” said Rand. “In this example, one might conclude that the 43.5 percent decline in single-family homes reflects the housing market in the first quarter of 2009. This is not the case. These numbers track closed sales, so they reflect contracts signed from as far back as October 2008, when the stock market was crashing, the banking system was failing, trillion-dollar bailouts were being contemplated for the first time, the national election was taking place and almost everyone agreed that we were in the second Great Depression. However, sales are improving in 2009. Declining prices have helped the housing market, and savvy buyers are getting good deals from realistic sellers and low mortgage rates from the bank.”
Rand expects the second quarter stats to be more promising based on recent sales activities. The company tracks “early indicators,” such as traffic on prudentialrand.com, which is at an all-time high of 18,500 users per day. Other early indicators are property showings, calls into the offices and traffic at open houses, which are all stronger than last year.
“Sales are warming up with the spring cycle,” said Rand. “But the stats won’t show up until later this summer. I think it’s important for people to understand these statistics themselves, because they are so often misinterpreted, and can cause people to miss their timing. Whenever you read a housing statistic, find out what it really means, and then draw your own conclusions.”
Prudential Rand Realty, founded in 1984, is the largest real estate brokerage in the Greater Hudson Valley with 19 offices serving Westchester, Rockland, Orange and Sullivan counties. Based on market share, Rand is the No. 1 real estate company in Rockland, No. 1 in Orange and No. 3 and the fastest growing in Westchester. The company has more than 800 sales associates. Rand’s Web site is www.prudentialrand.com.
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