Page 46 - Westchester County Economic Development Guide 2013

hough Westchester’s housing stock
is unbelievably varied – ranging
from stately mansions to trendy
riverfront apartments, and from
farm properties to suburban neighborhoods
– communities throughout the county can
all be described in one word: stable.
In 2012, home prices remained relatively
constant or even edged up slightly while
properties began to sell faster – sure signs
of solid communities. As inventories
decreased – the second quarter of 2012
found nearly a thousand fewer homes on
the market – sellers once again found eager
buyers, while buyers celebrated historically
low mortgage rates that increased
affordability.
According to a report released by
Prudential Douglas Elliman Real Estate,
the average Westchester sales price for the
second quarter was $645,208, a 20 percent
increase over the previous quarter. That was
comparable to the second quarter of 2011,
when the average sales price was $643,907.
Even more encouraging, 1,815 homes sold
in the second quarter, up from 1,583 in the
same time span the previous year.
Real estate figures are a bit tricky in
Westchester, simply because the housing
stock and the communities are so varied.
But that’s good news for just about every
type of buyer, allowing them to find a
neighborhood that suits their needs.
WESTCHESTER:
A GREAT PLACE TO LIVE
T
Housing & Communities
Real Estate Market Reveals Strength and
Stability Around County
44 | Westchester County Economic Development Guide