The numbers are in, and much like the days of fall sunshine that followed Hurricane Irene, the 3rd Quarter local real estate market numbers are shining a hopeful light on 2011.
While Harrison remained steady in terms of the number of sales of single family homes from 3Q2010 to 3Q2011, Rye 10580 saw a 10% rise in the number of sales of single-family homes. Also on the rise in Rye was the Average Sold Price, which increased 11% in Rye Neck Schools and 13% in Rye City Schools—landing at an average of $1,777,728 for 52 homes sold. Interestingly, the average square footage remained constant, showing a true bump for the price.
A noteworthy bellwether of our local market are Harrison’s Average Days on Market numbers this quarter — significantly quicker sales than this time last year, this quarter’s Average Days on Market dropped from 9 months down to 6.5 from date of listing to closing day.
Despite shaken world financial markets and renewed fears of a global recession, the local real estate market remains remarkably stable. Homes priced for today’s market conditions are typically finding buyers within 2 to 3 months. However, homes priced optimistically – the “wishful pricing” strategy – are left to linger, sometimes even after multiple price reductions.
Visit my website for the most current Listings & Sold stats, and please feel free to contact me at (914) 329-5329 with any real estate questions or for a complimentary market analysis of your home.
Download PDF of 3rd Quarter Harrison Newsletter
Download PDF of 3rd Quarter Rye Newsletter
[...] about it that I routinely cover my client’s initial consultation fee. As I wrote in the 3rd Quarter Stats Review in October, homes are selling significantly faster than in previous quarters — the recent trend of [...]