I spent last week immersed in class full time at the Westchester Putnam Association of Realtors (WPAR) earning my CBR (Certified Buyer Representative) Designation while completing continuing credit, under the tutelage of our lively instructor, Jim Pugliese.
Rye Housing Data
One theme we kept coming back to in between course assignments was, naturally, the state of the local housing market. And in Westchester and Fairfield Counties, he was saying, It just isn’t as bad as it seems. In fact, I may go as far as to say, it may be better than you think. National statistics may have our head spinning with foreclosures and short sales, and although we have seen that increase in our area since the recession, it is not even remotely close to the national numbers you hear on TV, especially when the numbers include Florida and California.
My current advice: If there is a home you are interested in right now, make an offer.
Spring is Here and there are some great housing options to choose from
Or give your real estate agent an indication of where you would consider making an offer. If the seller rejects your proposal, you will at least have a guideline of how to proceed, and you may find that your prospects for buying that home are not as out of reach as you may have thought. At the very least, your feedback will provide an indication to the seller of current market value from an active buyer’s perspective.
I met an appraiser at a home in Rye Tuesday afternoon, and she told me that Rye City, in her opinion, has held up better than ANY area in Westchester County in the past year. She said that we must have some secret formula that attracts people here (and we do, I think ).
RHS Football games under the lights are some of my favorite local events
Of course, that is far from a scientific survey, but I think you would be hard pressed to find another community where property values have held as well. No, it is not 2005 again ANYWHERE. And school district ratings are a primary factor in driving the market, now more than ever.
But there are a lot of challenging school districts, so I believe it is more than that: the small community feel with big city sports, ongoing community events, an active downtown shopping area and city owned Rye Golf Club, access to plenty green space at Rye Town Park and Beach , the Marshlands and Nature Center. All in a compact six square miles.
With plenty of private school options as well and new inventory throughout the Sound Shore Area, there is opportunity everywhere. Let’s take a look at some recent stats:
Market Update:
Rye City:
- 93 Homes on the market ranging from a low of $485,000 to a high of $12,5000.00 list price.
- 48 Homes currently in contract.
- 50 Homes have sold in the past 6 months for a median sales price of $1,321,250.
- 62 Homes sold during the same time period last year* for a median sales price of $1, 150,000.
Rye P.O./Harrison:
- 23 Homes on the market ranging from a low of $999,000 to a high of $4,795,000.
- 8 Homes currently in contract.
- 7 Homes have sold in the past 6 months for a median sales price of $1,500,000.
- 7 Homes sold in the same time period last year for a median sales price of $2,250,000.
Harrison/Purchase:
- 172 Homes are on the market ranging from $299,000 to $8,995,000 list price.
- 32 Homes currently in contract.
- 45 Homes have sold in the past 6 months for a median sales price of $1,065,000.
- 55 sold during the same time period the previous year for a median sales price of $1,440,000.
*Rye City all 10580 zip code, RCSD & RNSD schools districts. 6 month time period 11/4/10- 5/4/11 compared with same time period the previous year. Rye/Harrison zip 10580, HCSD. Harrison/Purchase encompass all homes in HCSD. Homes in contract include conditional contract( awaiting mortgage commitment) as well as pending sales. All information per Empire Access MLS, formerly WPMLS.
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