It’s June now, the time of year that home sales are usually strong. However, an assessment of the May 2011 results for the Greenburgh NY real estate market shows a bad news/good news story.
The bad news is seen in the charts above. The chart on the left indicates that May 2011, compared to May 2010, resulted in fewer closed sales in Greenburgh, NY (~40% decrease). This trend is the same throughout the Greenburgh rivertown villages. While some of this trend may be attributed to May 2011 being compared to closings in May 2010 which included stimulus closings, the second chart also indicates the trend in 2011 is moving in the wrong direction. The chart on the right shows the changes in closed sales over the last five months. Typically, sales in the Spring increase, but this year has shown a decrease in the number of homes that closed in the Spring months (please note: the above results reflect single family homes only, and do not include co-ops and condos).
However, more positive news… At the same time, the days on market has decreased about 13% in the last year (from 204 average days on market to 181), while the number of homes listed for sale has remained steady. This infers that people are interested in selling their homes, and inventory of available homes is not an issue. In addition, active buyers who are looking for homes are finding and closing on the “right’ homes faster. Buyers who are now interested in purchasing their first home, or downsizing or upsizing, are indeed in luck! With the low interest rates and plentiful inventory, this is the time to purchase.