Julia B. Fee Sotheby’s International Realty recently released its fourth-quarter 2011 Westchester Real Estate Market Watch.
According to Paul Breunich, Julia B. Fee Sotheby’s International Realty's president and CEO, “Westchester County is poised for a solid beginning to 2012 due to the meaningful jump in pending sales late in the fourth quarter.” Pending sales, the most accurate gauge of real-time activity, increased during Dec. 2011 by 25 percent in southern Westchester and 42 percent in northern Westchester compared to Dec. 2010.
Relative to its strong 2010 performance, when residential real estate was heavily supported by government tax incentives, Westchester County retreated slightly in 2011 in terms of unit and dollar sales. The year saw market performance in direct correlation to monthly consumer confidence levels. There were also significant variations in individual market performance, with those markets reliant on the financial world experiencing meaningful gains in both unit and dollar volume for the year.
In the luxury market, Westchester County homes priced at $5 million and above saw a 70 percent improvement with 17 transactions during 2011.
Among the notable Westchester County transactions of Dec. 2011 was the record-breaking sale of a Scarsdale residence which closed at $10.8 million, the town’s highest price for an MLS-listed home in recorded transactions which date back to 1997.