J. Philip's Westchester Real Estate Blog

This is the market report for single family homes sold in the Ossining school district for the first quarter of 2011. All information is sourced fom the Empire Access Multiple Listing Service. 

In the first quarter of 2011, there were 28 closings with a median sale price of $369,500. 

In the first quarter of 2010, there were 44 closings with a median sale price of $442,000. 

These are significant differences. I stopped doing monthly market reports because 30 day spans in these small communities had results all over the place. Quarterly reports had more statistical significance. Therefore, the decline in the number of closings and the lower price is not an anomoly. 

23 homes are currently under contract at a median asking price of $449,500. This bodes better in terms of prices, but with 135 listings active and available there is still a huge imbalance in  the favor of buyers. 

It remains to be seen if we are indeed in the midst of a double dip. 

One thing is for certain: Now is a good time for buyers. If you'd like to search for a well priced home in Ossining, get yourself a free Listingbook account and search the MLS like an agent. 

Previous postings on Ossining are here. 

This market report is for single family home activity in the Ossining school district for October of 2010. All information is derived from the Empire Access (formerly Westchester-Putnam) Multiple Listing Service. 

Ossining is a bouncing ball. Last month the median price was $535,000. November's median was less than $370,000. The true picture is somewhere in the middle; November was just down. November of 2009 was far stronger, but with 30 pending sales at a median asking price well into the 400's, December will ensure that Ossining finishes the year on a high note.   

136 active listings is down a touch, but December this time of year is typically a low ebb for inventory. 

A down month, but plenty of evidence that it isn't down for long.  

Previous postings on Ossining.  

You can search for a home in Ossining by getting yourself a free Listingbook account. 

This market report is for single family home activity in the Ossining school district for August of 2010. All information is derived from the Westchester-Putnam Multiple Listing Service. 

The numbers are up, which is encouraging we we distance ourselves from the stimulus. The number of transactions is up 40% from August of 2009 and the median price is up almost $20,000. Encouraging stuff. 

Another fact from the data: For both 2008 and 2009, homes that sold in the first 90 days got a higher percentage of asking price than homes that took over 90 days- about 2% in 2010 and a whopping 4.5% in 2009. Moral of the story: price it right in the beginning and you'll sell, and sell for more. 2% at a median price of about $400,000 is $8,000!!! There's your stimulus! Who needs the government? In 2009 the market was awful, but aggressively priced homes still sold fast.

Available inventory is high (150), with lots of choices on the market. 22 homes are under contract, which has been steady since June and bodes well for the coming months. 

Previous postings on Ossining.  

You can search for a home in Ossining by getting yourself a free Listingbook account. 

We have just listed a nearly new, virtually mint condition 2006 build corporate owned foreclosure for $499,000 at 6 Marble Place, Ossining, NY 10562. Among the features:

• Almost 3000 square feet
• 4 bedrooms, 2.5 baths
• Master suite with jet tub and walk in closet
• 1st floor laundry
• Family room with palladium windows, fireplace and sliders to deck
• Full basement
• Stainless steel and granite kitchen with island
• Level, rectangular yard
• Very convenient village location by shopping and other amenities
• Quiet residential neighborhood

I suppose I should have blogged earlier about an article published last month, but when the subject property has been vacant since 1966 it seems only right. IN my experience, the most enigmatic downtown area in all of Westchester County is that of my own hometown of Ossining, NY. It has been punctuated by old, derelict and vacant buildings since before I was born, and no local administration has been able to make a difference. 

However, this story in the Times gives me some hope. The old Ossining National Bank building, vacant since 1966, is being converted into condominiums and retail. Given the historic nature of the building and the restrictions on its renovation, it was problematic to complete work on. 43 years hard, I guess. One wonders how every single other downtown in affluent Westchester County is able to pull it off when Ossining could not.

Still, I welcome the development and hope that it is the start of more improvements to a once proud downtown in a village that is close to my heart.  

The Village of Ossining is my hometown. Ossining is in Central Westchester County on the banks of the Hudson and is noted for being the home of Sing Sing Prison down by the river and Maryknoll Mission up the hill a few miles. Notable Ossining natives include Peter Falk, Martha Quinn, Dominic Pace and Erica Leerhsen. The village is densely populated; over 25,000 people live here, so the volume of transactions compared to nearby villages is relatively high. 

Here is the data on single family home sales in the Village of Ossining going back to 2000. All information is from the Westchester-Putnam MLS. 

The thing that strikes me about this is the relatively robust consistency of the transaction total and average price through the years. Consider this: 2007, while widely considered a down year, actually has a higher transaction total and median price than 2004, which was considered one of the hottest years on record. It just goes to show that all real estate is local.

2008 was certainly a historically down year in transaction totals, but that really isn't different from most other places. Of course, even with a stable market problems arise. If you bought your home with 100% financing in 2004 or 2006 and had to sell your Ossining home today, you'd be underwater. You also be in the same boat (or under the same boat) as most other Americans who put nothing down on their homes, so it isn't so much an Ossining problem. 

Currently, there are just 62 single family homes for sale in the village. Most years that would be a very low inventory, but given how much volume dipped last year fewer people are putting their homes up. The average asking price is $460,000. Only 14 homes are pending sale or under contract, and their average asking price is about $375,000. Only 9 homes closed thus far in 2009 and the average sales price was about $398,000. Without some developments to restore consumer confidence, we are looking at a "correction" back to 2003-type values. Worse, we are only on track to have about 50 or so closings in 2009, which is absolutely paltry. 

I am an optimist, so I am hopeful that the belief that the current low rates and other favorable conditions will bring out more buyers and get us out of the malaise. 

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You can search the MLS like an agent at http://jphilip.listingbook.com.

J. Philip Faranda ranks among New York's premier short sale REALTORS specializing in short sales in Westchester, Rockland, Putnam & Dutchess Counties. www.NYShortSaleTeam.com. Read Phil's short sale blog at http://NewYorkShortSaleBlog.wordpress.com.

J. Philip Serves Briarcliff Manor, Ossining, Croton on Hudson, Pleasantville, Sleepy Hollow, White Plains, Yonkers, Peekskill, Cortlandt, Tarrytown, Yorktown, Montrose, Hawthorne, Thornwood, Valhalla, Hartsdale & all of Westchester County, New York.