Somers, NY

Somers (New York) Real Estate Market Report for January 2010

In December 2009 there was a lot of activity in real estate market in Somers, as well as throughout the area. In January, the pace slowed down a bit, but it is not surprising for the time of the year.

Below are the vital numbers for January 2009

Market Profile & Trends Overview

Total properties currently for sale (inventory) 97 (-3% decrease from Dec '09)
Median list price of all current listings $819,500 (7% increase from Dec '09)
Average list price of all current listings $919,421 (7% increase from Dec '09)
Number of properties sold 5 (-29% decrease from Dec '09)
Median sales price/sold listings $645,000 (24% increase from Dec '09)
Average sales price/sold listings $698,000 (38% increase from Dec '09)
Months supply of inventory 19.4
Average days on market (solds) 161 (23% increase from Dec '09)

Property Sales

January property sales were 5, up 400% from 1 in January 2009 and 29% lower than 7 sales in December 2009. January 2010 sales were at mid level compared to January 2009 and 2008. January YTD sales of 5 are running 400% ahead of last year's YTD sales of 1.

Prices

The median sales price in January was $645,000, up 3.2% from $625,000 in January 2009 and up 24% from $520,000 in December 2009. The average sales price in January was $698,000, up 11.7% from $625,000 in January 2009 and up 37.8% from $506,643 in December 2009.

Inventory and absorption rate

The total inventory of properties available for sale as in January 2010 was 97, down -3% from 100 in December 2009 and up 27.6% from 76 in January 2009. January 2010 inventory was at its highest level compared with January 2009 and 2008.
Absorption rate of 19.4 months represents a very strong buyers market in Somers.

Market time

The average days on market in January 2010 was 161, up 23% from 131 days in December 2009. The January 2010 days on market was at its lowest level compared with January 2009 (190) and 2008 (169).

Questions? Comments? Do not hesitate to call, email or text me!

The spring 2010 real estate market has already arrived to Heritage Hills (Somers, NY)!

Traditionally, home owners were waiting until end of February - beginning of March to put their homes on the market, in order to take advantage of the spring market. This year, however, the spring market has arrived much earlier than usually (this has to do with expiring First Time and Repeat Homebuyers' Credit among other things).

Current Inventory

In January 2010, total number of active listings in Heritage Hills jumped 34%, as 12 new condos were put on market. This brings the total number of active listings in the community to 35.

The breakdown of currently listed units by models/size is as follows:

1 bedroom/1 bath: 2 units, listed at $229,500 and $229,900.

1 bedroom/1.1 bath: 1 unit, listed at $289,000.

1 bedroom/2 baths: 1 unit, listed at $419,000.

2 bedrooms/2 baths: 21 units, listed between $299,000 and $549,900.

2 bedrooms/2.1 baths: 2 units, listed at $489,000 and $559,000.

3 bedrooms/2 baths: 7 units, listed between $385,000 and $579,900.

3 bedrooms/2.1 baths: 1 unit, listed at $392,000.

At the same time, only 6 units were reported in conditional contract/pending status, which is a decrease of 8 units (or 25%) of pending properties since December 2009.

9 condo units were sold in January. Again, this number represents a decrease of 7 units (or 43%) comparing with December 2009.

Prices

Price-wise, the average list price in January 2010 (for all currently active listings) was $405,076 (6% decrease since December 2009), while median price was $389,900 (3% decrease since December 2009). In December 2009 the corresponding numbers were $431,488 and $402,450.

For the sold units the average sale price in January 2010 was $332,533 (13% decrease from December 2009), while the median sale price fell 10% to $332,500. In the month of December 2009 equivalent numbers were $383,438 and $369,500.

Overall, the inventory of condo units in Heritage Hills (Somers, NY) decreased at the end of 2009, only to come back up in January. It seems that some homeowners took their properties off the market for the holidays, or waited until after the holidays to list them. Hopefully, the Federal Tax Credit will help sell Heritage Hills inventory quickly, and we will have strong selling spring 2010 season!

For more information about the market, current inventory and sales in Heritage Hills, contact me via email, cell phone, or text!

Somers Pointe Golf Club is located within the confines of Heritage Hills in Somers NY. There is a regulation 18 hole course and a regulation 9 hole course. For the golfer looking to sharpen their skills the East Hill Course provides the golfer with a variety of golf situations. All the greens and tee boxes are elevated, there are some challenging holes with strategically placed water hazards such as ponds that a golfer will come across on 4 holes. There are also many hills and sand bunkers located on the East Hill Course. The West Hill Course is narrower and has more hills than the typical golf course. There are sand bunkers around the greens and on the fairways as well as some water hazards that consist of 6 ponds and a creek on 8 holes

Somers Pointe Golf Club offers amenities such as The Pinnacle restaurant with panoramic views of the golf course. There is a newly renovated clubhouse as well as fully stocked pro shop. The course opens on or about April 1st and closes at the end of November. During peak season: May through September, the course opens at 7:00 am weekdays and 6:30 am weekends. During non-peak season: April, October and November, the course is opens at 7:30 am.

Mike Trinchitella - Heritage Hills Somers NY Real Estate Expert