Katonah real estate sales are up 84% in 2010. In 2009 19 Katonah NY homes sold in the first half of the year. In 2010 the number of transactions jumped to 35. Good to see.
Prices also jumped 15%. The median in 2009 was $595,000 and in 2010 it rose to $684,500. These are very good numbers in a weak market. Sales are up strongly and prices are firming.
In the first half of 2010 the average home selling in Katonah NY was 2896 square feet and sold at $274 per foot. Homes also sold faster in 2010. The average days on market dropped from 202 days to 158 days.
Like surrounding areas in northern Westchester inventory remains the big problem. It is a great buyer’s market. There are currently 119 homes for sale in Katonah NY. Prices range from $379,000 to $14,000,000. The median price is $912,500.
The big number is 20 months of supply. That median price will have to come down to get rid of supply. The economy is not growing strong enough to have a big increase in demand so the only way we clear supply is take your home off the market or lower the price.
We need price adjustments to maintain the pace. Katonah Homes thanks Katonah Realtor Robert Paul.