Julia B. Fee Market Watch issued for first time recently

Real Estate Weekly, April 9, 2003

The premiere issue of the Julia B. Fee Market Watch, an extensive study of the housing market in the Central and Sound Shore districts of Westchester County outlines the outstanding values presented in these markets with their exceptional school systems, picturesque settings and convenience to New York City, Connecticut and New Jersey. With this report Julia B. Fee demonstrates how the continued growth in residential sales and sale prices, revealed in the market watch, are indicative of the area's prominence as the suburban destination of choice for discerning homebuyers.

As the report clearly outlines, the average sale price for single-family homes topped $1 .284 million for 2002 in the Harrison school district, which includes Purchase and West Harrison, putting this market at the top of the list of the report's priciest housing. The Rye school district follows just on Harrison's heels, ranking second in sale prices averaging $1.28 million per home for 2002, representing a dramatic jump from the $992,296 average sales price charted just a year earlier. Scarsdale ranks third, where the average home sold in 2002 for $1.23 million.

In addition to disclosing average residential sale prices, the market watch also. charts the growth rate of home values in the researched areas. This report shows that home prices have climbed steadily, resulting. in six-year compound growth rates ranging from 8.5% to 13.42%, depending on the school district.

"We know that buying a home is almost always a family's single largest investment, and we are pleased to be able to illustrate the continued value of many of Westchester's finest communities," said Randall J. Katchis, co-managing principal of Julia B. Fee. "This market watch empowers the members of our communities with an evaluation, based in data, of their local housing market, enabling them to have a handle on trends and opportunities."

According to the market watch, the residential sales market in the Central and Sound Shore areas of Westchester are fast-paced. Homes are selling in an average of 121 days in the White Plains and Larchmont/Mamaroneck districts, and the number of days a home is for sale in most other school districts averages 150 days. Sales volume is up in most markets as well as evidenced by the 279 homes sold in Scarsdale last year, compared with 195 in 2001. White Plains has experienced similar market growth with 237 homes sold in the White Plains school district in 2002, up from the 218 sales completed a year earlier.

"Demand remains high, and the steady increase, in pricing in the last seven years shows that people are eager to invest in a sound and continually growing community" said George M. Stone, co-managing principal of Julia B. Fee. "We are seeing a lot of activity and a tremendous amount of interest from both new and existing clients."

In addition to reviewing the single-family housing market, the market watch also examines the local co-operative and condominiums markets. Co-op prices in Westchester County have also continued to rise over the past few years, with the 2002 sale price averaging $128,202, representing a nearly 20% increase from 2001. On the condominium front in 2002, the average sale price stood at $297,179, an almost 15% increase from the average a year earlier.

This first edition of the market watch provides a current snapshot of the state of residential sales in the Central and Sound Shore markets within Westchester County drawing upon data provided by the Westchester Multiple Listings Service which has been compiled by market experts. at Julia B. Fee Real Estate. As Julia B. Fee continues to grow along with the communities it serves, future issues of the market watch will reflect this expansion with greater geographic coverage.