Home Prices Surge in New Castle in October
Chappaqua, NY • November 3, 2003
A limited number of available properties in the Town of New Castle continues to drive home prices higher, according to October 2003 multiple listing service figures released today by Siderow Kennedy Real Estate. Last month, the median sale price of a single-family home rose 18% to $1,012,000 from $848,600 in October 2002.
"People are eager to buy in Chappaqua, but you can count on your fingers and toes the number of homes that are for sale," said Sheila Siderow, president of Siderow Kennedy Real Estate in Chappaqua. "Instead of moving, residents are renovating and adding space. Empty-nesters are staying put, too, either keeping their big homes in case their children come home to roost or creating rental apartments to cover their taxes. No one seems to want to leave."
There were 21 single family homes listed for sale in New Castle in October compared to 22 homes in October 2002. The number of homes sold was 18 in October 2003 compared to 17 homes during the same period last year.
Homes sold at a steep premium over their listed prices, Ms. Siderow noted. The median sale price of $1,012,000 was about 21 percent higher than the median list price of $799,000. Last October, the median sale price of $848,600 was less than 1 percent higher than the median list price of $804,111.
Siderow says another factor contributing to this sales spurt is concern that mortgage rates will rise as the economy improves. "Rates hit a recent high in September and fell back in October, and that was a wake-up call to buyers that low rates won't last forever," Ms. Siderow says. Last week, the average 30-year fixed mortgage rate was 6.11 percent, according to HSH Associates.
Single Family Home Sales - Town of New Castle
| October, 2002 | October, 2003 | |
| Median sale price | $848,600 | $1,012,000 |
| Median list price | $804,111 | $799,000 |
| Total homes listed | 22 | 21 |
| Total homes sold | 17 | 18 |
| Average days on market | 143 | 149 |
Source: MLS reported by Siderow Kennedy Real Estate
Siderow Kennedy
Siderow Kennedy Real Estate opened its doors at 65 King Street in Chappaqua in 1994, specializing in residential real estate sales in Chappaqua and all of Westchester. Recently, the firm has begun to expand its services in commercial properties, new construction, and development. To learn more about Siderow Kennedy and to visit homes on the MLS, please visit its Web site at www.siderow.com to access all MLS listings or call 914-238-6600.
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Media Contact: Jeannie Mandelker
Harrison Edwards PR 914/242-0010