Historically real estate markets have always been in flux and can differ substantially from state to state, region to region, and even from town to town. These differences usually are dictated by conditions unique to  specific locations and often do not conform to the overall national trends.

While our local real estate market has leveled off quite a bit, the mantra "Location, Location, Location" is still holding true for desirable Westchester County, and well kept homes, priced correctly, are still attracting multiple offers and sell near asking and at times above. 

However, recent sales transaction numbers for Westchester County have been significantly lower. In contrast prices held pretty much firm dropping only by about 2% over last years figures. While the number of housing units sold in the first quarter of 2008 has dropped by roughly 30% over last year's, there is no increased supply of housing available. Reality is, that there are about 14% less residential housing units up for sale then last year.

Inventory has also not increased much in response to foreclosure activity either. While foreclosure filings have almost doubled, many distressed properties are refinanced or other work-arounds are implemented by lenders to keep them off their books, and others are aquired by investors without directly competing with the regular for sale housing stock.

Hopefully this trend will continue and spare Westchester County from the worst.