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Pelham Real Estate Market Picks up in 2011

PELHAM, N.Y. – The real estate market in Pelham has remained stable in the midst of economic turmoil throughout the nation. The number of homes and the average price of those homes sold in the Pelham area has increased in the past year.

Lester Kravitz, owner of Kravitz, Realtors, Ltd. on Wolfs Lane, said in an email that 57 one-family homes have been sold in Pelham in 2011 at an average price of $876,633. In the same length of time in 2010, only 47 homes were sold and the average price was $849,273.

The price per square foot of homes has decreased. Last year to this point, homes sold for $322 per square foot. However, this year that figure is only $304.

Still, Kravitz said Pelham remains a destination of choice.

"Demand for Pelham homes remains strong due to the beauty of our community, its excellent schools and our quick commute to Manhattan," Kravitz said in an email. "Of the handful of Westchester towns with similar amenities, Pelham offers the best value."

Kravitz said 87 one-family homes were for sale in the town of Pelham as of Monday. The average asking price of those homes was $959,128, or $339 per square foot. Those homes have spent an average of 116 days on the market.

An additional 20 homes qualified as "in contract" or "pending sale," according to Kravitz. The realtor said he is encouraged by that number.

"It shows that there is continuing interest in activity," Kravitz said. "The odds are that those homes are going to close in the next three months or so."

Kravitz said corporate employment in Manhattan is crucial to the real estate market in Pelham. He said the period of companies firing people from their jobs in the city has passed and those who do work in New York City and commute from Westchester County now need to find homes.

"They need a place to live," Kravitz said. "Pelham is an excellent choice."

What do you think about the real estate market in Pelham? Has the value of your house increased or decreased? Comment below, on Facebook or Twitter @DailyPelham .

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