Real Estate News

June 4, 2021

2021 Real Estate Market Update

The Westchester real estate market continues to be on fire! Here is a look at the number of sales year-to-date (YTD) compared to prior years; single family sales activity is up at least 38% in 2021 vs. 2018, 2019 and 2020. 

 

NUMBER OF SALES

Month

2018

2019

2020

2021

Jan

373

373

433

558

Feb

299

291

315

466

Mar

349

323

312

488

Apr

380

388

341

503

May

449

478

405

555

 

1850

1853

1806

2570

         

Month

18/'21 % Change

19'21 % Change

20/'21 % Change

 

Jan

49.60%

49.60%

28.87%

 

Feb

55.85%

60.14%

47.94%

 

Mar

39.83%

51.08%

56.41%

 

Apr

32.37%

29.64%

47.51%

 

May

23.61%

16.11%

37.04%

 
 

38.92%

38.69%

42.30%

 
How does this affect pricing? Median pricing YTD is up 15.5% from 2018, up 18% from 2019 and up 10% from 2020. The current median price in Westchester is $737,000 and if pricing remains at that level for the rest of the year, it would be the highest median price ever in the County. 
 

MEDIAN SELLING PRICE

Month

2018

2019

2020

2021

Jan

$610,000

$625,000

$620,000

$720,000

Feb

$615,000

$595,000

$665,000

$695,000

Mar

$615,000

$582,500

$663,125

$693,500

Apr

$649,700

$631,750

$687,500

$775,000

May

$704,000

$690,000

$720,000

$805,000

 

$638,740

$624,850

$671,125

$737,700

         

Month

18/'21 % Change

19'21 % Change

20/'21 % Change

 

Jan

18.03%

15.20%

16.13%

 

Feb

13.01%

16.81%

4.51%

 

Mar

12.76%

19.06%

4.58%

 

Apr

19.29%

22.68%

12.73%

 

May

14.35%

16.67%

11.81%

 
 

15.49%

18.06%

9.92%

 

Real estate is a supply-demand marketplace and we've reviewed pricing and sales; how is inventory? The YTD 2021 inventory numbers are down more than 50% from 2018 and 2019 and down more than 30% from 2020. Simply put, there are not enough homes for sale to satisfy all of the buyers. This has to be balanced with pricing, though. When sellers get greedy and put their asking prices too high, buyers don't bid. Buyers are price-sensitive! I have noticed a lot of price reductions recently and I expect that to continue as we head into the summer. 
Remember that this is a snapshot of Westchester County. Each town & school district & neighborhood have activity and pricing levels that vary but the general trend for real estate continues to be very strong. Feel free to contact me for a look at your area (in the past 12 months, I have transacted in 18 different municipalities). 
This is a tricky market and more than ever, buyers and sellers need the guidance of a professional. Whether you are a buyer or a seller, It can be tough to get an accepted offer and keep a deal together! Buyers need help with pricing and structuring a deal, as well as advice on how to work with an appraisal that falls short or a crazy demand from the seller. Sellers have to choose the right buyer (it's not always about getting the most money) and have confidence that that person will be able to complete the transaction.
April 9, 2021

2021 First Quarter Market Update

Feb. 8, 2021

2021 Market Update

Dec. 4, 2020

Single Family Market Snapshot

The market for single family homes in Westchester has been on fire! Inventory is down significantly from 2019 and sales have rebounded strongly. This remains a very competitive market and I don't see that changing until the supply-demand imbalance realigns. 

#Westchester #SingleFamilyMarket #JeremyZucker #RealEstate #WestchesterMarket #MarketStats #WestchesterRealEstate #SingleFamily

Posted in Blog
Dec. 3, 2020

Condo Market Snapshot

Here is a look at the Westchester condo market. Inventory is down from earlier in the year but still remains higher than 2019. The number of sales has bounced back but overall, a lower percentage of condos are selling compared to last year.
Tomorrow we will present a snapshot of the single-family market in Westchester.
Posted in Blog
Oct. 8, 2020

2020 Third Quarter Market Update

The real estate market continues to be HOT. This blog post will review the supply/demand issues in our area. As a backdrop, there is a shortage of homes in the United States. Nationally, from 1999 - 2016, there were only 4 months where we had less than 4 months of inventory. From 2017 - September 2020, 20 months out of 43 months had less than 4 months of inventory!

Real estate is a supply-demand market. Below is a brief look at the supply (inventory) and demand (sales) sides of the market.

 

Inventory
- Overall, inventory dropped 28% 3Q20 vs. 3Q19
- The number of single family homes for sale in 3Q20 was mixed by price range:
under $500,000 (-50%)
$500,000 - $1 million (-29%)
$1 - $2 million (-23%)
$2 - $3 million (-9)
$3 - $4 million (-3%)
$4 - $5 million (+7%)
$5 - $10 million (+25%)
$10+ million (+58%)
Sales
- Overall, the number of sales rose 12% 3Q20 vs. 3Q19
under $500,000 (-22%)
$500,000 - $1 million (+9%)
$1 - $2 million (+46%)
$2 - $3 million (+67%)
$3 - $4 million (+59%)
$4 - $5 million (-8%)
$5 - $10 million (no change)
$10+ million (no sales)

With inventory falling 28% and sales rising 12%, you would expect prices to go up (less supply & more demand = higher prices). Average selling prices were at the highest level in more than 10 years & median selling prices for 3Q20 were the highest in 5 years. The ratio of the selling price to the original price stood at 98.6%, also the highest level in 10+ years. Sellers are asking more money for their homes and for now, they seem to be getting it.

For Westchester County as a whole, year-to-date sales are in line with 2019. Average and median selling prices are up about 9% compared to this time last year. For my coverage areas, here is some specific information to highlight:

  • the number of sales fell in the following areas: Larchmont/Mamaroneck (-7%), Pleasantville (-10%), Valhalla (-10%), White Plains (10605/10606, -13%), Port Chester (-24%), Ardsley (-28%), Tuckahoe (-30%)
  • the number of sales jumped in Harrison (+9%), Rye City (+15%), Edgemont (+18%), Chappaqua (+50%)

The big question is how long will this last? I don't know! I expected to see a large fall off in demand once the school year started but that has not been the case so far. There are still SO many buyers looking for homes and lots of bidding wars throughout the County.Here is an interesting article about how this trend could continue. As you can see from above, in most price ranges, there is still a large supply/demand imbalance in the market, i.e., not enough sellers for the large number of buyers. Some sellers are over-confident and I have seen more and more overpriced homes hitting the market. I don't believe this strategy works and over the next few weeks, I expect to see some price reductions as those homes sit on the market.

If you are considering a move or if you know somebody who is thinking about selling, please let me know! This is clearly a great market for sellers.

On the buying side, interest rates remain low and my previous blog post explored the many reasons to buy right now (low interest rates, secure a place to live, prices are likely not coming down anytime soon).

Stay healthy and thank you for your support in this crazy time.

Posted in Blog
Sept. 9, 2020

Pandemic Real Estate Market Update

Posted in Blog
April 6, 2020

2020 First Quarter Market Update

Posted in Blog
March 12, 2020

February 2020 Market Thoughts

Jan. 9, 2020

2019 Market Update

Posted in Blog