Below are some highlights of the real estate market in 2017; it was a great year! Through your referrals, I was able to help more people than ever buy, sell and rent properties. My results put me in the top 2% of Westchester County real estate agents & I did eight times more business than the average agent!
___________________________________________________________________________________________
Single Family Homes
- Westchester mean and median selling prices were up 8% and 5%, respectively
- the number of sales was flat year-over-year
- the dollar volume of sales was up 3%
Condos
- 2017 saw the highest average selling price, up almost 5%
- median prices were also up 5%
- the number of sales was down 4.5%
- the dollar volume of sales was flat year-over-year
Coops
- 2017 witnessed the highest number of coop sales; the last peak was in 2007
- mean and median prices were up 1%
- the number of sales was was up 8%
- the dollar volume of sales was up 9%
___________________________________________________________________________________________
Interesting points to note:
- Days on market, which is an inventory measure, continues to decline in all market areas that I track (this means that it takes less time to sell a house)
- Pricing was strong in all areas in which I work and there were multiple bidding wars
- Year-over-year, inventory was up in Harrison, Mamaroneck and White Plains
___________________________________________________________________________________________
Heading into 2018, I am optimistic about real estate in this area and here are the reasons:
- Year-end 2017 inventory was down about 12% in all property classes. While that can change quickly, the demand picture is still intact and supply remains relatively low.
- Many people have been on the fence about buying for a long time; the buying decision is not just economic and at some point, those people get on with their lives.- Millennials are starting to be a major force in the marketplace. Although they tend to buy at lower average price points, this does bring some stability to the market.
- Interest rates are still historically low and as they start to rise, more people will want to buy (fear of a lost low payment is a powerful motivator).
- I sense a lot of confidence from my buyers & sellers. The stock market & the economy have been strong and people are in a mood to spend.
___________________________________________________________________________________________
I am also watching the market carefully, though, because there are some major concerns:
- Will the lack of deductibility (for state and local taxes) cause price declines? Almost 75% of Westchester homeowners have property taxes greater than the $10,000 limit.
- Will the limits on mortgage and home equity deductions lead to weakness? Given the new $750,000 mortgage limit, 19% of Westchester homeowners had a mortgage greater than that in 2017 (compared with 4% nationally).
___________________________________________________________________________________________
*** I would welcome the opportunity to help you, your colleagues, family and friends with their real estate needs. I provide unbiased advice and will take great care of everybody you send my way ***
___________________________________________________________________________________________
