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.