As you can see below, the Westchester real estate market is all over the place. I would say that Westchester real estate is generally softening a bit, though it definitely varies by area and price point. I've highlighted some contrasts:
- Westchester saw a 4% drop in the number of sales YTD; average and median selling prices are down 5% and 2%, respectively
- Port Chester is having a great year so far: average and median selling prices are up 19% and 12%, respectively
- Harrison saw an 11% drop in the number of sales YTD; average and median selling prices are down 6% and 11%, respectively
- Rye City saw a 32% drop in the number of sales YTD; average and median selling prices are down 10% and 16%, respectively
- Scarsdale saw a 20% increase in the number of sales YTD; average and median selling prices are down 19% and 15%, respectively
- White Plains saw a 22% drop in the number of sales YTD; average and median selling prices are down about 10% each
The very low interest rate environment has definitely spurred sales a bit, though I think that will be short-lived. From buyers, I sense that there is an issue with affordability, i.e., people don't seem to be making more money even though real estate prices have been appreciating. On the seller side, I sense a general feeling of confidence that is, in my opinion, misguided. Just because interest rates are low doesn't mean that prices should be higher! The smart sellers are taking advantage of this market by pricing their properties correctly; they are getting a lot of interest. All of the others are just sitting on the market or are seeing bids well below asking.
In terms of where sales are occurring along the price spectrum, there are some interesting things happening:
- in the $500,000 - $1,000,000 price range (where the majority of sales occur), end of quarter listings jumped 20% from 2Q18 and the number of sales was only up 3%
- in the $1 million - $2 million range, inventory was up 1.5% and the number of sales was down 10.7%
- in the $3 million - $4 million range, the number of sales is down 40% year-over-year
For those of you who want more specific data, please contact me! I keep a close eye on the market and am actively closing deals in a dozen different municipalities.
I am grateful for the support and referrals that you - dear reader - have provided. My business continues to grow and I thank you!!! I have been able to help a record number of buyers and sellers over the past year. In fact, for 2018, I was recently recognized as one of the top 400 individual agents in the United States (across all brands and regions). I also received the FIVE STAR customer service award for the 10th consecutive year (along with 52 of my colleagues out of a pool of nearly 9,000!).
My business is based upon referrals, so please let me take care of the real estate needs of your friends/family/colleagues!