Rye NY Blossoms In The Spring Real Estate Market

Rye is one of my favorite towns in Westchester, not because I grew up in neighboring Rye Brook and lived here for 4 years, but because it has so many beautiful homes and nature outlets.  Whether its hiking, the beach, or shopping, Rye has it all.  The Rye real estate market has always been hot and nothing has changed this spring. 

The Rye single family home sector saw 26 closings which is down a bit from 37 the same time last year.  On a year-over-year basis sales have been rising for 4 months.  The sales/list price ratio in July decreased from 97.8% to 98.9% in June.  The median price in July was $2,390,000, up 36.6% from $1,750,000 in July 2013, which is quite normal for Rye considering a large amount of the homes are above 1 million in value.  Inventory levels were down to 111 compared to 130 in July 2013.  This has been a common issue in many Westchester County towns but tight inventory means possible multiple bids!  The average days on market of 88 days was down from 105 last year, cash deals are very common in the area so days on market will be much lower. 

The Rye condo market isn't one that sees a ton of activity as there aren't too many condos in Rye to begin with.  there was only 1 unit sale in July compared to 3 in July 2013.  The sales/list price ratio was down 95.8% but down worry, 1 sale isn't a good gauge of how the condo market is doing.  It simply means there weren't any other horses in the race.  Inventory levels were 5 which remain the same as June and last July.  The days on market for this sale were 50, keeping up with the quick sales of the single family sector. 

The Rye coop market saw 2 sales in July which is down from 5 in July 2013.  The sales/list price ratio inched up to 98.4% from 94.2% in June.  The median price was $570,125 which is down from $650,000 in July 2013.  Rye has a decent amount of coops sprinkled on the outskirts of town and the inventory level is 20, the same as last month.  The average days on market of 74 in July was down substantially from 200 in June and also 170 in July 2013.  This is the lowest days on market has been since January.

If you have any questions or want to chat about the area please don't hesitate to contact me directly.  My next report will be in September, see you then!