Westchester County Real Estate Market Report 2015
The spring and summer Westchester County real estate market has come to a close and fall is now behind us. Despite the current spring-like temperatures we are still seeing a shortage of Westchester single family home and condos. Tight inventory levels have been a hurdle we all have had to face in the past two years, hence the reason for numerous multiple bid situations. I avoid using "bidding war" because it carries such a negative tone.
The Westchester County real estate market has made an obvious shift from a buyers market to a sellers market and it's not going to change anytime soon.
The winter is fast approaching and typically a time where decisions are made about buying and/or selling a home. I often tell clients that the holidays are a time for families to get together and make these decisions. People don't just wake up one day and decide that today is the day they are going to buy or sell a home in Westchester County. These decisions are long in the making and once the holiday season comes to an end those decisions are implemented.
Home buyers and sellers always hear "now is a great time to buy or sell" at times it is and others may not be. The Westchester County real estate market will never come to a screeching halt. Many sellers question whether listing a home in Westchester County during the winter months is a good idea.
Everyone has their own thoughts and scenarios that play out inside the neighborhood between their ears. Take it from a full-time real estate agent that has worked in the field for the past ten years, winter is a great time to list!
The reasons are clear-cut and fact based; Inventory is still tight as we mentioned earlier in the post. Many of the Westchester County buyers that lost a home to another buyer still need one. Some of these homes had as many as 8 (sometimes more) offers. What do you think the remaining buyers will do? Keep looking! Occasionally we'll lose a buyer to renting if they are in a real time crunch.
Redfin conducted a study based on information between 2010-2014 that determined February is the best month to list. An average of 66% of homes listed sold within 90 days. I agree February is a great month to list but personally feel the second half off January is equally as good.
In Westchester County we tend to see inventory pick up greatly during this time along with the amount of competing buyers. Once the spring market is in full swing the competition will be far greater, good for sellers and not so good for buyers. Read how to win a bidding war
Buyers these days are very savvy and have been keeping a close eye on the market. Once that property they want enters the market they will jump on it, I've experienced it in the summer market. Mortgage rates are still hovering around 4% and will remain that will for the foreseeable future.
During the third quarter of 2015 there was a 10.3% increase in Westchester County single family home sales compared to 8.4% in the second quarter. The total home sales in the county for the third quarter were up 294 from last year to 3,157. The median sales price in the 3rd quarter was $676,500 down $6,000 from this time last year.
If you would like real estate statistics for your town please feel free to contact me directly on 914.406.9023, email - chris@LegendsRealtyGroup.net or visit my website www.WestchetserCountyRealEstateMarket.com
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