Westchester Market Update March 2015
Westchester Market Update Spring is traditionally a busy season for the real estate market. Many sellers are waiting for better weather to list their homes and many buyers are waiting for those great homes to come on the market. Relocation, for both buyers and sellers, also creates a spike in listings and sales.
Spring is traditionally a busy season for the real estate market. Many sellers are waiting for better weather to list their homes and many buyers are waiting for those great homes to come on the market. Relocation, for both buyers and sellers, also creates a spike in listings and sales. Many people wait for Spring to start their relocation process so they can be ready to move when school gets out. From now until early Summer, the local real estate market will be very active. Check back often to get our Westchester Market Update.
At AMCB Westchester we love studying market conditions and real estate trends, both nationally and locally. As professional Realtors, we must be intimately involved in the real estate market so we are able to provide relevant information that helps our buyer and seller clients make the best decisions. Knowledge is power!
Since 2011 in Westchester County, NY the real estate market has been on the upswing as the number of sales has increased year over year. Regionally, the highest percentage increase, 6.3%, was posted in Putnam County. Rockland followed at 3.4%, Westchester at 0.6%, and Orange lost a little ground with a decrease of 0.8%. In Westchester, condo sales fared better than single family home sales in 2014.
An improving economy, low interest rates and pent up demand have helped spur the growth in our local housing market over the past couple years. Another interesting fact for this Westchester Market Update is in addition to increases sales activity, we also saw a rise in home prices, particularly in single family homes last year. The median sale price of a single-family house in Westchester County in 2014 was $635,000, an increase of 4.1% over the $610,000 posted in 2013.
In the primary market we serve, Westchester River Towns, we noticed some trends in March 2015.
Irvington – The median list price in Irvington in March is $1,674,000. Inventory is up and Market Action is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit. In general increased inventory will result in longer days on the market and less increase in sale volume and price, which appears to be the case for Irvington right now. Basic supply and demand. Get more info on Irvington Home Values.
Tarrytown – The median list price in Tarrytown in March is $599,000. Higher inventory is also resulting in a slowdown of sales overall for March, but also signals a stabilizing market. Get more info on Tarrytown Home Values.
Briarcliff Manor – The median list price in Briarcliff Manor in March is $900,000.The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Get more info on Briarcliff Manor Home Values.
Overall the local market has stabilized and inventory levels are starting to creep upwards again. Spring and Summer could have an impact on the current trend though, as it is generally a more active period in the real estate market. Stay tuned!
The 2015 housing market is looking promising as industry experts are cautiously optimistic. If interest rates continue around current levels and housing prices increase moderately, affordability should remain in line with a stable market. A stable real estate market is great for both buyers and sellers!
If you love studying the market as much as we do, here is a great resource for you to peruse. The Hudson Valley Gateway Association of Realtors (HGAR) has Market Data available on their website all the way back to 1981. Click Here to access all HGAR Market Data.
Another great service from HGAR are their monthly Market Skinny Series. Here is their latest video of the Westchester Market Update for 4th Quarter 2014.
