Westchester Market Update May 2015
As the Summer selling season gets in full swing, we have seen a continued upturn local real estate sales. 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! We hope our Westchester Market Update helps you stay informed.
The late Spring/early Summer season is historically the most active in any market. Inventory levels and price fluctuations are generally the barometer for the health of the market. Locally, we are experiencing this common upturn in market activity.
Better weather, people preparing for moves during school summer break, job relocation, low interest rates and an improving economy are all factors in a busier market. From now until the end of Summer, the local real estate market will be very active.
The HGAR Market Skinny Series, just released for Q1 for Westchester and Putnam Counties, gives a great overview of the local market.
Lower inventory levels in the region mean that there are fewer choices for buyers – less listings on the market. There is a demand for housing as is evidenced by solid offers to sellers and an upswing in sold prices. If there has been a good time to sell in recent years, it is now. While interest rates remain low and the local economic outlook remains strong, buyers will be looking for homes. And with low inventory there is less competition for sellers.
However, buyers are still very price conscious and concerned about over paying for a property given the recent history of the housing market. This is evidenced by a stable rise in prices and not a buying frenzy; another sign of a strong, but healthy market. Homes that are in good showing condition and priced well, do sell quickly and sometimes for multiple offers. But sellers need to be conscious of pricing and condition in today’s market if they do want to sell. And buyers do need to take note too that interest rates will rise, therefore making the cost of home ownership higher. Now is a good time to buy and sell actually!
In the primary market we serve, Westchester River Towns, we noticed an interesting trend already in 2015.
Westchester County First Quarter Home Sales are up 6.2%. We have seen that rising prices for housing in New York City and Brooklyn are making home buyers reconsider the “suburbs”, especially those with families who seek more space and better schooling options. This demand alone is a major factor in the Westchester housing market. With easy access to the City via the Metro North Hudson Line, commuters are seeing the Westchester River Towns as a viable option for meeting their housing needs. The River Towns in recent decades have undergone major changes, moving away from industrialized factory towns along the Hudson River to more desirable modern housing developments being built in their place. Residents and local government have moved towards preserving and enhancing the natural beauty of the area, making the Westchester River Towns a very desirable place to live and raise a family.
If you are looking for a home in any of the beautiful Westchester River Towns – Tarrytown, Briarcliff Manor, Dobbs Ferry, Hastings-on-Hudson,Irvington, and Sleepy Hollow – consider AMCB Westcheter your local resource for housing information. Stay tuned to our Westchester Market Update series to learn more about our local housing market. Check back often to get our Westchester Market Update.
If you are considering selling your home in any of the Westchester River Towns, Contact Us for a no-obligation Home Valuation.
