Rivertowns Round-up: Westchester Real Estate Market Update

Whether you foresee a “for sale” sign on your front lawn in the near future or you are just starting to attend a few open houses, it’s important to keep yourself up to date with the latest real estate market data. 

Westchester County Q3 2016 Market Report HGMLS

Median Sales Price: Irvington School District VS. Tarrytown School District
Interactive: http://hgar.stats.showingtime.com/infoserv/s-v1/Q214-tO?w=640&h=480

Median Sales Price: Dobbs Ferry School District VS. Hastings School District VS. Ardsley School District

Interactive: http://hgar.stats.showingtime.com/infoserv/s-v1/Q219-bTe?w=640&h=480

As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed.

  • Single-Family Closed Sales were up 2.2 percent to 2,112.
  • Condos Closed Sales remained flat at 403.
  • Co-ops Closed Sales were down 2.6 percent to 534.
  • Single-Family Median Sales Price decreased 1.2 percent to $668,500.
  • Condos Median Sales Price decreased 1.1 percent to $369,000.
  • Co-ops Median Sales Price decreased 3.4 percent to $157,000.

In general, today’s demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.

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