Unprecedented Times – 2021
The global pandemic remains in full swing as we bring the year to a close. There have been ebbs and flows as we seem to conquer one variant and then succumb to another. The residential real estate market has had quite a ride this year as well. In the early part of the year, as vaccination rates increased, the market was ‘jubilant’ with buyers scrambling for almost every property that became available. Bidding wars dominated and first-time buyers were frustrated even if they had more than a 20% down payment.
As we got to the summer months, things got less hectic but contracts continued to get signed. In terms of the numbers — here they are hot off the press. This information is for the single-family home market in five (5) specific areas in lower Westchester.
Bronxville, Bronxville PO and Crestwood did not have a huge difference in sales volume, although the median price went up substantially. As you can see the larger impact was felt in Eastchester with a substantial increase in both volume & sales price. Tuckahoe showed a nice increase in the number of sales but the median price went down a bit.
Looking ahead-2022 should be another interesting year in real estate.
HAPPY NEW YEAR!