Last year recorded the most single family home sales in Westchester County in the past five years. Year to date activity is on par with last year’s performance. The median price continues to gradually improve and has reached $650,000 so far this year. The county wide peak was a median price of $685,000, prior to the financial crisis. Limited inventory is being reported throughout the County especially homes priced under $1 million.
There have been 25 sales of detached single family homes through the end of the 2nd quarter. There are 21 additional homes in contract as of June 30, so the minimum number of sales for the year will be 46. Last year’s total was 42 sales. The market is oversupplied in the $3 million plus category with 21 homes currently available. There is strong demand for townhouses of which there is very limited inventory. Village co-ops also have a limited supply and very good demand.
Through the end of the 2nd quarter, there were 24 closed sales in this market; there are another 19 homes under contract. Demand in this market is strong and supply is adequate. The proximity of the Village and its many conveniences continue to make this market desirable to a cross section of buyers. The lower real estate taxes are chief among the desirable characteristics of this area.
This is the small neighborhood of Crestwood in the City of Yonkers. This neighborhood has always had its own market with its own Metro North stop on the Harlem line. There is a limited supply and strong demand. Like all markets, even when supply and demand are in the seller’s favor, buyers will not make offers on homes that they feel are overpriced.
Eastchester School District
This market continues to do well. Activity through the end of the second quarter with 51 sales is virtually identical to last year’s numbers. Demand is strong and supply is limited. The median sales price in Eastchester in 2014 was equal to the pre-recession high of $682,000. Since then the median sale price has increased by 5% per year and was $750,000 in 2016. We will monitor this as the year progresses.
Tuckahoe School District
A lack of supply in this market has caused a slow-down in market activity. Median price of $740,000 for 2016 is approaching the pre-recession median of $765,000 which was achieved in 2008. Homes priced under $1 million are the strongest part of this market; well priced homes in this part of the market have short marketing periods.
Contact the real estate market experts at Houlihan & O’Malley if you are looking to buy or sell.