Overview – Westchester Real Estate
Residential units in Westchester have been experiencing a steady growth in sales with a dramatic increase of over 20% from the first quarter of last year and the first quarter of this year. Properties in Westchester are getting bought quickly with data showing that the median number of days that properties have been on the market has dropped by up to 50% (78 days) during the tail end of the first quarter of 2014, a significant change compared to what was happening in the same period last year.
For the past two years, there has been a positive growth in home sales in Fairfield County and in Northern and Southern Westchester County. This steady rise in sales indicates a more stable market, with luxury homes that are in the $1-$1.6 million price bracket gaining a positive momentum in the second quarter of this year.
There has been a significant drop in the number of days that properties in southern Westchester County have stayed on the market. From an average number of 167 from last year’s data, the number of days has dropped to 93 – the lowest number in two years, indicating a strong demand for new homes in the area. Concurrently, homes that are in the $2-$4 million range are the ones that have had the highest growth in sales over the second quarter of this year.
Inventory & Median Sales Price
The inventory available in Westchester during the 2nd quarter of this year rose to 3.0% as a whole compared to last year’s, with single family home units increasing to 5.7%. The median sales price of single family homes remained relatively stable for the 2nd quarter of this year compared to last year’s, with the increase averaging at only $1,250 (0.2%).
What are buyers looking for?
Ultimately, the top criterion that homebuyers consider when choosing a home is its condition. They prefer homes that are newer or are contemporary in appearance. Prospective buyers remain scrupulous and have deep regard for value pricing when choosing a home.