White Plains NY Real Estate In One Word - Consistent!

White Plains NY Home Sales Remain Strong!

The White Plains NY real estate market has been one of the most consistent in Westchester this past year.  Even in months where we see a slow down, White Plains single family home, condo, and coop sales remained strong.  

The City itself is constantly evolving and looking for ways to improve the home owner experiencefor those moving from New York City and its current residents.  Over the years we have seen a lot of change.  Restaurants and big-box retailers have come and gone but now we have a bit more stability amongst them.  

Now, with talks about a new development on the Westchester Pavillion Mall property, downtown will only get better.  I remember what White Plains was like in the 80's and 90's, when we only had Galleria and Mamaroneck Ave was a far cry from what it is now.  

With rapid growth comes new opportunities for all.  The housing market will only continue to strengthen and White Plains will hopefully continue to be the go-to place for anyone looking to experience NYC outside of the City.

Sales 

There were 18 single family home sales in October. This is down 5.3% from 19 in October of 2014. This is the lowest unit sales have been since 7 in April, 2015. Sales/list price ratio in October moved down to 98.3% from 99.2% in September.

Prices

Median price in October was $559,000. This is down 8.7% from $612,000 in October of 2014. 3-month median price of $667,000 in October was up just slightly from $642,500 in September and up a little from $587,000 in October of 2014. Price per square foot in October was $325. This is up from $294 in September and up from $291 in October of 2014.

Inventory 

Inventory of 89 in October was down 9.2% from 98 in September and down 11.0% from 100 in October of 2014. New listings of 20 in October were down slightly from 24 in September and down moderately from 29 in October of 2014. Months of supply of 4.9 in October was down a little from 5.3 in September and down slightly from 5.3 in October of 2014. This is the lowest months of supply has been since March, 2015.

Market Time 

Days on market of 74 in October was up substantially from 54 in September and up considerably from 49 in October of 2014. This is the highest days on market has been since May, 2015.

Bronxville NY Home Sales Are Up - October 2015

Home Sales Are Up In Bronxville NY - October 2015

Sales 

There were 12 unit sales in October. This is up 71.4% from 7 in October of 2014. Sales/list price ratio in October moved down to 95.4% from 95.9% in September.

Prices 

Median price in October was $1,110,000. This is up 46.1% from $760,000 in October of 2014. 3-month median price of $997,000 in October was down a little from $1,032,000 in September and down just slightly from $1,005,000 in October of 2014. Price per square foot in October was $452. This is up from $345 in September and up from $315 in October of 2014.

Inventory

Inventory of 88 in October was down 2.2% from 90 in September but up 3.5% from 85 in October of 2014. New listings in October were 18, unchanged from the same month last year. Months of supply of 6.8 in October was down modestly from 7.2 in September but up slightly from 6.2 in October of 2014.

Market Time 

Days on market of 86 in October was up considerably from 61 in September and up moderately from 68 in October of 2014.

To date there are currently 30 active single family homes on the market in Bronxville (Town of Eastchester), and within the sought after school district.  There were a total of 43 single family homes sold year to date, the absorption rate is 3.5 homes selling per month.

With current inventory levels it could take 8.5 months to sell through the active homes.  

This is important information for anyone considering selling their home.  It gives you a clear visual of how the local market in Bronxville is performing.  Proper pricing right from the start is crucial because otherwise you may sit on the market and wind up chasing it down the road.  

The Westchester County Real Estate Market Needs Your Help!

Westchester County Real Estate Market Report 2015

The spring and summer Westchester County real estate market has come to a close and fall is moving quickly.  Despite the current spring-like temperatures we are still seeing a shortage of Westchester single family home and condos.  Tight inventory levels have been a hurdle we all have had to face in the past two years, hence the reason for numerous multiple bid situations.  I avoid using "bidding war" because it carries such a negative tone.

The Westchester County real estate market has made an obvious shift from a buyers market to a sellers market and it's not going to change anytime soon.

The winter is fast approaching and typically a time where decisions are made about buying and/or selling a home.  I often tell clients that the holidays are a time for families to get together and make these decisions.  People don't just wake up one day and decide that today is the day they are going to buy or sell a home in Westchester County.  These decisions are long in the making and once the holiday season comes to an end those decisions are implemented.

Home buyers and sellers always hear "now is a great time to buy or sell"  at times it is and others may not be.  The Westchester County real estate market will never come to a screeching halt.  Many sellers question whether listing a home in Westchester County during the winter months is a good idea.

Everyone has their own thoughts and scenarios that play out inside the neighborhood between their ears.  Take it from a full-time real estate agent that has worked in the field for the past ten years, winter is a great time to list!

The reasons are clear-cut and fact based;  Inventory is still tight as we mentioned earlier in the post.  Many of the Westchester County buyers that lost a home to another buyer still need one.  Some of these homes had as many as 8 (sometimes more) offers.  What do you think the remaining buyers will do?  Keep looking!  Occasionally we'll lose a buyer to renting if they are in a real time crunch.

Redfin conducted a study based on information between 2010-2014 that determined February is the best month to list.  An average of 66% of homes listed sold within 90 days.  I agree February is a great month to list but personally feel the second half off January is equally as good.

In Westchester County we tend to see inventory pick up greatly during this time along with the amount of competing buyers. Once the spring market is in full swing the competition will be far greater, good for sellers and not so good for buyers.   Read how to win a bidding war

Buyers these days are very savvy and have been keeping a close eye on the market.  Once that property they want enters the market they will jump on it, I've experienced it in the summer market.   Mortgage rates are still hovering around 4% and will remain that will for the foreseeable future.

Sales are up and there have already been 217 single family homes placed under contract from November 1-12, 2015.  During the third quarter of 2015 there was a 10.3% increase in Westchester County single family home sales compared to 8.4% in the second quarter.  The total home sales in the county for the third quarter were up 294 from last year to 3,157.  The median sales price in the 3rd quarter was $676,500 down $6,000 from this time last year.

If you would like real estate statistics for your town please feel free to contact me directly on 914.406.9023, email - chris@LegendsRealtyGroup.net or visit my website www.WestchetserCountyRealEstateMarket.com