Berkshire Hathaway HomeServices Westchester Properties Releases Third Quarter 2019 Westchester County Market Report
An in-depth analysis of sales and emerging trends in the market.
Wallingford, CT (October 14th, 2019) – Single family home sales in Westchester County were up 1.09% when comparing the third quarter of 2019 to 2018 and down 2.03% year to date. The delayed spring market and low interest rates created steady increases over the last three months and pending sales were up across the Northeast in addition to the rest of the country.
According to NAR, “…optimism fared well in the third quarter of 2019 as 63% of people said they believe that now is a good time for a home purchase,” with 34% of those respondents strongly believing in this statement. County statistics also share these sentiments. The $500,000 – $1 million range showed the strongest sales this quarter, with nearly 9% more homes sold year over year.
Market wide, average days on market remained static at 63 days when compared to the same period last year. Average price increased to just over $730,000 and new listings brought to market decreased slightly. Condominium sales increased by 3.49%, while 17% fewer cooperative properties sold. Right pricing across all home types played a significant role, combined with property condition and proper home staging. Buyers know they have choices and prefer to wait for value properties that need minimal work for move-in.
Homes priced over $2 million increased by 5.31% and average price in this range increased to over $2.96 million. Similar to the second quarter of the year, Rye City outpaced the luxury market with 37 sales, a 48.00% increase year over year.
Looking forward to the fourth quarter, the market has a heightened sense of momentum. Our sales executives are reporting a high level of activity among buyers and sellers alike. Since Labor Day weekend, open houses have been busy with buyers, specifically those looking to make a purchase quickly. The luxury market will still be sluggish but with low interest rates, now is the ideal time to sell and buy in the Northeast.
As the largest real estate company in the nation, our agents offer the unique ability to help buyers and sellers alike with all their home ownership needs. If you have any questions regarding the material presented in this report or any other real estate questions, please contact your Berkshire Hathaway HomeServices Westchester Properties sales associate. Our professionals are here to help you navigate the current market with expert knowledge and exceptional service.
About Berkshire Hathaway HomeServices Westchester Properties/ New York Properties/New England Properties
Berkshire Hathaway HomeServices Westchester Properties/ New York Properties/New England Properties is a leading real estate brokerage firm with more than 1,800 REALTORS® in Connecticut, Rhode Island, Manhattan and Westchester County, NY. Selectively chosen by Berkshire Hathaway HomeServices and HomeServices of America; the global reach, financial strength and fresh brand make the brokerage the premiere real estate firm in the Northeast. Whether it is residential, commercial, corporate relocation, equestrian or waterfront living, our company and sales executives are local market experts committed to providing exceptional service to our clients. For more information, visit www.bhhsNEproperties.com, www.bhhsNYproperties.com or www.bhhsWestchester.com.
About Berkshire Hathaway HomeServices
Berkshire Hathaway HomeServices is among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, bringing to the global residential real estate market a definitive mark of trust, integrity, stability, and longevity. The network’s parent company is HomeServices of America, Inc., the nation’s largest, full-service residential brokerage firm as measured by transactions, and an affiliate of Berkshire Hathaway Inc. The Berkshire Hathaway HomeServices global network has more than 50,000 affiliated independent sales associates and 1,500 offices throughout the U.S. and abroad, generating US$114.5 billion in closed transactions in 2018. For additional information, visit www.berkshirehathawayhs.com.