Westchester County 2020 First Quarter Market Report

EXTERNAL IMPACTS SLOW SALES MOMENTUM

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Steady home prices and fourth-quarter gains carried into the first two months of 2020 across all price points in Westchester County. First quarter momentum, however, was artificially reduced in March by nearly 17% due to the external impact of the COVID-19 pandemic. In reviewing this period, there were 5.6% fewer condominiums, cooperatives and single-family homes sold in the first quarter of 2020 when compared to the same time last year. Average price is still up over 8% across all home types, and days on market remained flat at 87 days. In the first quarter, there were 15 more homes sold over $2 million in Westchester County when compared to 2019, most notably in Rye City, Scarsdale, and Eastchester. Even with stay at home orders in place mid-month, March luxury home sales still outpaced 2019 numbers 16 vs. 8.

New listing inventory decreased by over 13% in this period, due to state mandates and stay-in-place orders, however, Berkshire Hathaway HomeServices real estate professionals are following executive orders to stay home and stay safe while conducting virtual showings, taking offers online, negotiating through virtual channels, and of course, conducting fully secure virtual closings. Technology was already a driving force in residential real estate, as most home searches begin online in one way or another; however, the COVID-19 pandemic has exponentially moved that process forward. With millennials becoming the largest home-buying population, outpacing both their Boomer and Gen-X parents, there is no doubt that technology within our industry is going to continue to evolve rapidly.

Looking ahead, we are confident that demand will surge in the coming months, and we will be able to visit homes, negotiate in person, and be physically present at closings. The speed at which consumers can ‘see’ and ‘experience’ residential real estate is ultimately going to result in increased activity. Until then, we recommend sellers prepare their homes for sale by making it show ready and consulting with t their agent on pricing. For buyers, we recommend getting pre-approved now in order to have a strong offer when they are ready to move forward with purchasing a home.

At Berkshire Hathaway HomeServices, we offer the unique ability to help buyers and sellers alike with all their homeownership needs both virtually and in-person. As the largest real estate company in the nation, our agents have partnerships with insurance, home warranty professionals, and an exclusive moving concierge service to make the real estate experience a true one-stop-shop for today’s consumer. 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 agent. Our sales professionals are here to help you navigate the current market with expert knowledge and exceptional service.

I hope you and those around you remain safe & healthy during this time.

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Candace Adams, President & CEO