The Facts: Third quarter residential real estate closings soared by nearly 31.2% over last year's counts in Westchester County. The MLS received postings of 2,943 completed sales of single family houses, condominiums, cooperatives, and 2-4 family dwellings or an overall percentage increase of 31.2%. In most cases, the increases among the various property classes brought the sales counts to pre-recession levels. In Westchester, the 1,991 reported closings of single family houses during this third quarter were the most for any quarter since 2005. Sales of condominiums and cooperatives outpaced single family houses as a percentage increase over last year.
The Take Away:
Sellers: Well priced homes are selling so much faster then they have in the past 4 years. We are seeing signs of a balanced market, and in some locations, the revival of a seller's market. Price your home strategically and you may end up with a bidding war on your hands!!!
Buyers: Be prepared, get your finances in order, and get pre-approved. Low inventory and great interest rates are creating competitive bidding situations that you will lose if you are not prepared!!!!
Looking into the future: 1) The market will continue to improve at a modest pace. Interest rates may increase slightly but will remain historically low.
2)Distressed properties will continue to fade as the economy strengthens and values increase. Less sellers will be in short-sale situations as a result.
3) Inventory has been decreasing at a steady clip since 2010. At this point, demand is higher then supply. We are seeing a transition in many locales from a buyer's market to a seller's market.
As we know, real estate is a local and property-type specific. Please feel free to pick up the phone and call me (914-721-0038) with any questions on the above real estate market report. Email
Michael J. Marciano, SRS, CDPE, CBR
Keller Williams NY RealtyLicensed Associate Broker
NY & CT
WestchesterHouses4Sale
