Good Time to Buy. Good Time to Sell. Westchester Median Sales Price up 6 % in Year. Sales soft in 2nd Quarter

 

WPCNR REALTY REALTY. By John F. Bailey  July 9, 2018:

Buy baby, Buy!

Sell, Wilbur sell!

That’s what the second quarter 2018 Hudson Gateway Association of Realtors numbers are saying to homeowners and home seekers.

For the seller with time on their hands you can hold out for what you want.

For the buyer, you can get more house for your money if you up your offer.

That is because prices are going up, but sales are going down. The seller is being turned into a competitor with other owners, and the buyer if they are well-heeled can move on it, the way WPCNR sees it.

The Westchester County Median Price of Single Family home is $710,800 up 6.1% from a year ago.

Why is it a good time to sell or buy? Low inventory, that is why. The HGAR  (Hudson Gateway Association of Realtors)second quarter report says, and I quote, “Overall inventory in Westchester County remained fairly stagnant; cooperative listings were down 23% from the second quarter of 2017….other counties in the the region saw drops in their available inventory (houses for sale), 9.55% (down) in Putnam, 8.1% (down) in Orange  and 4.15% (down) in Rockland County.

HGAR comments low inventory and higher prices is resulting in lower sales figures. In all housing types,  Westchester County in the spring summer buying season were down 5.7%.

Rockland was dying in inventory at 11.3% down. Putnam managed to be only 4.6% down in inventory. Orange County increased 1.9% overall, and was up 2.9% in single-family sales. It could be that sellers in Orange County are either being squeezed or wanting to get out while they can with a profit. It is an interesting puzzle, who knows?

Despite this obvious soft trend in inventory ( creating the siutation where realtors are cold-calling homeowners to suggest how they should consider putting their homes on the market)in the house-hunting season, HGAR notes hopefully, “New construction, still attractive mortgage rates and a vibrant Hudson Valley economy continue to point prospects for a good year.”

THE WESTCHESTER STORY

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