WPCNR REALTY REALTY. From the Hudson Gateway Association of Realtors. (Edited) April 6, 2022:
Westchester residential sales of single-family homes, condominiums, co-operatives and 2-4 family-multi-family homes declined 6.3% in Westchester County. The decline in sales was greater in Putnam (28.1%), Rockland (11.6%), Orange (14.7%) and Sullivan County (19.8%). Condominium sales in Westchester were hot, improving 17.8% compared to last year, average sales price of a condo improved by 31% to $583,492.
The price runup in single family homes in Westchester, appears to “stabilize and moderate” HGAR Reports. In 2019, before the onset of covid, the average median sales price for a Westchestery single family home was $600,000. In the first quarter of 2022, the median price of a SFH is $720,000, an increase in 2 years of the pandemic of 21.5% in three years.
HGAR reports “dearth of inventory continues to plague the market ,” and “days on the market continues to decline.”
HGAR’S market outlook:
“The market is also facing the dual headwinds rising interest rates and increasing inflation. However the market continues to evidence strength…as the economy in the Hudson Valley and greater New York City and suburban area continues to rebound from the pandemic. All in all, 2022 is off to a solid start.”