Westchester Housing Sales — More of them but home Prices soften due to Growing Inventory.

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WPCNR REALTY REALITY. From the Hudson Gateway Association of Realtors. (Edited)JULY 9, 2016:

The Hudson Gateway Association of Realtors issued their report on 2nd Quarter 2016 realty sales Thursday, and the good news is more homes are being sold in Westchester County, but sadly at lower prices.

The Westchester County median sales price declined 1.6% on a single family house, the median price was $650,000, down from $660,500. Condos in Westchester declined 1.5% in median price to $356,438, while co-ops experienced an increase in median price of 6.9% to $155,000. (The median price is the mid-point of all reported sales.)

Overall sales of condos, single family homes, and co-ops in Westchester, Putnam,Rockland and Orange counties, stood at 4,526 closings in the second quarter ended in June, and increase of 23% over 3,669 closing in the second quarter of 2015. Single Family houses were the majority of sales. The less expensive realty markets Putnam, Rockland, and Orange were the leaders.

Westchester recorded 23% more sales of Single Family Homes (1,643 compared to 1,336 last year. Condos sold 376, up 20.9% from 311; Co-ops registered 466 sales, up 11% from 420 in 2nd Quarter 2015. 2-4 Family homes 132, compared to 116, an increase of 13.8%.

The Mean Sale Price of Westchester Single Family homes in the second quarter  is 841,824; Condos, $434,512; Coops, $182,389, 2-4 Family homes $406,052.

If you’re a broker you like this market. As Hudson Gateway says in its news release, “the foundation forces affecting the real estate market are favorable for all. Mortgage interest rates are as low as they have ever been, and in this region at least, employment and job security are supportive of prospective purchases. As usual there are ‘wild cards’ that can affect real estate markets everywhere, current examples including ‘Brexit’, Puerto Rico insolvency, Federal Reserve rates, and not the least consequential, the upcoming elections. But so far we are having an excellent run in our market.”

Growing inventory is seen as a possible problem, holding prices down:

“On a volume basis, Westchester being the largest county, end-of-quarter inventory (homes for sale) fell by 945 properties or 16% from last year.

That sort of imbalance may have consequences: either price increases and/or diminished sales volumes.”

Westchester as noted earlier has posted a slight decline in the median sale price of a single family house.







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