Rand Realty: Sales Up. Pricing Flat. Inventory decline could turn priced around.

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WPCNR REALTY REALITY. From Mike Graessle of Rand Realty. November 4, 2016:

Mike Graessle of Rand Realty in his quarterly notes advises that though sales were up in Westchester County in the Third Quarter that has not helped sales prices.

“Sales activity is strong, with closings up in most areas compared to last year,” Graessle wrote. “We’re starting to see yearly sales totals that rival what we were closing back in the last seller’s market. But the buyer demand hasn’t yet had an impact on pricing, which has been stalled for the past few years.

“Inventory (number of homes on the market) continues to fall. Eventually, accoding to fundamental supply-and-demand economics, that should start driving prices up.”

In Westchester County, the median sales price of a single family home is $619,000 , the average selling price is $867,968 down 3% from last year’s third quarter figures.

Condominium prices are flatter , average selling price is $419,852, down  4.1%,median price is $372,000, down 3/4 of a percent.

Co-ops sold for an average of $195,830, up 1.3%, the median price, $157,000. was down 3.5%.

 

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