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Westchester County 2018 Fourth Quarter Market Report Summary
A significant increase in outbound moves, along with a tumultuous election season, the volatility on Wall Street, and a limited supply of available inventory were some of the key factors that impacted residential sales in Westchester County during 2018. Despite these disruptors, days on market was 76 days, a 10-year low, and the average selling price barely changed when compared to 2017. Home sales in the $750,000 - $1 million range were up 3.9% for the year with an average price of $865,000, in comparison to 2017. In the luxury market, the number of homes sold over $2 million was down year over year, however, average price increased by 3.9% providing evidence that demand is still strong in this segment when buyers see value. The town of Harrison experienced a 62% increase in sales over $2 million with 42 home sales in 2018, compared to only 26 in 2017.
In the fourth quarter, new inventory in Westchester County was up 5.9% and sales remained flat. Days on market was 76 days. Condominiums and Co-operative homes had more sales when compared to 2017 with 2.6% and 10% increases respectively; although average sales prices were much lower than the $594,000 average price for all sales types in the county.
We see a number of bright spots as we enter the New Year. Factual and anecdotal data from our 1,800 real estate professionals suggest that there is significant pent-up demand by buyers on the sidelines, particularly luxury buyers, who are patiently waiting for asking prices to align more closely with their expectations of market value. Developers and builders are actively applying for permits in areas where there is a need for apartments and moderately-sized homes. Finally, interest rates are at their lowest levels in eight months helping to fuel robust demand that we expect to continue in 2019. Therefore, the primary issue for 2019 will be appropriate pricing of inventory equal to the buyer demand in the market.
If you have any questions regarding this report or real estate questions in general, contact your Berkshire Hathaway HomeServices New England Properties agent. Data interpretation, judgement, and historical context are key elements in making informed decisions and our sales executives are here to help you navigate the current market with expert knowledge and exceptional service.
VIEW WESTCHESTER COUNTY MARKET REPORT