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May 2018

Berkshire Hathaway HomeServices Westchester Properties Releases  Market Report

Berkshire Hathaway HomeServices Westchester Properties has released the First Quarter 2018 Westchester County Market Report, a valuable resource for anyone looking to buy or sell a home. The report examines the single family and condominium markets throughout Westchester County and is an in-depth analysis of sales and emerging trends in the market.

 

Westchester County sales were down by 2.9% in the first quarter while average price remained flat at $601,375. Average days on market for all home types dropped to 87 days (a 9.4% decrease), while the median sales price for single family homes and cooperatives were up by 1.9% and 8.4% respectively. Condominium median prices dropped by 2.3% year over year. Luxury home sales – those priced over $2 million – decreased by 22.9% to 54 total sales when compared to first quarter 2017. Homes sold in the $2-$3 million range were strongest with 36 sales.

 

Sales professionals are reporting many active buyers in the market looking for similar-style homes. Results from a recent survey by Realtor.com® stated that the ‘typical spring home buyer’ is on the hunt for a three-bedroom, two-bathroom house with a garage and updated kitchen. The survey also shows that increasing rental costs are pushing more young adults toward homeownership, with 23 percent of buyers between the ages of 18 and 34 reporting rising rents as a trigger for their recent home purchase.

 

At Berkshire Hathaway HomeServices Westchester Properties, their mission is to provide an unparalleled customer service experience throughout all aspects of the home transaction process.

 

Berkshire Hathaway HomeServices New England, New York and Westchester Properties is a leading real estate brokerage firm with over 1,800 REALTORS® in Connecticut, Massachusetts, New York and Rhode Island. Share in their heritage and esteemed reputation as one of the most admired and respected companies in the world.. For more information, visit www.bhhsNEproperties.com.