Berkshire Hathaway HomeServices Westchester Properties has released the First Quarter 2017 Westchester 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 and is an in-depth analysis of sales and emerging trends in the market.
Year over year, Westchester County saw increased sales in all home types. A 6.9% increase in single family home sales, up 2.5% for condominiums and a 9.6% increase for cooperative sales. Average price increased 10.2% for single family homes and 20.9% for condominiums. Average price for cooperatives decreased 7.9%.
High prices and oversupply in Manhattan have led to an increase in buyers looking for homes in Westchester County, and competition still remains fierce with the increase of more buyers. Most Westchester County towns saw double digit increases in average price and days on market averaged below 100 days. Trends are showing that towns with active downtown areas and in-town Metro North Railroad stations are most desirable.
Both sellers and buyers surveyed by the National Association of Realtors believe it is a good time to buy and sell. With prices on the rise and possible mortgage increases, buyers are in the market creating demand. Sellers should consider improvements and competitive pricing and get their home listed quickly as the weather starts to warm up. The only challenge for sellers is finding their next home which makes working with a Realtor® imperative in this market who can help with contingencies and options in selling and buying on the same day.
For the full market report, visit: https://www.bhhsneproperties.com/documents/market-report/2017q1-westchester.pdf