Westchester’s Real Estate Market

The first quarter of the year has brought decreased sales. Following are the official numbers and outlook courtesy of OneKey MLS:

• Single-Family Closed Sales were down 33.1 percent to 831.

• Condos Closed Sales were down 49.5 percent to 199.

• Co-ops Closed Sales were down 20.6 percent to 398.

• Single-Family Median Sales Price increased 4.9 percent to $762,500.

• Condos Median Sales Price decreased 0.2 percent to $444,000.

• Co-ops Median Sales Price increased 0.1 percent to $190,000.

Mortgage rates continued to swing throughout the first quarter, impacting affordability and causing market activity to remain down compared to the same time last year, when rates were significantly lower. With fewer buyers competing for homes, price growth has continued to soften nationwide, although inventory remains limited, which has kept prices from falling too much so far. Still, demand for housing remains, and active buyers are taking advantage of any rate declines, as evidenced by the recent uptick in contract signings, new construction and existing-home sales.”

If you’re in the market to sell or buy, things aren’t bleak. If you’re selling, your chance of getting a great price for your home is high IF you put in the time to make it turnkey. And, despite the rising mortgage rates, if you’re buying, you can still score a decent deal. Over-priced homes just aren’t selling now unlike a few months ago.

So don’t wait, jump in and make your home goals real.