2016 Real Estate sales in Westchester County were very strong. There were more transactions for SF homes sales (over 6200) than in any other year over the past 10 years and the County wide median price has held steady for the past 3 years between $624,000 and $635,000
- Market activity in the Village has slowed down slightly in 2016 with 42 transactions vs. 45 in 2015
- Median price is slightly higher from $2.5m to $2.6m
- Bronxville currently has a surplus inventory at the upper end of the market (+/= $3m) with 19 properties currently on the market
Bronxville PO and Crestwood
- Bronxville PO and Crestwood sections of Yonkers had less transactions in 2016 but with consistent price levels
- Median prices in the Bronxville PO held steady over the past three years between $802k and $806k
- Median prices in Crestwood ranged between $560k and $600k
- There has been a lack of inventory in both of these markets but no lack of demand
Tuckahoe and Eastchester
- Market activity in both Tuckahoe and Eastchester slowed down slightly in 2016; less sales but an average increase in price by about 4%
- Tuckahoe had 44 transactions with an increase in median price to $719k
- Eastchester had 108 transactions with an increase in median to $745k
- Less transactions than in prior years was again due to lack of inventory, not lack of demand
Certainly, the interest rate hike will effect sales; something to keep an eye on (but, buyers should still take advantage of historically low mortgage rates).
The beginning of the ‘spring’ market has clearly arrived. Phones are ringing and appointments are getting booked. We look forward to another vigorous real estate market in 2017!