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Westchester County 2017 Year End Market Report Summary
Welcome to Berkshire Hathaway HomeServices Westchester Properties’ Fourth Quarter 2017 Westchester County Market Report, our examination of the single family and condominium markets throughout the county compared with trends across the state, Northeast and nationwide.
Westchester County sales were down by 1.34% in the fourth quarter, however, average price increased by 5.76% to $619,206. Average days on market for all home types dropped by 8.43% to 76 days while the median sales price for single family homes and condominiums were up by over 6.00% and cooperative pricing remained flat year over year. Luxury home sales – those priced over $2 million – increased by 9.21% to 76 total sales when compared to fourth quarter 2016. Homes sold in the $2-$3 million range were strongest with 52 sales.
Cumulative data showed a strong year overall. In 2017, sales increased slightly by 0.28% to 9,526 for the county (single family homes, condominiums and cooperatives combined). The average price was $652,847, a 2.81% increase when compared to 2016 and days on market dropped from 2016’s 85 days to an average of 79 days. New listings are down 2.78% year over year, making 2018 an opportunity for homeowners to list their home.
The most significant issue sellers and buyers need to be aware of is the new tax bill. It is too early to tell how it is going to impact the state of New York but it will be a variable for the housing market in 2018. Regardless of the implications, move-in-ready homes and those within walking distance to shops and restaurants will remain front runners in the 2018 market.
If you have any questions regarding this report, Berkshire Hathaway HomeServices Westchester Properties sales executives are here to help you navigate the current market with expert knowledge and exceptional service.
VIEW WESTCHESTER COUNTY Q4 MARKET REPORT