White Plains Ranks Well in Local Housing Market
The third quarter report for local housing real estate by Houlihan Lawrence placed White Plains at the top of significant sales growth with a 19% increase in sales over the same quarter last year.
Yonkers also saw growth (13%) during the third quarter of 2017, but other communities saw declines.
In Westchester the number of single-family home sales declined 5.5 percent, from 2,111 in Q3 of 2016 to 1,995 this quarter. The median sale price for single-family homes in Westchester rose 1.8 percent to $680,000.
Low inventory, especially for the more affordable “starter homes,” continues to be a problem in Westchester. For homes priced under $500,000 in Westchester, there was a 25.1 percent drop in the number of active listings (686 in Q3 2016, compared to 514 in 2017). Similarly, the number of pending sales in that price range dropped 18.6 percent. Overall in Westchester, including all price ranges, there was a 5.1 percent drop in the number of active listings and a 9.6 percent decline in pending sales.
Certain school districts also had strong numbers, with the number of homes sold going up 13 percent in Ardsley, 14 percent in both Rye City and Eastchester, and 27 percent in Briarcliff Manor. But the numbers of sales dropped 23 percent in Somers, 21 percent in Lakeland, and 19 percent in both the Dobbs Ferry and Katonah-Lewisboro districts.
The Westchester luxury market ($2 million and higher) remained steady but shows signs of softening, with a 13.5 percent drop in the number of sales. Yet the median price went up 5 percent, to $2,625,000.
The Westchester condo market remained steady, with 405 sales recorded this quarter compared to 404 in Q3 of 2016. The median condo sale price in the county rose 4.3 percent, to $385,000. The Westchester co-op market fared better, with the number of sales going up 10.1 percent; the median price rose slightly, to $165,000.
“Market sensitive initial pricing continues to be a key driver in reducing days on market and achieving the highest possible selling price in today’s market. Buyers today – in many cases – won’t even visit a home that they determine is mispriced when they see it online. This puts pressure on sellers to resist the temptation to fish for an unrealistic price when coming to market,” said David Haffenreffer, Branch Manager of Houlihan Lawrence’s Greenwich Office.
Low inventory is also a problem in Greenwich, with a 26.8 percent decline in the number of active listings under $1 million.
The Greenwich luxury market ($3 million and higher) saw a 10.5 percent rise in the number of sales and a new median of $4,427,500, up 6.7 percent from last year. The average home price shot up 21.4 percent, to $2,670,809 (despite a 24.1 percent drop in the number of home sales). Sales of homes priced at $3 million and up rose 4.4 percent, and ones priced at $6 million and up boomed to 111.1 percent, with 19 closings compared to nine last year.
In Darien, Conn., the number of luxury sales ($2 million and up) shot up 123.1 percent, with 29 homes sold this quarter compared to 13 in Q3 2016. Yet the median price dipped 8 percent, to $2,465,000.
In Putnam, the median price remained steady at $340,000 but overall home sales dropped 11 percent. Low inventory is a problem here, too, with a 15 percent dip in the number of active listings and a 15.8 percent decline in pending sales.
In Dutchess, single-family home sales rose 2.5 percent and the median price went up 7 percent, to $269,950. The number of active listings dropped 9.2 percent. Highlights in Dutchess include a 24 percent increase in the number of sales in the Town of Poughkeepsie and an 11 percent rise in East Fishkill.
