Year End Housing Sales 2016 Westchester County, NY
Your 2016 Comprehensive Real Estate Market Analysis for Westchester County, NY Home Sales
Just how well did the single family home sales do?
Westchester County New York is located minutes from New York City and a short ride by care or Metro North. This commuter location boasts many different neighborhoods and styles of homes. It’s all about location when it comes to Westchester with some of the most expensive homes in the country located minutes from Grand Central Terminal. Living in Westchester does not come cheap, but the volume of sales continues to climb. Obviously, demand is up as single family home sales increased 8.3% this year.
- 6208 Sold Single Family Homes in 2016 up 8.3%
- Median sale price of these homes were $624,000
- Average sales price was $818,600
- Homes spent an average of 85 days on the market.
- The most expensive home sold was at $22,750,000.
- The least expensive home sold was $15,000.00
- 2143 homes sold under $500,000
- 1963 homes sold between $500,000 and $800,000
- 74 homes sold between $800,000 to $1 Million
- 1028 homes sold between $1 M- $2 Million
- 241 homes sold between $2M and $3M
- 99 homes sold over $3Million dollars
- 127 of the sold homes were in the short-sale status for 2016 that transferred title down 3.8 from last year
- 316 were bank owned sold homes which is up 87% from last year.
- The absorption rate is now at 5.8 months of inventory down 17.1%
Foreclosures and short sales are still a part of the inventory in the area. Seems that short sales are decreasing in many counties lately while banks are selling off properties. Foreclosed properties are not going at bargain prices, unless they are in disrepair. The number of foreclosed properties this year is up a significant amount. Hopefully this is an indication that things will get back to a more normal level of empty or abandoned homes that bring down values for everyone.
The information below is for the 4th quarter of single family home sales in Westchester County:
- The 4rd Quarter of 2016 boasts 1429 sold single family homes for the county
- The average sale price of a home during the 4th quarter $756,736 up 3.2%
- The median sale price in the 4th Q was $567,500 for a single family Westchester County, NY home
- Average days on market was 85days
- Highest price home sold during this time was $7,495,000
- Lowest home sale was $50,000
- Our current inventory of single family homes is a 4.5 month supply.
- The highest volume of homes sold over $1Million
- The current inventory is 1884 of single family homes
- The lowest price single family home is currently listed at $89,000
- The highest price single family home is currently listed at $23,000,000
The average pricing of a single family home is much higher than the national average. Demand continues and homes are getting scooped up. Homes in all prices are selling and while the numbers may not be showing an increase, there are locations that are seeing more movement than others. Not a new concept, but location in the county matters as well as condition of a home. Pricing a home for sale takes a bit of effort and knowledge of the process is important.
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Westchester County NY ~ Year End Housing Market Report 2016
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