News

Know about market updates

Eastchester 2nd Quarter Market Update

Eastchester Single Family Home Data

Its still a great market for our sellers in Eastchester.

2nd Quarter is over and the results are in for the Eastchester School District housing market. The following is some of the more pertinent data that has been collected by the Hudson Gateway Multiple Listing Service along with the analysis of what the information means for homeowners. The data will be compared to the first quarter of 2017

The Median sale price in the Eastchester School district has dropped 1.2% from the first quarter, from $750,000 to $741,000. The slight drop is not too concerning to agent or homeowners, because we have yet to see another decrease in the inventory on the market, to be exact about a 2.1% drop. The calculated inventory at this time is 4.7 month’s supply, this means that at the average rate of sale, each and every home on the market currently would be sold in 4.7 month’s. While 6 month’s supply is considered a balanced market, our current conditions are still a “short” supply and is favorable to sellers within the marketplace.

 

What does the future hold?

The average days on market in the Eastchester School District is 55 days. This has been a drastic change (21% drop over the last 3 months) and homes seem to be selling at a faster rate due to lack of inventory. As the inventory problem remains constant, we should see home values increase, unless the amount of homes on the market increases and reflects a balanced market or moves into a buyers market, homeowners in Eastchester should continue to see the values of their home’s increase, and be in for a quick sale in most cases.

While this is exciting news for the sellers, what about the buyers? The buyers are in most cases competing against one another for the deal. Most millennials prefer a move in ready home and are not interested in doing extensive work after the purchase, so move-in ready homes within these districts are currently flying off the market. If you are a buyer in this market, in many cases the best deal you can get is the winning bid, if your open to a fixer upper you have an opportunity to purchase a home at a discount, but with market conditions as such, even the fixer upper’s seem to go pretty quickly. The good news is that the interest rates are low, so even if you are maxing out your budget, you can rest assured that you are paying some of the lowest interest rates the housing market has ever seen.

 

Frank Morris

Licensed Real Estate Salesperson