Single Family Homes in Eastchester School District
The third quarter results are in! Eastchester School district is still a hot market right now, that is… if you are selling!
Not so much for buyers in the current market, they are most likely going to be competing against other buyers, may be faced with a bidding war, and may have to expierience some hardship dealt out by the market before they are able to win a bid. There are two critical metrics that we will look at that will give us a general idea of where the market is headed today.
Firstly, as you know, the market is determined by the supply and demand in the market. Because there is a low supply, demand increases, therefore pricing will steadily rise. Currently the supply is 4 months of inventory in the Eastchester Single Family Market. What does this mean? At the average rate of sale, each and every home on the market today should be sold in about 4 months. 6 Months of inventory supply is considered a balanced market, so we are under supplied currently, which makes for a pent up demand for housing, driving prices up.
Median Sale Price
The median sale price is a figure that will display the exact “middle” of the pricing for homes in the school district. The median sale price so far this year has seen a marginal drop of 1% to about 735,000 dollars. Is this something to be worried about? Yes and No, yes if you are a buyer in the market, because it is still favorable to sellers, no if you are a seller, this market is great!
No major changes in the market so far this year, we are still looking at a strong sellers market.
If you are thinking about buying or selling Real Estate and wish to get the most value out of your home, give us a call today!