WESTCHESTER COUNTY, N.Y. – Third quarter residential real estate closings surged 29 percent in four counties serviced by the Hudson Gateway Multiple Listing Service, including a 31 percent jump in Westchester. Now, Diane Cummins, the president-elect of the Hudson Gateway Association of Realtors, is curious to see what will happen in the fourth quarter.
“These were closings based on a hot spring and summer market,’’ Cummins said. “Now we’ll see whether that continues through the winter. The markets didn’t slow down a lot last winter. That’s the key question, what’s going to happen next?’’
Home sales increased by 31 percent in Westchester, with 1,991 closings of single family houses, according to the third quarter report by the Hudson Gateway MLS. The median sale price for homes in Westchester increased 3.5 percent to $652,050. The average (mean) sale price of $862,356 in Westchester was 8 percent higher and signaled the insertion of more high end properties in the sales mix, according to the report.
More than 24 percent of Westchester houses sold for more than $1 million in the third quarter. Last year, the range was between 16 and 22 percent for homes of $1 million or more during the year.
“Even the condos and co-ops had a nice return on this report,’’ Cummins said. “That’s an encouraging sign. It’s a starter phase for a young family. When you see a positive increase across the board, it indicates a nice flow of activity. That allows people to move up and move from one place to another.”
The faster-paced activity has driven down inventory, but there are still a lot of homes on the market. Cummins said sellers whose homes are priced correctly will see faster results.
“I think our buyer pool market is really well-educated,’’ she said. “When they see a house that is ridiculously priced, they realize it right away. Location and condition equals price. If those things line up, you have a quick sale. Our educated buyers make it easier to see if something is not aligned.”
Cummins said she tells sellers to “price accurately as early as possible.” Otherwise, potential buyers will move on quickly. “Once people see it’s an unreasonable price, it’s hard to get them back in the door. The well-priced houses are moving quickly.”
After a hectic spring and summer, Cummins is said things have settled recently.
"It's been a little bit of a chance to catch our breath,'' Cummins said. "Now we can take a moment to see what's happening. We were escalating, maybe a little too fast."
Click on the attached PDF for the complete Hudson Gateway report.