In reviewing the houses that are in contract for sale and have sold since January 1, 2009 within the Byram Hills School District, there are a few emerging trends. This data is based from statistics of homes listed on the Westchester Multiple Listing Service.
The weakest price range for homes in contract and sold in ’09 is in the price range above $1.3 under $2M. Luxury sales have remained under $3M and the very high end luxury buyers have decided to scale back in the $2M range. Last year’s $1.5 to 1.7 buyer has scaled back below $1.3. This has been propelled by a conservatism from buyers since the big Wall Street drop in October. However it also reflects that buyers are seeing more value in homes that are priced for today’s market and seizing that opportunity.
Mostly all homes in contract or sold have new/renovated kitchens and baths. They are for the most part more conveniently located to town and train. The average sold property was on the market for 191 days and sold at $345 sq ft.
Property taxes seem to be a major concern going forward. This bodes well for Armonk and the Byram Hills School District. Although the town and county has seen it share of taxes rise, our taxes are still favorable to buyers when comparing to surrounding towns and school districts.
Activity is picking up. Sellers are wondering if prices are going upward. We still have too much inventory to sell for that movement to take effect. The environment still favors the buyer. It’s a great time to buy a new home…historic interest rates and the benefit of the largest selection of inventory in years! As buyers continue to see the homes they have been watching go in to contract, they are going to feel more comfortable reacting to the home that is priced to sell. Spring has sprung!
For more information on Armonk and Armonk Real Estate visit www.armonkhomepage.com