Houlihan Lawrence has published its 3Q Market Report, with some good news for Northern Westchester.
Home sales up in Northern Westchester in 3rd Quarter 2016
Consistent with regional trends, Q3 home sales in Northern Westchester, which includes Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem & Somers, reflects a strengthening market despite median sales prices that were flat.
Across all six towns third quarter home sales increased 13% compared with Q3 2015. With the exception of Chappaqua, every town saw near double digit or greater increases in home sales with Byram Hills sales increasing by 30%. In Bedford home sales were up 27%.
Some signs of strength in home prices
Bucking the trend, the median sales price for homes sold in Bedford and Chappaqua were up 6% in the third quarter. The median sale price for Byram Hills homes was the highest at $1,099,000 though that number was down 7% compared to the same period in 2015.
Further signs of a strengthening market are the numbers on pending sales and active listings. As of September 30, sales pending in Northern Westchester are up 21.2% and listings are down 16.7% YTD compared with 2015. And pending sales are strong up to a million dollars with homes in the $700,000 to $999,999 price range up 28.2% YTD.
Inventory for luxury homes, priced over two million dollars also declined while there are 9 pending sales compared to 3Q as of September 30, 2015.
And homes are selling faster too
Not only are home sales and pending sales up with inventories down but homes are selling faster too. According to the Houlihan Lawrence Third Quarter Report the average days on market in our towns is at a ten year low of 106 days.
To access the full 3Q report, click here.
To take a closer look at the Northern Westchester market, contact me today. To view my current listings, please click here.
Please note, all information is based on report published by Houlihan Lawrence. Please see disclaimer on full report for any questions regarding data.