may-blog

Westchester County: May Update

The Westchester County real estate market is on an upward trend for the first time in nearly a year and a half. Year to date the market overall remains in a state of moderate decline versus the same period last year, with unit sales and dollar volume both experiencing decreases, but for the second quarter to date, unit sales in April and May climbed ahead of the same months last year, while dollar volume stood flat. This improvement is notable as the market in the region has been in a state of continuous decline since the first quarter of 2018.

The charts below illustrate sales results in Westchester across multiple price ranges in the county overall, the southern county and the northern county, for the period from April 1 to May 31, 2019. All data is provided by the Hudson Gateway Multiple Listing Service.

We will continue to deliver a more highly detailed review in our quarterly reports. We hope you find this information valuable in evaluating your own real estate needs, and invite you to contact one of our sales associates if we can assist you in any way.

 

Westchester County Overall

Year to date, Westchester is down just 1% in unit sales, or 11 units, versus the first five months of 2019. Dollar volume was off by a larger 7%, a result of a more challenged high end. In the second quarter to date, however, unit sales have jumped ahead by 5%, or 43 units, while dollar volume is flat. Sales above $2.5 million, which struggled during the first quarter, are more similar to this time last year in the second. For a deeper look at sales above and below $2.5 million during the first quarter, and why that price represents a good reference point for analysis, please read our First Quarter Market Watch.

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Southern Westchester County

In the southern county, unit sales year to date have declined by a slight 3% year over year, a difference of only 44 units, while dollar volume has seen a steeper decline of 11%. These figures improved in the second quarter. To date, units are down by 1%, or just 6 units, and dollar volume 3% versus April and May of last year. Again, sales above $2.5 million performed similarly to this time last year.

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Northern Westchester County

The northern county has demonstrated solid performance in 2019. Year to date, unit sales are up 5% and volume 3% compared to the first five months of 2018, and quarter to date, unit sales increased a significant 18%, or 49 units, while dollar volume increased 8% versus the same period last year.

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Respectfully,

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Paul E. Breunich
203.913.5730

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The Property Journey, Presented by Sotheby’s International RealtyThe Press Room: May 2019