From the desk of Paul Breunich, President and Chief Executive Officer of William Pitt and Julia B. Fee Sotheby’s International Realty
The residential real estate market in Westchester County was the subject of significant media attention this summer, with major media outlets from Bloomberg to The Wall Street Journal citing inaccurate data in their reporting. We attempted to correct the record, using data provided by the Hudson Gateway Multiple Listing Service, and committed to providing a monthly update on the Westchester market going forward to ensure consumers are armed with the facts. (You can read our full analysis on our blog: Part 1 and Part 2).
We last looked at Westchester a month ago with the release of our Third Quarter Market Watch, which you can read here. Here we present our report on the month of October, a statistical snapshot of how the market performed for the month and year to date in multiple price ranges county-wide, in the southern county and in the northern county. 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 4% in unit sales and 3% in dollar volume compared to the first ten months of 2017, a similar trend to what we have seen throughout the year. October performed a little better, however, with unit sales only down 2% and dollar volume flat compared to the same month last year. As we have observed this year, the $1.5 to $2 million price range remains one of the hardest hit, while October saw an upswing in the $2 to $2.5 million sector.
Southern Westchester County
The year to date figures in the southern county are similar to those from the county as a whole: units are off 3% and volume 2% year over year. But in October, unit sales slipped by 4% versus the same month last year while dollar volume increased by a small 2%. Again, the $1.5 to $2 million range was challenged while the $2 to $2.5 million segment surged ahead.
Northern Westchester County
As with the southern county, the northern county is behind 2017 year to date, with both unit sales and volume decreasing by 7% year over year. Yet October saw unit sales pacing evenly with the same month last year, increasing by a slight 1% with healthy activity up to about $1.5 million. Dollar volume was behind for the month by 6%.
Paul E. Breunich