As the year comes to an end we look to review the sales data for our single family homeowners in the town of Eastchester.
The amount of inventory on the market is down from December 2015, at that time there was 4 and half months of supply on the market in Eastchester. The way this number is calculated is pretty simple, the average days on market for homes is taken, along with the number of homes currently on the market, then it is determined that all the homes on the market would sell in approximately 4.5 months based on the current rate of sale, therefore giving us the 4.5 months supply. 2016 Ended with 4.3 months supply of inventory in the single family home market, which means the market is still leaning in favor of sellers at this time. A completely balanced market is 6 months supply, anything above 6 months of supply on the market would be favorable market conditions for buyers.
At the close of 2015 the average sales price was about 710,000 in the town, December closed out with an average sales price of 702,500, marking a slight decrease in the average. We may attribute this to a seemingly low amount of data to work with, this slight decrease does not necessarily mean that value are dropping, because while the supply of homes on the market remains low, we can assume that values will remain steady for sellers in the market and that prices will continue to increase.
In December 2015 there were 64 New listings on the market in Eastchester, and this December marked 38 New listings to come to the market, many may attribute this decline to shaky market conditions as the interest rates climb knocking some buyers out of the market, and the Presidential election which has had many people on edge.
The average days on market last year this time was 87 days, to no surprise we have seen a decrease in this number to 77 days on market, this is not surprising due to the changes we have seen in the inventory on the market as buyers frantically search for the right home, and are often faced with bidding wars against other purchasers.
To summarize, if you are a seller in todays market in Westchester County, your position is favorable, although if you wish to purchase again in Westchester, you may face some of the same issues those who wish to buy your home face, low inventory, bidding wars, and not much room to negotiate.
Happy New Year from Barhite and Holzinger!