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“Even though sales were a tick down, we saw some meaningful price appreciation,’’ said Joe Rand, a Managing Partner for Better Homes and Gardens Rand Realty. “Sales were down, but we were measuring against an unnaturally high baseline. Last May was a spike in interest rates and that sparked a frenzy. When people realized rates weren’t going over 5 percent, it slowed things down a bit. It set a high baseline. There’s nothing fundamentally wrong with the market.”
For the second quarter, 1,955 homes were sold in Westchester County, a decline of 2.4 percent from the 2,003 homes sold in the third quarter in 2013, according to figures provided by Houlihan Lawrence. The median sale price climbed 4.6 percent to $680,000, and the average sale price rose 6.6 percent to $916,593.
For the complete report from Houlihan Lawrence, click on the attached PDF.. Reports from Douglas Elliman and Julia B. Fee Sotheby’s International Realty are also available online.
Some areas in lower Westchester saw some sharp increases in the median sale price for single family homes. The median sale price rose 19 percent in Eastchester, 15 percent in Scarsdale, 21 percent in Edgemont, 10 percent in Mount Vernon and 7 percent in New Rochelle.
Mount Vernon also saw a sharp increase in activity, with 44 homes sold, a 57 percent jump from 28 units sold in the third quarter of 2013.
Yonkers saw a 14 percent increase in home sales and a 4 percent increase in the median sales price. Pelham saw a 2 percent increase in units sold, and a 2 percent rise in the median sales price.
Bronxville saw a 36 percent increase in homes sold, from 28 to 38, according to the Houlihan Lawrence data. Of the 38 units sold in Bronxville, 14 were co-ops, according to Bronxville Real Estate Principal Broker Leah Caro. Most of the homes sold fell in the $1 million-$2 million range.
“I think we’re making small gains, which is healthier than the huge leaps,’’ Caro said. “A good number of homes are still on sale from last spring. What that tells me is if these homes didn’t sell during one of the most robust spring markets we’ve seen in years, they have re-examine their pricing position.”
Some homes are even selling above asking price. Houlihan Lawrence’s report said 36 percent of Scarsdale homes sold in the third quarter went at or above the asking price. In Westchester County, 19 percent of homes sold went at or above asking in the third quarter, according to HL.
“The market is fundamentally sound,’’ Rand said. “We’re seeing a nice reasonable rate of appreciation. Things aren’t soaring. I’ll take 4 or 5 percent a year all day long. Inventory is good, demand is strong and mortgage rates are stable. I think the market is in better shape than at any time in the last 10 years.”
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