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Westchester Real Estate Sales Down In First Quarter, New Report Says

David Rockefeller's Westchester estate in Pocantico Hills sold for $33 million earlier this year. Photo Credit: Contributed
While single-family home sales dipped slightly in the first quarter of 2018, the median sale prices rose to $611,250 in Westchester County. Photo Credit: Provided/ WRE

Real estate sales in Westchester dipped by 1.9 percent in the first quarter of this year, compared to 2017, although median sales prices continue to rise.

In its latest market report, Westchester Real Estate Inc. reported that 1,899 properties were sold in the first three months of 2018, compared to 1,933 during the same period last year.

Sales of single-family homes dropped by 5 percent in the first quarter of this year "due to continued lack of inventory,'' the report said.

The good news for sellers, however, is median sales price for single-family homes rose about 1.9 percent from $600,000 to $611,250, according to the WRE report.

Sales of multi-family homes with two to four units remained very strong in the first quarter, up 9.8 percent over last year. Multi-family median sales prices also rose, by nearly 6 percent.

First quarter sales of cooperatives were up slightly at 1.8 percent over a year ago. The median sales price of co-ops rose by more than 8 percent to $155,000.

Meanwhile, median sales prices of condominiums fell by 2.4 percent -- the only category experiencing a decline in the first three months of 2018.

"It would be a fair assessment to say that 2018 is off to a very good start," WRE says in its latest market report. "Mortgage rate forecasts have been predicting increases for the past couple of years that never materialized, but now it seems certain that there’s nowhere to go but up. At this point in time, inventory seems to be the one thing that will determine the potential of the 2018 market."

"The second quarter will be the most telling  . .  . when the highest number of properties are listed in any given year. The weather improves, homes have their best curb appeal, and sellers looking to coordinate a move around the school year will usually list between April and June," WRE's report added.

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