WESTCHESTER

Overview

– Listing inventory fell to lowest first quarter total in four years.

– Current supply is just below the 10-year average.

– While sales are up, contract volume surged above year ago levels.

– Overall price indicators were mixed indicating stability.

Key Trend Metrics (compared to same year ago period)

– Median sales price rose 2.6% to $390,000.
– Average sales price slipped 2.5% to $521,595.
– Number of sales increased 5.6% to 1,348.

– Listing inventory fell 17.5% to 5,587 units.
– Days on market was 220 days, up 3.8%
– Listing discount was 10%, down from 12.5%.

– Monthly absorption rate was 12.4 months, down from 15.9 months.

By Property Type

1 Family Market
– Median sales price was $515,000, up 1%.
– Number of sales increased 2.8% to 776.

2-4 Family Market
– Median sales price was $350,000, up 6.9%.
– Number of sales rose 5.6% to 76.

Co-op Market

– Median sales price was $140,000, down 3.1%.
– Number of sales increased 8% to 283.

Condo Market
– Median sales price was $310,000, down 0.8%.
– Number of sales increased 13.3% to 213.

Luxury Market (upper 10% of all 1 family sales)
– Median sales price was $1,793,750, down 16.1%.
– The luxury threshold was $1,260,000.