2018 Real Estate Market Stats – George M. Davis Elementary School

I always like to break the sales prices down by different price points as it gives us a proper perspective on what has been selling, and where the market truly is. Whenever we see sales prices reflected in company stats, they are usually created from areas, cities,  or zip codes, but they do not allow for the total number of homes sold at different prices. I always think  it is advantageous to break down those stats.  The 10804 zip code also covers homes in the William B. Ward School. but to make it simpler, I have just given the stats for the  George M. Davis Elementary School.

The George M. Davis Elementary School covers different areas such as Larchmont Woods, Beechmont,  Maplewood Park and the Scarsdale P.O.  There are also some streets that allow school choice so the stats could be offset minutely. It is important to note that the homes in Larchmont Woods, because of the close proximity to Larchmont, and the walk ability score usually sell for more money than perhaps elsewhere in New Rochelle.  The Beechmont area is also a very desirable area, as is the Scarsdale P.O. area which people sometimes confuse with actually being in Scarsdale!

In 2018 there were 106 homes sold in the George M. Davis Elementary School District with the lowest priced home being sold for $292,000, and the highest priced home being sold for $1,899,000.

In 2017, there were 118 homes sold with the lowest priced home being sold for $315,000 and the highest priced home being sold for $2,010,000.

I have broken down the price points to reflect the Larchmont Woods/Beechmont areas, and the remaining areas.

Larchmont Woods/Beechmont

No homes sold in the first category of 0-$499,000 for either year.

In 2018, 7 homes in the $500,000 – $699,000 price range with an average price per square foot of $375.02 and an average days on the market of 48. The sales price to the list price ratio was 95.83%. The least expensive home sold for $510,000 and the most expensive home sold for $690,000. 3 homes sold at 100% or higher.

In 2017, 4 homes sold with an average price per square foot of $335.05, and an average days on the market of 18. The sales price to the list price ratio was 98.92%. The least expensive home sold for $526,500 and the most expensive home sold for $699,000. 2 homes sold at 100% or higher.

In 2018, in the $700,000 -$899,000 price range, 13 homes were sold with an average price per square foot of $329.63, and an average days on the market of 74. The sales price to list price ratio was 95.68%. The least expensive home sold was $700,000 and the most expensive home sold was $840,000. 3 homes sold at 100% or higher.

In 2017, 11 homes were sold with an average price per square foot of $368.85, and an average days on the market of 34. The sales price to list price ratio was 98.09%. The least expensive home was $722,500 and the most expensive home was $875,000. 6 homes sold at 100% or higher.

In 2018, in the $900,000 -$999,000 price range, there were 4 homes sold with an average price per square foot of $341.34, and an average days on the market of 74. The sales price to lists price rate was 95.28%. The least expensive home sold for $920,000 and the most expensive home sold for $995,000.

In 2017, 9 homes sold with an average price per square foot of $361.85, and an average days on the market of 84. The sales price to list price ratio was 94.28%.  The least expensive home sold for $900,000, and the most expensive home sold for $990,000. 4 homes sold at 100% or higher.

In 2018, in the $1,000,000 -$1,099,999 price range, there were no homes sold in this price range.

In 2017, there were 3 homes sold with an average price per square foot of $313.92, and an average days on the market of 35. The sales price price to list price ratio was 96.97%. The least expensive home sold for $1,050,000 and the highest priced home sold for $1,065,000. One home sold over 100%.

In 2018, in the $1,100,000 -$1,199,999 3 homes were sold with an average price per square foot of $358.99, and an average days on the market of 79. The sales price to list price ratio was 90.08%. The least expensive home sold for $1,100,000, and the most expensive home sold for $1,189,000.

In 2017, 3 homes sold with an average price per square foot of $347.16, and an average days on  the market of 28. The sales price to list price ratio was 97.56%. The least expensive home sold for $1,140,000, and the most expensive home sold for $1,180,000.

In 2018, in the $1,200,000-$1,399,000 price range, 2 homes were sold with an average price per square foot of $367.70, and average days on the market of 189.  The least expensive home sold for $ 1,200,000 and the most expensive home sold was $1,251,500.The sales price to list price ratio was 90.03%

In 2017, there were 3 homes sold with an average price per square foot of $336.82, and an average days on the market of 42. The sales price to list price ratio was 94.90%. The least expensive home sold for $1,200,000 and the most expensive home sold for $1,324,500.

In 2018, in the $1,400,000+ price range there were 3 homes sold with an average price per square foot of $342.72, and an average days on the market of 99. The sales price to list price ratio was 94.24%. The least expensive home sold for $1,560,000 and the most expensive home sold for $1,833,000.

In 2017, one home sold with a price per square foot of $215.49  at $ 1,900,000 and 54 days on the market. The sales price to list price ratio was 91.35%.

In Conclusion

In the $500,000-$699,000 price range, 2018 was a stronger year with regards to price per square foot, and amount of homes sold (7-4). However in the next price range of $700,000 – $899,000 , 2017 was a stronger year. The same could also be stated for homes in the $900,000 -$999,000 price range, and $1,000-1,099,000 with no homes being sold in 2018 while 3 homes were sold in 2017 with one home being sold over asking.

Interestingly, in the next price range of $1,100,000 – $1,199,000, there was a great similarity in sales and price per square foot so no change there.. Homes were longer on the market though in 2018 (79-28). This trend continued in the $1,200,000 – $1,399,000 price range with days on the market being far less in 2017 ( 42 compared to 189). A few more homes sold in 2018 in the $1,400,000 and higher price range (3-1) with more days on the market (99-54).

 

Davis Elementary School – in General

In 2018, in the $0-499,000 price range, there were 7 homes sold with an average price per square foot of $244.39, and an average days on the market of 58. The  sales price to the original list price was 94.58%. The least expensive home sold for $292,500 and the highest priced sold home sold for $499,000. 3 homes sold at 100% or higher.

In 2017, there were 5 homes sold with an average price per square foot of $243.97, and an average days on the market of 123. The sales price to the original list price ratio was 95.42%. The least expensive home sold for $315,000, and the highest priced home sold for $487,000. One home sold at 100%.

In 2018, in the $500,000 – $699,000 price range, there were 27 homes sold with an average price per square foot of $317.69, and an average days on the market of 63. The sales price to the original list price was 94.39%. The least expensive home sold for $510,000 and the most expensive home sold for $690,000. 4 homes sold at 100% or higher.

In 2017, 32 homes sold with an average price per square foot of $332.40, and an average days on the market of 63. The sales price to the original list price ratio was 97.12%. The least expensive home sold for $500,000, and the most expensive home sold for $679,000. 16 homes sold at 100% or higher.

In 2018, in the $700,000 – $899,000 price range there were 29 homes sold with an average price per square foot of $347.00 and an average days on the market of 69. The sales price to list price ratio was 96.98%. The least expensive home sold for $700,000, and the most expensive home sold for $892,000.  11 homes sold at 100% or higher.

In 2017, 31 homes with an average price per square foot of $351.40, and an average days on the market of 46. The sales price to list price ratio was 99.52%. The least expensive home sold for $705,000 and the most expensive home sold for $899,000.  16 homes sold at 100% or higher.

In 2018, in the $900,000 -$999,000 price range, 3 homes were sold with an average price per square foot of $263.22, and average days on the market of 145. The sales price to list price ratio was 85.91%. The least expensive home sold for $900,000 and the most expensive home sold for $940,000.

In 2017, 1 home with a price per square foot of $284.27,  and 31 days on the market. The sales price to list price ratio was 97.88% selling at $925,000.

In 2018, in the $1,000,000 -$1,099,999 price range, no homes were sold.

In 2017, 2 homes sold with an average price per square foot of $316.98, and an average days on the market of 46. The sales price to list price ratio was 89.40%. The least expensive home sold for $1,020,000 and the most expensive home sold for $1,045,000.

In 2018, in the $1,100,000 – $1,199,000 price range,  one home was sold with a price per square foot of $393.72, and an average days on the market of 89.  The sales price to list price ratio was 87.68%.

In 2017, 2 homes were sold with an average price per square foot of $363.87, and average days on the market of 34. The sales price to the list price ratio was 96.80%. The least expensive home sold for $1,140,000 and the most expensive home sold for $1,180,000.

In 2018, in the $1,200,000 -$1,399,000 price range, 2 homes were sold with an average price per square foot of $324.68 and an average days on the market of 124.  The sales price to list price ratio was 90.94%. The least expensive home sold for $1,350,000 and the most expensive home sold for $1,350,000.

In 2017, 5 homes sold with an average price per square foot of $353.19, an an average days on the market of 180. The sales price to list price ratio was 94.41%. The least expensive home sold for $1,225,000 and the most expensive home sold for  $1,300,000.

In 2018, in the $1,400,000 + price range there were 5 homes sold with an average price per square foot of $347.37 and an average days on the market of 127. The sales price to list price ratio was 97.02%. The least expensive home sold for $1,425,000 and the most expensive home sold for $1,899,000.

In 2017, there were 3 homes sold with an average price per square foot of $495.28, and an average days on the market of 56. The sales price to list price ratio was 102.13%. The least expensive home sold for $1,425,000 and the most expensive home sold for $1,935,000. 2 homes sold over 100%.

In Conclusion

In the $0-499,000 price range both years were very similar, but in the next price range of $500,000 – $699,000 2017 was definitely a stronger year with a few more homes being sold (32-27) a higher price per square foot (  $332.40 – $317.69) )  and more homes selling over 100% (16-4).

In the $700,000 – $899,000 price range, 2017 was stronger both in price per square foot ($351.40-$347), days on market (46-69) , number of homes selling over 100% (16 – 11) . This was also slightly apparent in the $900,000 -$999,000 price range for while 3 homes sold in 2018, the days on the market increased a tad. More homes sold at over asking in 2017 also (16-11).

In the $900,000 -$999,000 price range the number of homes were similar (3-1) with more homes being sold in 2018. However the number of days on the market were more in 2018 (145-31). However, with just one home being sold in 2017, this hard to gauge. In the $1,000,000 – $1,099,000 price range 2017 was defintiely s stronger year as no home was sold in 2018 compared to 2 homes in 2017. In homes priced over $1,100,000 2017 was slightly stronger each year although it should be noted that more homes were sold in 2018 in the  $1,400,000 + price range (5-3).  However, price per square foot was much higher in 2017 ($495.28 – $347.37).

In this School district, 2017 was definitely a stronger year than 2018. This is interesting, as the Ward Elementary School  area was similar in each year.

SO, where are we? There were so many reports last year of declining home prices either based on market inventory or the increasing interest rates. We were all urged to encourage our buyers to purchase before the interest rates would increase in 2019 and their buying power lessened. However, this is always based on the broader elements of the real estate market?

https://www.marketwatch.com/story/were-probably-at-peak-housing-heres-what-that-means-2018-06-27

Paul Breunich, our CEO & President of William B. Pitt Sotheby’s was a calming influence on the vitriol and negativity, by putting things into perspective. “The Sky is not Falling” and then, after his report was received with mixed review, Mr. Breunich then published “The Sky is Not Falling Part 2”. This was back in August.

The negative reports continued.

https://www.cnbc.com/2019/01/02/manhattan-real-estate-closes-2018-as-worst-year-since-financial-crisis.html

However, those interest rates dropped in January, and it is thought that there will ‘only’ be one more interest rate increase (in September) as opposed to the rate increases we had been led to believe. Early 2019 will be the first indicator of how the tax laws will affect home sales and purchases .

https://www.usatoday.com/story/money/2018/12/21/housing-market-predictions-2019/2218094002/

There has been so much new construction in the city, that sellers were unable to obtain the customary prices they were used to, thus perhaps curtailing their purchases elsewhere such as in Westchester – but was that so? An interesting subject as we have seen softer sales in the higher priced market. While I would rather address that subject in another report regarding the luxury market, I would like to focus at this time on how it affected the  George M. Davis Elementary School District. Always remember that real estate is  local. When we are invited into a prospective seller’s home, we bring the most recent sales stats and not the reports from the city. Yes, we should all look towards macroeconomics, and with the job market increasing, national productivity holding strong, the outlook appears to be quite positive, yet with interest rates a tad higher than a year ago, where are the buyers today?

https://www.thebalance.com/us-economic-outlook-3305669

https://www.chicagotribune.com/business/ct-biz-us-housing-market-new-year-20190104-story.html

I have clients who have been seeking a home in the lower price point $300- 550,000 range, and where ever we look in lower Westchester, I am hearing of multiple bidding. The homes in this price range (attracting first time home buyers) will have no problem selling in 2019. This was also evidenced by the fact that 48 homes sold in 2018 in the $500-699,000 price range compared to 2017 when 34 homes were sold. Another reason why fewer homes sold in the 0-$499,000 price range. After all, with so many homes selling in 2017 in this price range, it would be logical for a home owner to increase the listing entrée price to their home in 2018 after seeing those 2017 stats. This was also apparent in the next few price points with more homes selling over 100% of list price. The buyers were still buying all priced homes in 2018 with a preference to newer homes, renovation, but with that hesitance towards years end.

https://www.mashvisor.com/blog/new-york-city-real-estate-market-forecast-2019/

I would conclude that in this Elementary School area, the buyers were still buying in 2018, but in some instances taking longer to find their dream home, seeking value, fussier, more observant of the higher taxes (taking into effect the property tax deduction of $10,000) . Overall, the number of sales were quite similar year to year but  2017 was slightly stronger.  This could have been a result of new tax laws, increased mortgage interest rates, and negative press when there should have been perhaps a more positive representation of the economy.

Looking to this year, as a seller, always put your best foot forward! Condition of a home is important, marketing extremely important, and using the right agent always important! I would also suggest that should a home owner’s property taxes be very high, they offset with a lesser price point . If you feel your are overpaying your property taxes, then grieve! For a buyer? Make sure you see the lesser priced homes as they enter the market as you might miss out. Determine early on what you are seeking in home size, location, and make sure your have your pre-approval updated. In the case of multiple bidding, always a good idea to submit all of your information to your mortgage broker so your pre-approval is as complete as possible. Some banks call this a ‘Priority pre-approval’ which is basically a mortgage approval, but just missing the appraisal, and home information!
I have been a New Rochelle resident since 1989, love real estate, and am here for all your real estate needs.

New Rochelle is great!

 

 

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2018 Real Estate Market Stats 10801 – Daniel Webster Elementary School

I always like to break the sales prices down by different price points as it gives us a proper perspective on what has been selling, and where the market truly is. Whenever we see sales prices reflected in company stats, they are usually created from areas, cities, or zip codes, but they do not allow for the total number of homes sold at different prices. I always think it is advantageous to break down those stats. 

Accordingly, since some zip codes correspond to different elementary schools (such as the William B.Ward School) ,  here is the break down for the Daniel Webster Elementary School for 2018.

30 homes were sold in 2018 compared with 33 in 2017. 8 homes sold at 100% or over in 2018 and 13 in 2017.

In 2018,  in the 0-$499,000 price range 7 homes were sold with an average price per square foot of $233.06, and  average days on the market of 52. The list price to sales price ratio was 93.79%. The lowest priced home sold for $249,000, and the highest priced home sold for $475,000. One home sold at 100%.

In 2017, 5 homes were sold with an average price per square foot of $285.98, and an average days on the market of 35. The list price to sales price ratio was 98.55%. The lowest priced home sold for $355,000, and the highest priced home sold for $481,000. Two homes sold for over 100%.

This reflected a stronger 2017 over 2018.

In 2018, in the $500-699,000 price range 17 homes were sold with an average price per square foot of $290.75, and average days on the market of 51. The list price to sales price ratio was 96.90%. The lowest priced home sold for $520,000, and the highest priced home sold for $670,000. 6 homes sold at 100% or higher.

In 2017, 23 homes with an average price per square foot of $277.39, and average days on the market of 101. The list price to sales price ratio was 95.36%. The lowest price sold home was $510,000 and the highest priced sold home was $690,000. 6 homes sold for 100% or higher.

While more homes were sold in 2017, price per square foot was higher in 2018 with a higher list price to sales price ratio.

In 2018, in the $700,000 to $799,000 price range 5 homes were sold with an average price per square foot of $278.42, and average days on the market of 78.  The list price to sold price ratio was 95%.The lowest priced sold home was $705,000 and the highest price sold home was $775,000.

In 2017, 3 homes sold with an average price per square foot of $274.80, and average days on the market of 95. The list price to sold price ratio was 101.44%. The lowest priced sold home was $700,000 and the highest priced sold home was $745.000 All 3 homes sold over 100% .

This indicates that the sales prices were stable for both years.

In 2018, in the $800,000 – $899,000 range 1 home was sold with an average price per square foot of $380.43, and average days on the market of 21.  The sales price to list price ratio was 103.18% and sold at $875,000.

In 2017, 1 home sold with an average price per square foot of $255.80, and average days on the market of 96. The list price to sales price ratio was 101.26, and sold at $805,000.

With just one home each year selling in this price range, it is hard to gauge a market trend.

No homes were sold over $900,000 in 2018.

In 2017, one home sold at $1,025,000. This home sold at 114.14% and was a newly renovated home.

In conclusion,  each year was quite similar and reflects a stable market.

In 2013, I was honored to be the New York State Certified Residential Specialist of the Year!  As a resident of New Rochelle for 40 years, I am here for all of your real estate needs!

New Rochelle is GREAT!

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2018 Ward School Market Stats 10804 Gay Rosen -Sotheby’s

I always like to break the sales prices down by different price points as it gives us a proper perspective on what has been selling, and where the market truly is. Whenever we see sales prices reflected in company stats, they are usually created from areas, cities,  or zip codes, but they do not allow for the total number of homes sold at different prices. I always think  it is advantageous to break down those stats.  The 10804 zip code also covers homes in the George M. Davis Elementary School, but to make it simpler, I have just given the stats for the William B. Ward School.  The Ward School area covers different areas such as Wykagyl Park, Paine Heights, Forest Heights, Bayberry, Pinebrook Estates to name a few!

William B. Ward School 10804

In 2018 there were 132 homes sold ranging in price from $379,900 to $2,281,000. In 2017, there were 137 homes sold ranging in price from $150,000 to $1,799,999.

In 2018 in the $0-$499 price range, there were 4 homes sold with an average price per square foot of $229.82. The sales price to list price ratio was 96.85%. The average days on the market was 111. The lowest priced home sold was $379,900 and the highest priced home sold was $476,000. 2 of the 4 homes sold at 100% or higher.

In 2017, there were 58 homes sold with an average price per square foot of $240. The sales price to list price ratio was 95.48 %. The lowest home sold sold was $425,000 and the highest sales price in this category was $495,000. The average days on the market was 90. 24 homes sold at 100% or higher.

In 2018, in the $500-$699,000 price range, there were 48 homes sold with an average price per square foot of $320.58. The sales price to list price ratio was 94.84%. The average days on the market was 66. The lowest priced home sold was $503.750, and the highest priced home sold was $696,500. 10 homes sold at 100% or higher.

In 2017, there were 34 homes sold with an average price per square foot of $300.99. The sales price to list price ratio was 94.34%. The average days on the market was 80. The lowest priced home sold was $520,000 and the highest priced home sold was $699,900. 7 homes sold at 100% or higher.

In 2018, in the $700,000- $799,000 price range there were 24 homes sold with an average price per square foot of $313.62. The sales price to list price ratio was 94.52. The average days on the market was 85. The lowest priced home sold was $700,000 and the highest priced home sold was $798,888. There were 6 homes that sold at 100% or higher.

In 2017, there were 24 homes sold also with an average price per square foot of $319.08. The sales price to list price ratio was 96.56%. The average days on the market was 54. The lowest price home sold was $701,000 and the highest priced home sold was $799,900. There were 12 homes sold at 100% or higher. 

In 2018, in the $800,000-$899,000 price range there were 15 homes sold with an average price per square foot of $298.71. The sales price to list price ratio was 96.70% . The average days on the market was 87. The lowest priced home sold for $800,000 and the highest priced home sold for $899,000. 2 homes sold at 100% or higher.

In 2017, there were 12 homes sold with an average price per square foot of $301.55. The sales price to list price ratio was 96.76%. The average days on the market was 67. The lowest priced home sold for $805,000 and the highest priced home sold for $881,000. 4 homes sold at 100% or higher.

In 2018, in the $900,000 – $999,000 price range there were 10 homes sold with an  average price per square foot was $259.31. The sales price to list price ratio was 90.09%. The average days on the market was 97. The lowest priced home sold for $900,000 and the highest priced home sold for $985,000. 2 homes sold at 100% or higher.

In 2017, there were 9 homes sold with an average price per square foot of $280.25. The sales price price to list price ratio was 92.66%. The average days on the market was 60.  The lowest priced home sold was $900,000 and the highest priced home sold was $995,000. No home sold at 100%.

In 2018, in the $1,000,000 – $1,099,000 price range there were 7 homes sold with an average price per square foot of $321.11. The sales price to list price ratio was 93.29%, and the average days on the market was 45. The lowest priced home sold was $1,033,000 and the highest priced home sold was $1,099,000.

In 2017, there were 8 homes sold with an average price per square foot of $315.56. The sales price to list price ratio was 91.71%, and the average days on the market was 180. The lowest priced home sold for $1,007,500, and the highest priced home sold for $1,070,000.

In 2018, in the $1,100,000 – $1,199,000  there were 4 homes sold with an average price per square foot of $293.72.  The sales price to list price ratio was 94.16%, and the average days on the market was 54. The lowest priced home sold was $1,100,000 and the highest priced home sold was $1,165,000.

In 2017 there were 9 homes sold with an average price per square foot of $314.68. The sales price to list price ratio was 95.74%, and the average days on the market was 56. The lowest priced home sold was $1,100,000 and the highest priced home sold was $1,197,500.

In 2018, in the $1,200,000 – $1,399,000 price range there were 10 homes sold with an average price per square foot of $294.32. The sales price to list price ratio was 90.63%, and the average days on the market was 130. The lowest priced home sold was $1,200,000 and the highest priced home sold was $1,374,000.

In 2017, there were 5 homes sold with an average price per square foot of $302.00. The sales price to list price ratio was 95.08%, and the average days on the market was 95. The lowest priced home sold was $1,210,176 and the highest priced home sold was $1,390,000.

In 2018, in the $1,400,000 – $1,499,000 price range there were 4 homes sold with an average price per square foot of $339.93. The sales price to list price ratio was 93.83% and the average days on the market was 108. The lowest priced home sold was $1,407,500 and the highest priced home sold was $1,484,500.

In 2017 there were 2 homes sold with an average price per square foot of $298.24. The sales price to list price ratio was 94.38% with an average days on the market of 200. The lowest priced home sold was $1,420,000 and the highest priced home sold was $1,490,000.

In 2018, in the $1,500,000  + price range there were 6 homes sold with an average price per square foot of $378.77. The sales  price to list price ratio was 97.11% and the average days on the market was 115. The lowest priced home sold was $1,575,000 and the highest priced home sold was $2,281,000. Only 2 homes sold over $2 Million.

In 2017, 3 homes sold with an average price per square foot of $350.48. The sales price to list price ratio was 90.90% ans the average days on the market was 206. The lowest priced home sold was $1,565,000 and the highest priced home sold was $1,799,999.

In conclusion

The actual number of homes sold was very similar  between 2017 and 2018 ( 137 in 2017 to 132 in 2018) . 6 homes were sold  over $1,500,000 and only 3 were sold in 2017.

It is obvious that 2017 was a more robust year with regards to lower priced homes (0-$499,000) range, and  higher price per square foot ( $258.31 compared to $229.82). The days on the market were fewer also.

As we review the next price bracket of $500,000 to $699,000 there were more homes sold in 2018 (48-34) , with an average  higher price per square foot ($320.58 – $300.99 in 2017), and also with an average fewer days on the market (66 – 80).  There were more homes sold at over asking in this price range also (10 compared to 7).

Interestingly,  in the next price point ($700,000 – $799,000), there were exactly the same number of homes sold in both years – 24, with average days on the market basically the same also. Price per square foot was also very similar with $319.08 in 2017 and $313.62 in 2018. Sales price to list price ratio higher in 2017 with 96.56 compared to 94.52 in 2018, and also 12 homes sold at 100% or higher in 2017 compared to 6 homes sold at 100% or higher in 2018.  So, while at a glance, everything looks to be the same, the market in this price range was stronger in 2017.

In the next price point of $800,000 -$899,000 more homes sold in 2018 than 2017 ( 15 -12 so negligible). Price per square foot was very similar with $298.71 in 2018 compared to $301.55 in 2017, average days on the market was higher with 87 days in 2018 compared to 67 in 2017. This was overall a very positive sign as the new tax law came into effect, and people knew that they would be paying more property taxes with fewer deductions, and this price point really demonstrated where the buyers were. Accordingly, there were mortgage rate increased as the year progressed, and so while the year started off strong,  there were only 3 sales from October to December in 2018 so the buyers were a little more hesitant at that point.

Another interesting factor was the next price point of $900,000 -$999,000. 10 homes sold in 2018 compared to 9 homes in 2017, Homes were longer on the market in 2018 (97 to 60), and price per square foot was higher in 2017 than in 2018 ($280.25 compared to $259.31). However, 2 homes sold for 100% or higher in 2018.

In homes priced between $1,000,000 and $1,099,000, sales were very similar for both years ( 7 in 2018 compared to 8 in 2017) with 2 homes in 2018 selling for 100% or higher. Price per square foot was higher in 2018 ($321.11 – $315.56) and the days on the market were fewer also (45 to 180). 

4 homes were sold in 2018 priced between $1,100,000 – $1,199,000 compared to 9 homes in 2017. List price to sales price ratios were lower in 2018 (94.16 % – 95.74% ) , with three homes in 2017 selling for list price or higher. Price per square foot was also higher in 2017 ($314.69  – $293.72).

10 homes were sold in 2018 in the price point of $1,200,000 – $1,399,000 with 5 homes being sold in 2017. 2 homes sold for 100% or higher in 2017 and list price to sales price ratio was higher in 2017 also (95.06 % – 90.63%). Only one home closed in December in 2018 with the other homes going into contract earlier in the year, and this was the same in 2017.

4 homes were sold in 2018 in the $1,400,000 – $1,499,000 price point with 2 homes being sold in 2017. It should be noted that 2 homes in 2017 were built in 2017, with one home in 2017 being built in 2016. Days on the market were on average 108 in 2018 compared to 200 in 2017, and price per square foot was also higher in 2018 ($339.93 – $298.24). This also reflected the new homes being built so the days on the market are slightly skewed.

Just to make the stats confusing, 6 homes sold  in homes priced $1,500,000+  in 2018 compared to 3 homes in 2017. Price per square foot was higher in 2018 ($378.77 – $350.48) and sales price compared to list price (97.11% – 89.90%) was higher in 2018 too.

SO, where are we? There were so many reports last year of  declining home prices  either based on market inventory or the increasing interest rates.  We were all urged to encourage our buyers to purchase before the interest rates would increase in 2019 and their buying power lessened. However, this is always based on the broader elements of the real estate market?

https://www.marketwatch.com/story/were-probably-at-peak-housing-heres-what-that-means-2018-06-27

Paul Breunich, our CEO & President of William B. Pitt Sotheby’s was a calming influence on the vitriole and negativity, by putting things into perspective. “The Sky is not Falling” and then, after his report was received with mixed review, Mr. Breunich then published “The Sky is Not Falling Part 2”.  This was back in August.

The negative reports continued.

https://www.cnbc.com/2019/01/02/manhattan-real-estate-closes-2018-as-worst-year-since-financial-crisis.html

However, those interest rates dropped in January, and it is thought that there will ‘only’ be one more interest rate increase (in September)  as opposed to the rate increases we had been led to believe.  Early 2019 will be the first indicator of how the tax laws will affect home sales and purchases .

https://www.usatoday.com/story/money/2018/12/21/housing-market-predictions-2019/2218094002/

There has been so much new construction in the city, that sellers were unable to obtain the customary prices they were used to, thus perhaps curtailing their purchases elsewhere such as in Westchester – but was that so?  An interesting subject as we have seen softer sales in the higher priced market. While I would rather address that subject in another report regarding the luxury market, I would like to focus at this time on how it affected the Ward School, 10804 zip code.  Always remember that real estate is always local. When we are invited into a prospective seller’s home, we bring the most recent sales stats and not the reports from the city. Yes, we should all look towards macroeconomics, and with the job market increasing, national productivity holding strong,  the outlook  appears to be quite positive, yet with interest rates a tad higher than a year ago, where are the buyers today?

https://www.thebalance.com/us-economic-outlook-3305669

https://www.chicagotribune.com/business/ct-biz-us-housing-market-new-year-20190104-story.html

I have clients who have been seeking a home in the lower price point $300- 550,000 range, and where ever we look in lower Westchester, I am hearing of multiple bidding.  The homes  in this price range (attracting first time home buyers) will have no problem selling in 2019.  This was  also evidenced by the fact that 48 homes sold in 2018 in the $500-699,000 price range compared to 2017 when 34 homes were sold. Another reason why fewer homes sold in the 0-$499,000 price range.   After all, with so many homes selling in 2017 in this price range, it would be logical for a home owner to increase the listing entrée price to their home in 2018 after seeing those 2017 stats. This was also apparent in the next few price points with more homes selling over 100% of list price.  The buyers were still buying all priced homes in 2018 with a preference to newer homes, renovation,  but with that  hesitance towards years end.

https://www.mashvisor.com/blog/new-york-city-real-estate-market-forecast-2019/

I would conclude that in this zip code (Elementary School area), the buyers were still buying in 2018, but in some instances taking longer to find their dream home,  seeking value, fussier, more observant of the higher taxes (taking into effect the property tax deduction of $10,000) but not too much of a difference between 2017 and 2018 . Overall, the number of sales were quite similar year to year but there were fewer sales towards the end of the year, thus the ‘softening’ we as agents saw. This could have been a result of new tax laws, increased mortgage interest rates, and negative press when there should have been perhaps a more positive representation of the economy.

Looking to this year, as a seller, always put your best foot forward! Condition of a home is important, marketing extremely important, and using the right agent always important!  I would also suggest that should a home owner’s property taxes be very high, they offset with a lesser price point .  If you feel your are overpaying your property taxes, then grieve! For a buyer? Make sure you see the lesser priced homes as they enter the market as you might miss out. Determine early on what you are seeking in home size, location, and make sure your have your pre-approval  updated. In the case of multiple bidding, always a good idea to submit all of your information to your mortgage broker so your pre-approval is as complete as possible. Some  banks call this a ‘Priority pre-approval’ which is basically a mortgage approval, but just missing the  appraisal, and home information!

I have been a New Rochelle resident since 1989,  love real estate, and am here for all your real estate needs.

New Rochelle is great!

 

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Birds are welcome too in 10804!

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Public Open House 185 Paine Avenue 10804 1-3 p.m. 2/3/19

Public Open House 1-3 p.m. on February 3rd, 2019. Super Bowl Sunday!!!!  Located in the exclusive Paine Heights Estate area of New Rochelle, this charming & sunny 2325 square foot, 4 Bedroom, 3 bath Tudor home on 0.39 of an acre has a two car detached garage. The open floor plan has a charming welcoming warmth with its huge fireplace, gleaming hardwood floors, delightful dining room, and French doors leading to the terrace and the new wrought iron railings. The updated modern kitchen offers granite counters, new cabinetry, new microwave and back splash. Currently being converted to gas, there is a new Weil-McLain Gas Boiler & Hot Water Heater. The Master Bedroom has an en-suite bathroom, & there are two additional bedrooms on the second floor with a Jack n’ Jill bathroom. The third-floor bedroom and bath offers privacy, and the wonderful cozy carpeted attic space is perfect for storage. The roof is just a few years old, mostly new double pane windows, and the rear yard is huge and perfect for home expansion if desired! New fence too! Just 30 minutes to New York City. This delightful home is being offered at $835,000.

New Rochelle is GREAT!

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What does $800,000 buy in New Rochelle 10804?

I say this to everyone I meet in the vicinity, but one of my regrets is not having purchased a home in the Bayberry Community. The community was built in the mid 1950’s, 200 homes in three different styles. Over the years, the owners have loved living there so much, they have extended, built up, out and beyond, making the most of what they have. The results are different styled homes although most still have the basic layout of years earlier. It is the only community in New Rochelle that boasts a community Olympic sized pool,  tennis court, volley ball court, basketball court, playground, cafe and summer camp for children.  Home owners can hold Birthday parties at the pool, and there are summer events there too.

I had the pleasure of selling 2 homes this year in the area, one sold for $805,000, and another sold for $800,000 overlooking a free forming pond which the owners loved. The home owners liked the tranquility and privacy of that location.  The home was located on 0.31 of an acre, 2351 square feet with a beautiful 10 year old kitchen, roof, featured 5 bedrooms, 2 on one level and three on separate second levels. There were so many upgrades too!

11 Properties have sold to-date in the area, ranging in price from $613,500  (1330 square feet) to $1,245,000 (4305 square feet), with an average price per square foot of $360.21 per square foot.

I currently have another wonderful home on the market in the area- 29 Woodcut Lane featuring 2514 square feet, 4 bedrooms, 3 bathrooms and located on 0.29 of an acre. This home boasts a huge first floor bedroom/family room, and a huge second floor master bedroom with two additional bedrooms. There is also a sun room,  3 zones in the home, central air conditioning,  a beamed living room and offers so much charm!  It is priced at $849,000.

New Rochelle is great!

 

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It’s Gingerbread Time 2018!

I wish I could make gingerbread houses for every client I have ever had. Alas, I can’t!  I do try and give to a few each year though to some friends and clients hoping to spread the Holiday cheer!

This year I made a gingerbread party to special clients (and friends) for some little ones.  My friend supplied the elves’ hats, I supplied the aprons,  lights, glow sticks,   gingerbread houses, icing and loads of candies for decorating!

!t was fun!   Happy Holidays everyone!

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En Route to the Train – James Welker

It is nice to have friends. Friends are all so special. People to be cherished. Some friends simply make it their daily goal to place a smile on your smile, and those around them. James and Ricky are such people. James has spent his career helping children and families alike.

He now resides in New Rochelle (after a brief sojourn to South America, he came back home!), and he and Ricky are very happy in their 2 bedroom abode. They walk to the New Rochelle train station each day, loving their surroundings, and  it is James’ habit to take photos of flowers in bloom, coming into bloom, and sending them to his friends to brighten their day. Here is a little collection of photos that James took this year . Wishing you all  a happy holiday season, and I hope this places a smile on your faces as it does mine each time I receive a photo text!

 

New Rochelle is GREAT!

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2018 New Rochelle’s Thanksgiving Day Turkey Trot (5 K Run/Walk)

The Third Annual New Rochelle Turkey Trot is scheduled for November 22nd (Thanksgiving Day!)  at 8:45 am for Tots 5 and under! You do not have to run, you can walk, but you must have fun! The nicest part of the event is that all proceeds go to local charities  in New Rochelle and Westchester County so it is a win win for all!

From the event organizers”

“The New Rochelle Turkey Trot has become a family and community focused event. In 2017, over 1400 participants (90% local) toed the start line in the beautiful historic district of New Rochelle allowing us to donate over $25,000 to our charity partners. Our hope is that our race becomes an annual tradition where families and friends gather to inspire our kids and young adults in order to help those who are less fortunate, but we need your help.

Michael Conlon “

Giving You More Miles Inc- President
New Rochelle Turkey Trot– Race Director
New Rochelle is GREAT!
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YAI’s 18th Annual Westchester Wine & Food Tasting Benefit

Expertly hosted and (lovingly) organized by both Bonnie Dougan and Mary Gambino, Co-chairpersons of YAI’s annual event, there was a  great attendance last night at the Westchester Marriot Hotel in Tarrytown, New York from 7-9 p.m.

There was a raffle for an Apple Watch, great Silent Auction items to choose from,  and raffle tickets  to tempt everyone!

A quote for the evening from Maya Angelou ” In Diversity there is Beauty and there is Strength.”  Per YAI ” We are committed to enhancing diversity and inclusion of all people, regardless of race, religion, national origin, sexuality or gender identity. We recognize that building an agency where diversity and inclusion are encouraged and celebrated will benefit not only YAI but the individuals we support in their pursuit of opportunities for living, loving, working and learning. Through embracing our uniqueness and celebrating our diversity, we make the community stronger.”

 

YAI  (Young Adult Institute) supports individuals in achieving the fullest life possible by creating opportunities for living, loving, working, and learning. Founded in 1957, YAI’s comprehensive services now support thousands of people everyday. ”

It was a wonderful evening, and I hope they were able to raise funds for their great organization.

“Happiness comes when you work and words are of benefit to yourself and others. Buddha”

For more information, please visit www.yai.org or call 212 273-6100

Westchester is GREAT!

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