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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About Gay E. Rosen

Gay E. Rosen is a Top Realtor in the Larchmont and New Rochelle (Lower Westchester) area. She is diligent, caring, driven and thorough (with a sense of humor).Utilize her expertise. Call her!
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