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.
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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