There have been 99 sales sold in the first six months in New Rochelle ranging in sales prices from $330,000 (my sale!) to $1,925,000. The median sales price was $651,500. The average days on the market was 131 .Within those stats, there are approximately 22 properties that went into contract at the end of 2013, and so the first Quarter is somewhat distorted by that factor. Then, of course, we had an awful winter with snow storms, etc. and so while we always urge our clients to list their homes as early in the year as possible – in order to garner as much attention as possible from any buyer seeking a home, some home owners decided (to their detriment) to wait until the weather was warmer. We saw homes moving briskly in the early spring market (131 DOM – ‘Days on the Market’) as the inventory was not that large, and as the spring progressed, more and more homes entered the market place, at all varying prices, and so not only was the inventory much larger, buyers were able to pick and choose from those homes that were best priced, most renovated, and taking advantage of the still low mortgage interest rates.
Buyers are seeking homes that are renovated more than before. Any home entering the market place should be freshly painted, floors refinished, perennials pruned, attics and basements emptied, windows washed – and well priced!
When we compare the home sales in the second quarter in comparison to the home sales in the first Quarter, we are seeing 43 homes sold in the First Quarter ending March 31st, with a low sales price of $370,000 and a high sales price of $1,925,000, average price square foot of $272.13, and a median sales price of $660,000.
In the second Quarter, we are therefore seeing 56 homes sold, with a price per square foot of $282.78, Median sales price of $651,250, and a low sales price of $330,000 and a high sales price of $1,800,000. When we compare the sales of the first 6 months 2014 compared to those sales in the first six months of 2013, we are seemingly seeing a high demand ratio with sales compared to available properties, but we are not seeing those homes that have had market adjustments. Sales have decreased this year over last year slightly, and we have to look at sales prices in sales ‘pockets’. Meaning, if we look at homes in the $500,000 – $699,000 price range, there are slightly fewer sales to-date, but we have 29 properties that are pending which will evolve in a 2-1 demand ratio once closed. Accordingly, homes priced between $1 Million and $1,499,000 are showing a 140% increase in total number of sales compared to 2013, and homes between $1.5 million and $1,999,999 are reflecting a total number of sales increase of 300% in number of homes sold . Meaning, 3 homes were sold these past 6 months compared with one home this time last year.
It has still been advantageous for the buyers since mortgage rates are still low and quite desirable!
New Rochelle is GREAT!