As an agent, we could not wait for our home owners to place their homes onto the market in January of this year. There was a need for inventory, and the homes were selling. Great! However, by the time that many decided to sell, many buyers had already decided upon their dream home, and so – as you can see from the graphs below, sales started to decline.
I thought the graphs listed are interesting. The first graph depicts the close price to the list price ratio… and we are seeing wonderful stats, but declining as the months progress. In the second graph, we are then seeing the close price to original price, and you can see the ratios are much lower…
The third report is a brief overview of single family sold homes in the New Rochelle area ( n.b. 172 sales as of August 31st, 2014 per H/Lawrence – approximate at this point – the HGMLS graphs reflect 185 sales). You can note that the market is very fluid for homes priced up to $699,999 with a supply and demand of 2 (High demand), and a lower demand for homes priced from $700,000 – $999,000 (6 – which reflects a balanced market). There are currently 23 homes on the market priced between $1,000,000 and $1,499,000 with 7 homes that are pending. Accordingly, this time last year there had been 17 sales in that same price range with 5 properties pending. With the inventory being larger, it is always the best home that sells, the home offering offering more value, etc.
Buyers are still looking for that new home, but perhaps should also be looking for that home that offers great value. New Rochelle has so many wonderful homes with land, and offering size and yes, value! With interest rates expected to rise next year, 2014 is a wonderful time in which to purchase a home. Rates are approx. 3.875% 30 Year Fixed this weekend for homes priced up to One Million, and great rates for homes priced from One Million to 5 Million also! (Per Patricia Madison Webster Bank).
New Rochelle is GREAT!