2019 was certainly a year of surprises. For instance, I saw so many multi family properties go into multiple bidding for starters. Buyers are enterprising and smart. To offset the $10,000 cap property tax deduction, many young buyers/savvy buyers realized that a way to combat that was to purchase a multi family home, and to offset their mortgage payments with that additional rental income. Multi family homes in New Rochelle that were listed in the $450-500,000 price point sold at 100% (14 sales) ,multi family homes in $500-600,000 on average sold at 100.6% (13 sales) , and homes in the $700-800,000 price point also sold at 100% (7 sales). Interest rates were low, and so it was still a great time in which to purchase a home!
There were 72 single family homes sold in the $500-600,000 price range with an average list price to sales price ratio of 97.5%, 62 homes sold in the $600-700,000 price range with an average list price to sales price ratio of 96.1%, 33 homes in the $800-900,00 price range sold with an average of 97.2% list price to sales price ratio, 35 homes in the $900-1,000,000 price range with an average 95.8% list price to sales price ratio and 32 homes sold in the $1,000,000-2,000,000 price range with an average list price to sales price ratio of 94.6%. All told, a very impressive year.
How was it surprising? I saw many more rentals, some as a result of homes not being sold (322 in 2019 compared with 278 in 2019). There were 379 homes sold in the 2018 compared to 332 homes sold in 2019. (366 sold homes in 2017). The average sales price in 2018 was $760,979 compared to 2019 with an average sales price of $729,016. More homes closed in June/July which is expected as most buyers purchase in the spring months, and many closings are after the school year ends, so as I always inform my seller clients, list in January/February to catch the spring market! Especially if there are fewer buyers seeking a home, you want to be as visible as possible. 32 homes were sold in the $1-2 Million price range with an average sales price of $1,336,262, and with most homes closing in the months of January (3), May (4), July (9) and August (5) which still re-affirms listing in January or February.
I was fortunate to sell the highest sold home single family home in New Rochelle since 2007 at $3,400,000 which was great also (10 Sheldrake Lane). A very special family purchased the home, and I hope they will love living there. It is a beautiful.
My advice for 2020? Price competitively, list early, make sure you have professional photography, and great marketing! Interest rates are still very low at below 4% so it is a great time to purchase a home but make sure you have your pre approval before you start your home search!!
Licensed Associate Real Estate Broker
914.907.2645 | 914.834.0270
1946 Palmer Avenue | Larchmont, NY 10538
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New Rochelle is GREAT!