How is the Real Estate doing in Westchester County, NY First Quarter 2022?

It is no surprise that the lack of inventory has created a significant slowdown in the Westchester County real estate market. The number of homes sold is down at nearly the same rate as new listings brought to the market for the first quarter, -7.4% and -7.9%, respectively. There were 2,140 single-family homes, condos and coops sold in the first three months of 2022 at an average price of $739,340, up 6.2% year over year. Showings per listing and offers per listing remain at record highs. This strong demand also increased the state’s average list-to-sale price ratio, now 100%. This means that most homes sold in Westchester County are selling considerably above the list price. While the statistics in this report show decreases in many categories when compared to 2021, it is essential to note that more single-family homes were sold in the first quarter of 2022 compared to 2020, 2019, and 2018, even with fewer homes on the market and at prices outpacing the same period.

The momentum in the luxury home sale market remained consistent in the first quarter of the year, with the higher segments outpacing 2021. Homes priced over $2 million spent fewer days on the market and there were more homes sold overall year over year (108 vs. 87). Rye saw a surge in luxury home sales this quarter, at an average price of $3.6 million which is 25% higher than last year. Double digit luxury homes were sold in Scarsdale, Eastchester, Harrison, Mamaroneck, and Bedford.

New home construction has been substantially impacted due to a severe labor shortage, supply-chain disruptions associated with trade wars and COVID, rapid inflation in raw materials, and land shortages driven by zoning restrictions land-use regulations*. Berkshire Hathaway HomeServices has seen an uptick in new rental project planning and singular land sale new builds. On the continuum from previous trends, demand for the new product continues to well-exceed building permits as buyers prioritize privacy, flex space to work from home, and sustainable features. New home construction supply is likely to be constrained well into the future, continuing to fuel the resale and home improvement markets.

Millennials made up the largest share of home buyers in 2021, according to NAR’s recent Gen Trends Report. Many of whom have been saving further into adulthood and capitalized on the low mortgage rates. However, the continued upward movement of rates in Q1 has significantly increased the borrowing cost for buyers and may price out many new buyers this year. With rising home prices combined with rising mortgage rates, the income that households need to earn to afford to buy has increased significantly, drastically impacting housing affordability. The increased cost of buying may cause some buyers to retreat and lead to a more balanced market by the end of the year, aided by an increase in inventory. According to a new survey from Realtor.com, around 64% of prospective sellers in 2022 plan to list their homes over the next six months, according to the firm’s data, indicating a potential return to seasonality in housing markets**.

Navigating the current market as a seller or buyer is complex, and there has not been a time in recent history with the lack of inventory coupled with such strong demand. Berkshire Hathaway HomeServices sales executives have the information, partners, and resources to fully support clients in selling their homes or securing one.

There is i formation available for NYC, Rockland County and Orange County if you are interested please contact me…

Rosemary Camas

914-329-7889

10 Pleasant St, New Rochelle, NY for Sale

This property is new to the market April 8, 2022…any questions or to preview please contact me at 914-329-7889 email or text – prefer text….

PROPERTY FACTS

Price$1,200,000No. Stories 1
Price Per SF$400Year Built 1977
Sale TypeOwner UserTenancy Single
Property TypeFlexParking Ratio 1/1,000 SF
Property SubtypeShowroomClear Ceiling Height 10 FT
Building ClassCNo. Drive In / Grade-Level Doors 1
Lot Size0.11 ACOpportunity Zone No
Rentable Building Area3,000 SF 

For the virtual tour and interactive floor plan, please click the link: https://jumpvisualtours.com/story/410429/r   

Berkshire Hathaway HomeServices New York Properties!   

I am excited to share our new name:

Berkshire Hathaway HomeServices New York Properties!  

Our Westchester offices will now be known as Berkshire Hathaway HomeServices New York Properties in response to the outstanding growth and synergies of our New York Properties flagship office at 590 Madison Avenue in Manhattan.   

This exciting announcement goes well beyond a name change. Our new company name represents years of industry success, coupled with continued region-wide expansion. Given the growth of our New York City operation and the close alliance with our Westchester team, this is a natural progression. It strengthens our offerings in both markets while giving added visibility to the brand.

Selectively chosen by Berkshire Hathaway HomeServices and HomeServices of America;  the global reach, financial strength and fresh brand make the brokerage the premiere real estate firm in the Northeast.  

Whether it’s residential, commercial,  corporate relocation, equestrian or waterfront living, our company and REALTORS® are local market experts committed to providing exceptional service to our clients. 

Berkshire Hathaway Home Services/New York Properties

Planning a permanent or temporary move to Arizona, Colorado, Los Angeles and vicinity, or Palm Beach County, Florida or Vero Beach, Aventura, The Keys, Orlando or the West Coast? How About Europe? 

Good news!!!  I partner with all the top Berkshire Hathaway HomeServices Real Estate Agents
Nationally and Internationally… Let me put you in touch!

Rosemary S. Camas
ABR, CBR, CIPS, GRI, SRES, CIREC, GREEN, ASP
Licensed Real Estate Associate Broker
Berkshire Hathaway HomeServices – New York Properties and Berkshire Hathaway Commercial,
4 Chase Road, Scarsdale, NY 10583

Cell: 914-329-7889 Email: rosemary@rosemarycamas.com

910 Stuart Avenue #2H, Mamaroneck, NY 10543

New to market! Exquisite 2-bedroom 1.1 bath unit in prestigious Hudson Gardens, located in quiet residential area of Mamaroneck (Rye Neck Schools) with high ceilings, wood-burning fireplace, French Doors to terrace off Dining Room; mill work and old-world irreplaceable architectural craftsmanship throughout. Totally renovated with state-of-the-art Bathrooms and Chef’s kitchen boasting custom Omega Cabinetry with built-in pantry, Brazilian Cherry Counter, decorator stone back splash, offsets the working section of built-in oversize stainless steel sink housing garbage disposal; Paneled built-in Liebherr Refrigerator, Double Freezer Drawers, and Fisher Paykal Dishwasher; Black-Granite Counter Top Center Island with Jenn-Air Electric Oven, Gas Cook Top Zephyr Glass Hood/Exhaust System, built-in wine rack. Open concept which is perfect for entertaining. There a new fitness center and new laundry room. Close to Rye, accessible to Harbor Island Park & Beach, Metro North, Shops, Restaurants.

For further information please call Rosemary at 914-329-7889 or click the link below:

910 Stuart Avenue, 2H, Mamaroneck, NY