How Inventory Tipped the Westchester Real Estate Market

This month I am sharing my May Real Estate Market Summary based on my experience and knowledge, but backed up by hard numbers released from HGAR or Hudson Gateway Association of Realtors. (You know I love to research market info and I am happy to share.)In the past month the local real estate market has tipped toward a seller's market. Let me explain... in a balanced market there are about six months worth of housing inventory. As of last month, the inventory of properties in Westchester has decreased to 5 months. This includes distressed properties and foreclosures that haven't been able to sell previously. I watched a property that was on the market for a year, never get an offer. The agent re-listed it last month, and they received 4 offers on it. The property now has an accepted offer above the asking price. 

The market is hot right now, but as volatile as the past couple of months have been, it can shift quickly. If you are thinking of selling or have a property that didn't sell before, list it now. If you can bring something new to  the market, you have a better chance of selling it now that there is less inventory or competition.

The  1st Quarter Board of Realtors Report outlines this shift. "The ongoing fast pace of sales appears to have affected inventory levels more significantly than it has for many years prior." The report states that with the increased competition for properties, buyers need to make faster decisions. As prices start to rise, more owners may list their homes and inventory will increase. It will then tip the market back to being more favorable for buyers.  

 If you are serious about taking advantage of these market conditions, let's talk about how they can benefit you.  Please feel free to pick up the phone and call me at (914) 721-0038 or email  marcianokw@gmail.com with any questions you might have.