A Stable Real Estate Market
The final results are in for 2015. With snowstorms early in the 2015 season, the real estate market got off to a slower start than usual, but rebounded well in the third and fourth quarters.
Of particular note was the strength of the Northern Westchester luxury markets. Sales volume increased 15% in Armonk and 24% in Chappaqua. We attribute this growth to higher sale prices in Southern Westchester pushing some buyers to look farther north. Mamaroneck and Larchmont also showed strength with increases in 7 of the 8 data points we surveyed for those areas. Greenwich showed stable sales volume, but a decrease in average selling price and over $2 million sales.
The overall market showed positive signs such as the 13% increase in overall sales volume in Westchester, and 2.2% decrease in inventory. The average selling price of single-family homes remained nearly unchanged Westchester wide.
Looking ahead, we anticipate brisk demand for homes in the under $2 million range in the luxury markets, especially given the continued low interest rates and the strength of the recent U.S jobs numbers. If the Fed continues to raise rates, we anticipate this will spring more buyers on the fence to take action. We saw an uptick in bidding and showing activity in the fourth quarter as a result of the Fed rate increase. Many experts expect rates to stay low despite any Fed increases in 2016 if there are ongoing declines in the stock market or global economy that eliminate the risk of inflation.
Please contact me if you or anyone you know have a real estate question or would like to discuss any of the markets we serve.