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Now Is the Time to Sell Your House

Posted by hudsonvalleywebgirl on May 19, 2021

Westchester realtors continue to see thriving sales across price points as the pandemic boom continues into the first quarter of 2021.

As city dwellers continue their mass exodus from the cramped quarters of urban living for the bucolic plains of the suburbs, property values in Westchester County continue to soar. Across the board, the area’s leading realtors are continuing to see demand far outstrip the market supply, with a seller’s market continuing robustly into 2021.

Sales volume for single-family homes climbed a full 62% to $1.37 billion, with median and average prices topping $700,000 and $900,000, respectively. Condos represented another $138 million in volume — a 26% increase year-over-year — with 3-4% dips in average and median sales prices, while co-ops contributed another $109 million — a 38% increase from 2020 — with 5-10% increases in sales price.

“We are definitely seeing a seller’s market here in Westchester County,” says John Piazza, a broker with RE/MAX Classic Realty in Somers. “Most new listings have multiple offers to purchase within days of being actively listed. It is a frustrating time for buyers who are competing with each other in a very limited supply of available homes market. The demand for housing is strongly fueled by the millennial generation now approaching homeownership age, coupled with record-low mortgage rates,” Piazza says. “The supply of available homes for sale is low since many baby boomers are not able/ready to retire or downsize. The spring market will be filled with a strong demand to purchase. It is unknown yet if that demand can be satisfied with more homes being offered for sale.”

Read the full article at westchestermagazine.com.

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