The Trendline - Westchester - January 2021

The MLS just dropped its December listings data and I'm seeing a continuation of interesting trends in Westchester.

Westchester home owners really, really don't want to move. This was a trend even before the pandemic, but this is dramatic! There is almost nothing to offer buyers in Westchester right now. This is a classic "sellers' market" scenario with about 1.7 months of inventory available.

It's been a year! The pandemic was a big enough deal last year, but the calendar year closed with a high drama election. It looks like home owners might be finding their way to the market ever so slowly.

As is typical with hyper-seller focused markets, listings are flying off the market when they become available. Median days on market is just over 10 days. 😳

Prices fell a smidge in Westchester, but this could be the result of less desirable properties finally selling.

What is going on in Westchester?? There are a lot of families in Westchester. Homeschooling might be draining people. Add the stresses of the stay at home orders and the volatile election and it's easy to understand why home owners are distracted.

On the other hand, those same families are probably going to be thinking about bigger homes. Also, there is a good amount of housing stock in Westchester held by older owners who might be more motivated to move on now with the passage of Prop 19, which allows them to take their low tax basis to another CA property.

What does this trendline mean for Westchester home sellers? It means your home will likely be snapped up if listed right now. Think you will make more money if you undertake costly renovations first? Maybe not. I'm seeing crazy prices paid for fixers. The other reason not to fix up is the time it will take. Right this minute, with so few other sellers on the market, is your chance to get the highest price. As more sellers list, there will be more choices for buyers and prices will soften.

get your 60-second westchester home valuation

If you’re a Westchester home buyer, it’s going to be tricky for you. You need an extra experienced local agent who has a local network for scouting off-market or coming soon listings. Don’t use the listing agent to submit your offer. They won’t be that motivated to support your best interests. You will likely be one of multiple buyers they represent on the property. You want an advocate and somebody who knows what questions to ask to help you craft the best possible offer for that particular seller.

You definitely will want to have your lender pre-approval in hand and you’ll need to pack your patience and maybe even consider adjacent areas. Definitely don’t expect much in the way of concessions for repairs.

All graphs present data for the last three years on a rolling 12-month average to smooth the bumps. Message me with questions. I can also generate custom graphs for most areas. Just ask!

This post also supports our “Buyer’s Edge” series, content designed to give real estate buyers in Silicon Beach an edge in a competitive residential real estate market. Read more about our full Buyer’s Edge program on our website. Want help buying real estate in Silicon Beach? Contact us, grab time on our calendar or read more Buyer Edge articles. Need help beyond Silicon Beach? Reach out and let us help you find a high caliber agent with hyperlocal expertise in that area.