ARMONK AND CHAPPAQUA, N.Y. -- Home sales climbed 10 percent in Northern Westchester during the third quarter, according to statistics released by Houlihan Lawrence.
Northern Westchester includes the school districts of Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers.
Katonah-Lewisboro and Somers led the increased activity, with sales rising 49 and 41 percent, respectively, in those communities. There were a staggering 85 sales in Katonah and Lewisboro, up from 57 during the same time period last year.
In Chappaqua, sales rose 10 percent while the Byram Hills school district, which includes Armonk, saw a 14 percent decline.
“I'm not surprised in the Chappaqua market, as we were busy listing and showing homes right into the month of August,’’ said Barry Graziano, Houlihan Lawrence’s Brokerage Manager for Armonk and Chappaqua. “We had somewhat of a late spring market and it carried right into the summer months that contributed to a 36 percent increase in the number of homes sold this year."
The median sale price fell 5 percent for the region. In Byram Hills, the median sale price rose 12 percent to $1,185,000.That is the highest figure in the region. The median sale price fell sharply in Somers (21 percent) and North Salem (12 percent).
Houlihan Lawrence’s report said most of the buyers in the region are coming from New York City. “More than one-third of all Westchester home buyers so far this year are moving from New York City,’’ the report said. “That is the highest level since we started keeping track back in 2003. Prior to 2011, New York City buyers were about a quarter of Westchester buyers.”
Prices in the region continue to recover from the economic decline in 2008-09. The median sale price for the year in Northern Westchester is $770,000, an increase of more than $23,000 from last year. The figure is the highest since 2008, when the median sale price was $817,500. It is also an increase of more than $77,000 since 2012, when the median sale price was $692,500.
The Houlihan Lawrence report said the early fall market has been hard to read. “For homes priced under $2 million, we continue to see eager buyers moving quickly against limited inventory. For homes priced above $2 million, inventory is building and buyers have become more cautious. These cross-currents suggest our market may be entering a transitional phase after 5 years of uninterrupted growth following the financial crisis.”
Click here for Houlihan Lawrence’s complete report from the region.