Caption: One of the 77 single-family homes currently on the market in the Rye City School District. This Milton Point five-bedroom home is listed at $4,495,000.
All Eyes on 2019 Rye Real Estate
By Robin Jovanovich
As the polar vortex descends on Rye, realtors remain confident that buyers will come in from the cold and snap up many of the houses that have been on the market for more than a few months, in addition to all the ones coming on the market well before spring bulbs emerge from the frozen landscape.
Having made it through December 2018, which Laura DeVita, an agent with Julia B. Fee Sotheby’s, describes as “a roller coaster of economic, political, and market events, with rates increasing and coming back down and Wall Street taking a plunge and then evening out”, everyone is calmer and able now to focus on practical and long-term decisions.
In the next four to eight weeks, says DeVita, the market will define itself. “As much as there is discussion about a soft market, in our market buyers seem serious and ready to transact. The majority of people I speak to in the investment banking sector had a good year and are looking to take advantage of the rates.”
Catherine Garr, an agent with Berkshire Hathaway HomeServices, adds, “With interest rates now less likely to advance as quickly as they did in 2018, we have high expectations for the 2019 housing market and upcoming spring market in particular.”
Are home prices likely to go up?
“The predictions for the 2019 local real estate market are not yet clear,” says Marilyn Hoffman, an associate broker with William Raveis, “but I think it has much to do with the political climate and we, of course, have not yet hit Super Bowl Sunday, an historic benchmark in most sellers’ minds. I can only say there have been a significant uptake in listing appointments, so I think we will see a strong spring market.”
Kate Emanuel of Coldwell Banker informs us that buyers “are already out there, going to open houses and scheduling showings. Two listings went into contract in January.” She reports that the active inventory right now is 77 single-family homes, compared with 65 this time last year. So far, we have 11 closed transactions, compared with eight the previous January.”
According to data compiled for the paper by Marianna Glennon, a longtime agent with Houlihan Lawrence, the active listings in the Rye City School District run the gamut from a 1920 one-bedroom home on Midland Avenue for $519,000 to a five-bedroom home on Forest Avenue built in 2003 for $12,500,000.
What’s worth noting is that the original price of 26 of those 77 homes has been adjusted downward.
Of the 56 homes in the Rye City School District that have sold since last August, the majority — 38 — sold for $2,500,000 or below.
In all, 147 homes sold in the District in 2018, down from 172 the year before, but the median price was up 3 percent. Within the entire Rye Post Office jurisdiction, which includes parts of Rye Neck and Harrison, the number of homes sold last year was 203.
Homes in the Rye Neck School District, on the other hand, saw a significant increase in volume with overall sales up 26% and the total dollar volume up 37% from 2017, notes Marylin Hoffman. “Properties over $2 million saw a significant increase in both the number of transactions and their dollar sales.”
And in Harrison, continued Hoffman, “we saw extremely improved market movement with the median sale price up 9% from 2017 to $1,395,000. The overall market had a 23% increase in dollar volume sales and an 9% increase in the number of homes sold. Properties over $2 million saw a significant increase in transactions and sales, which bodes well for the return of high-end sales in that market place.”