The Current Pelham Residential Real Estate Market Q1 2023
Heading into the Spring Market!
The real estate market in Pelham, NY saw a significant downturn in December 2022, with the number of homes sold dropping 45% compared to the previous year. Despite this decrease in sales, the median sales price for homes in the area remained relatively high at $874,750.
One possible reason for the decrease in sales may be the increase in the length of time that homes are staying on the market. In December 2022, houses were on the market for an average of 65 days, a 30% increase from the previous year. This longer market time may indicate a slowing demand for homes in the area.
There is currently a relatively small inventory of homes for sale in Pelham, with only 9 active listings. This equates to a supply of just under one month, indicating that the market may be leaning towards a seller's market. However, the high median sales price per square foot of $463 suggests that buyers may be hesitant to pay top dollar for homes in the area.
Despite the slower sales and longer market time, the majority of homes that did sell in Pelham in December 2022 did so relatively quickly. Two-thirds of the homes sold within 90 days of being listed, and 83% of homes sold within 95% of their listing price. This suggests that there is still some demand for homes in the area, but that buyers may be more selective in their purchases.
Overall, the December 2022 real estate market in Pelham, NY saw a decrease in sales and an increase in market time, but relatively strong sales prices and a low inventory of homes for sale. It will be interesting to see how these trends continue in the coming months.
