🏡🏡 Real Estate Market for Pelham, NY
Introduction:
The Pelham real estate market in April 2023 witnessed some notable trends and changes compared to the previous year. Single-family homes, condos, and co-ops all experienced shifts in unit sales, median sale prices, inventory levels, and days on the market. In this blog post, we will delve into the data for each property type and analyze the key takeaways from the April 2023 statistics.
Single-Family Homes:
Unit Sales: 2
In April 2023, the number of unit sales for single-family homes in Pelham, NY, dropped to 2, representing a significant decrease of 77.8% compared to the same month in 2022. This decline in sales volume indicates a potential slowdown in the market.
Median Sale Price: $1,012,500
Despite the decrease in unit sales, the median sale price for single-family homes rose by 3.7% to reach $1,012,500 in April 2023. This suggests that the demand for single-family homes remains relatively strong, leading to an increase in prices.
Inventory: 17 Single Family Homes
The inventory for single-family homes in Pelham decreased to 17 properties, marking a decline of 41.4% compared to April 2022. The reduced inventory indicates a tighter market, which can contribute to increased competition among buyers.
Days on Market: 17 Days on Market
The average number of days on the market for single-family homes in April 2023 decreased by 10.5% to 17 days. This indicates that homes are selling more quickly compared to the previous year, suggesting strong buyer interest.
Months of Supply: 1.94 Months
The months of supply for single-family homes dropped by 21.3% to 1.94 months in April 2023. This decrease suggests a seller's market, where the demand for homes outpaces the available supply.
Median Sale Price/SF: $470
The median sale price per square foot for single-family homes increased by 10.7% to $470 in April 2023. This rise in price per square foot indicates appreciation in property values.
Pelham Condos:
Unit Sales: 1 Units
In April 2023, only one condo unit was sold in Pelham, NY, compared to no sales in the same month of the previous year. This limited activity suggests a slow market for condos.
Median Sale Price: $448,000
The median sale price for condos in April 2023 was $448,000. Unfortunately, we do not have data for the previous year to compare the change in median sale price.
Inventory: 1 Units Available
The inventory for condos in Pelham decreased significantly to just one unit, representing an 80% decrease compared to April 2022. The reduced inventory suggests limited options for buyers in the condo market.
Days on Market: 7 Days
The average number of days on the market for condos in April 2023 was seven. Unfortunately, we do not have data for the previous year to compare the change.
Months of Supply: 1.71 Months
The months of supply for condos dropped by 71.4% to 1.71 months in April 2023, indicating a potentially competitive market with a limited supply of condos.
Median Sale Price/SF: $360
The median sale price per square foot for condos in April 2023 was $360. Unfortunately, we do not have data for the previous year to compare the change.
Pelham Co-ops:
Unit Sales: 1 Units
The number of co-op unit sales in Pelham decreased by 50% to one unit in April 2023, compared to the previous year. This decline suggests a slowdown in co-op sales activity.
Median Sale Price: $115,500
The median sale price for co-ops in April 2023 was $115,500, representing a decrease of 33.4% compared to the same month in 2022.
