This article, written by C. Anderson and Joan O’Meara, appeared recently in The O’Meara Team’s 4Q18 Newsletter…Realty Check. If you would like to be included on our mailing list and receive this 4-page comprehensive quarterly newsletter in your mailbox, please email jomeara@houlihanlawrence.com.
Market Reflections & Insight
Joan O’Meara, associate real estate broker with Houlihan Lawrence’s Rye & Harrison office, provides a glimpse at some of the year’s real estate highlights and offers some insights into the year ahead.
Looking Back
Houlihan Lawrence continued to grow and dominate the market locally, throughout Westchester and Connecticut. HL participated in the highest recorded sale with the David Rockefeller Estate selling at $33,000,000. It was listed at $22,000,000 and had the interest of multiple buyers.
HL continued to participate in more than one third of all transactions in Westchester, compared to its next closest competitor with just 13%. Ranked by the Westchester Board of Realtors, 9 of the top 10 agents throughout Westchester were HL agents in 2018. HL also commanded the Rye market with 6 of the top 10 agents – including Joan O’Meara and team. As one of the top agents in the Rye office, O’Meara and team had 52 transactions and finished the year with over $65M in sales.
O’Meara points out that there was also clear evidence of the success of HL’s continually improving and innovative marketing – locally, as well as regionally, nationally and internationally. “Our participation in over 1/3 of all transactions in Westchester allows us to collect and develop proprietary data, giving us an edge.” She further describes that the most important pieces of data include where the buyers are coming from, what price points are selling, and other crucial information that helps both buyers and sellers.
Looking Forward
We enter 2019 with some challenges and opportunities. The year will likely get off to a slow start as a result of fewer homes in contract in 2019 versus last year in Rye City. In Harrison, the number of homes in contract is the same as this time period last year. We expect to see new inventory in the coming weeks/months with the hope that this will motivate buyers to transact. This softer market can be attributed to the soft NYC real estate market, a volatile stock market, and changes in the tax law coming into effect now.
The good news as we start the new year is that there are buyers out there looking. Additionally, there is also real value for buyers, as motivated sellers adjust prices accordingly. A recently reduced property resulted in 16 showings within approximately a week. Many of these potential buyers were just beginning their search. This is significant in that it shows the importance of pricing and that there are still buyers in the wings who are keeping a watchful eye on inventory and an open ear to strong value opportunities.
Our spring market started in January, and new listings will continue to join the existing inventory over the next few weeks and months. Sellers willing to price accordingly will actually drive the market in 2019. Aligning with a top real estate agent, with years of experience, will equip both savvy buyers and motivated sellers with the know-how to navigate a tough market and still reach a successful transaction.
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