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HomeReal EstateBerkshire HathawayFebruary Real Estate Forecast: Real Estate Superbowl Starts Now

February Real Estate Forecast: Real Estate Superbowl Starts Now

(PHOTO: The OKO Rye restaurant on Purchase Street.)
(PHOTO: OKO Rye is part of the booming restaurant scene on downtown Purchase Street.)

Special promotional content provided by Meg Allen Rodriguez of Berkshire Hathaway HomeServices in Rye

By Meg Allen Rodriguez of Berkshire Hathaway HomeServices

Meg Allen Rodriguez of Berkshire Hathaway HomeServices in Rye logo

Super Bowl Sunday is the unofficial beginning to the Spring real estate market and there are indications that a “normal” healthy market is coming our way.

Four new listings on the market in January were snapped up quickly: 

  1. 56 Intervale listed for $3,149,000 1/5/23 and was in contract 1/11/23.
  2. 14 Mohawk listed for $1,750,000 on 1/20/23, was in contract 1/27/23.
  3. 17 Fairlawn listed for $1,350,000 on 1/26/23 was in contract 2/2/23.
  4. 27 Mohawk listed for $2,100,000 1/28/23 and was in contract on 2/9/23.

Low inventory of properties for sale continues to be the factor reining in the developing market. New listings in Rye City in January 2023 were up significantly to 15 from December 2022’s single new listing.

When looking at Single Family Home data for the City of Rye, percentage changes become less meaningful when the absolute numbers are so small (see chart, below). However it is interesting that Days on Market January 2023 (now) nearly mirrors January 2022 when the pace of the market was fueled by extremely low interest rates. It’s also noteworthy that the Median Listing and Selling Prices are up significantly. 

JANUARY 2023 | SINGLE FAMILY HOMES

Summary January ’23 January ’22 % Change
New Listings 15 20 -25%
Sold Listings 10 8 25%
Median Listing Price $2,722,000 1697500 60.35%
Median Selling Price $2,574,500 1812500 42.04%
Median Days on Market 28 28 0%
Average Listing Price $2,750,300 $2,691,875 2.17%
Average Selling Price $2,649,900 $2,915,187 -9.10%
Average Days on Market 45 44 2.27%
List/Sell Price Ratio 96.80% 103.60% -6.59%

 

Here are the ten single family home sales for January 2023 in the City of Rye (shown from highest sale price to lowest) 

  • 299 Grace Church Street
    • Seller: 61 Grandview Development
    • Buyer: Edward & Lindsay Timlin 
    • Listed: $5,495,000
    • Sold: $5,450,000
    • Days on Market: 75
  • 2 Martin Butler Court
    • Seller: David Greenhouse
    • Buyer: Jennifer Meli
    • Listed: $4,950,000
    • Sold: $4,500,000
    • Days on Market: 9
  • 4 Alton Terrace
    • Seller: 4 Alton Terrace LLC
    • Buyer: Peter & Sarah Wells
    • Listed: $3,295,000
    • Sold: $3,250,000
    • Days on Market: 1
  • 70 Mendota Avenue
    • Seller: Edward & Binh-Minh Sobol
    • Buyer: Not yet reported
    • Listed: $3,175,000
    • Sold: $3,125,000
    • Days on Market: 18
  • 89 Parkway Drive
    • Seller: 89 Parkway Drive LLC
    • Buyer: Lukas Morell 
    • Listed: 2,949,000
    • Sold: $2,949,000
    • Days on Market: 74
  • 2 Holly Lane 
    • Seller: Qualified AH Personal
    • Buyer: Jerrold Bennett & Arielle Winnik
    • Listed: $2,795,000
    • Sold: $2,200,000
    • Days on Market: 160
  • 112 Sonn Drive
    • Seller: Gerald DiEdwards
    • Buyer: Francisco Flores & Garima Agarwal
    • Listed: $1,699,000
    • Sold: $1,590,000
    • Days on Market: 36
  • 100 North Street
    • Seller: John & Amy Damascus
    • Buyer: Not yet reported
    • Listed: $1,395,000
    • Sold: $1,375,000
    • Days on Market: 43
  • 21 Redfield Street
    • Seller: Dawn Guerriero
    • Buyer: Not yet reported
    • Listed: $1,150,000
    • Sold: $1,110,000
    • Days on Market:   20
  • 37 Hughes Avenue
    • Seller: Nancy Avery & Mark Dion
    • Buyer: Not yet reported
    • Listed: $925,000
    • Sold: $950,000
    • Days on Market: 15

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