CROTON, N.Y. -- Interest in real estate in Croton is picking up steam, according to the third quarter report from Houlihan Lawrence.
Sales climbed 46 percent in the third quarter in the Croton-Harmon School District, according to a report from Houlihan Lawrence. For the year, Croton-Harmon sales are up 60 percent. There have been 91 transactions this year, with 41 in the third quarter.
“We saw near a 50 percent increase in the number of homes sold and a 7 percent increase in price with a median sale price of $590,000,’’ said Nancy Kennedy, an Associate Real Estate Broker with Houlihan Lawrence who works in the Croton office.
Third quarter sales were up throughout Westchester County. County-wide, sales increased 5.7 percent compared to third quarter last year and are up 4.3 percent for the year. The average sale price in Westchester is down 2.1 percent for the year.
In Northwest Westchester, the Croton-Harmon district leads the region for the year. Sales rose 18 percent in Lakeland in the third quarter, and are up 21 percent for the year. Sales for the year also up in Yorktown (11 percent) and Hendrick-Hudson (2 percent) and down in Peekskill (2 percent).
“Croton-on-Hudson has always offered better values and open space to buyers considering the lower river towns,’’ Kennedy said. “Fierce competition and significantly higher median sales prices in these communities, ($930,000 in Irvington, $812,500 in Hastings and $715,000 in Dobbs Ferry) have buyers setting their sites on Croton-on-Hudson and the numbers tell the story."
Barry Graziano, the manager of the Croton office for Houlihan Lawrence, said many of the new buyers in Westchester County are coming up for New York City. In its report, HL said “Buyers continue to leave New York City, looking for better property options at more affordable prices. More than one-third of all Westchester homebuyers so far this year are moving from New York City. That is the highest level since we started keeping track back in 2003. Prior to 2011, New York City buyers were about a quarter of Westchester buyers.”
The report said the fourth quarter could provide clues about 2016. “For homes priced under $2 million, we continue to see eager buyers moving quickly against limited inventory. For homes priced above $2 million, inventory is building and buyers have become more cautious,’’ the report said. “These cross-currents suggest our market may be entering a transitional phase after 5 years of uninterrupted growth following the financial crisis. Stay tuned for our year-end report to see which side of the market’s split personality is likely to prevail in 2016.”
For more information on Croton real estate, contact Kennedy at 914-271-5500 or visit her website at callnancykennedy.com. Click here for the third quarter report from Houlihan Lawrence for Northwest Westchester.