New Rochelle is a city that has been undergoing dramatic changes. During the boom new housing sprang up and the downtown is undergoing a major revitalization. When I go to downtown New Rochelle, I am reminded of what White Plains was like about 10 years ago.
New Rochelle had a mixed quarter price-wise showing an increase in sales price for single family homes and cooperatives. Condominium prices however, were down significantly. Overall, there is a lot of excess inventory which is an indication of a buyer’s market.
Cooperatives:
Coop sales prices were up significantly over the previous year (almost 20%.) This, in spite of the fact that sales volume was down about almost 30% and thee is a large overhanging inventory of about 1 year. It could be that only the “cream” of the coops actually sold – this creating an average price bump in the face of fewer buyers, but only time will tell the entire story here.
Condominiums:
Condo prices decreased 8.5% over the previous year and sales volume was down a full 20%. There is a great deal of inventory in this market as well – a full 18 months worth. Buyers have not had so much negotiatingroom in a long time. This is a definite buyer’s market where good deals can be found.
Single Family Homes:
Sales prices for single family homes were down about 4.5% with sales volume down nearly 16% over the previous year. With over 8 months of inventory on the market, this is a definite buyer’s market.
