Hartsdale, NY is a very small market, so its important to understand that the statistics can vary a lot more than other areas that I cover. Having said that, Hartsdale appears to be in a full blown buyer’s market with almost all indicators pointing in that direction.
Cooperatives:
Coop sales accounted for 62% of the market during the fourth quarter. This is a strong example of a general trend. Entry level housing is moving more than midrange and high-end. Since most people in this market have nothing to sell, they can take advantage of the lower prices without taking a hit on the selling side.
Prices were down almost 7% over the 4th quarter of the previous year.
Condominiums:
Unlike other sectors of the Hartsdale market, sales volume was up from 2007 levels. Prices, however, were down by about 5.2% At the beginning of January there was a five month supply of units also indicating some weakness in this market. Condos in White Plains and Hartsdale have been pretty resistant to a pricing correction. But at this time both of these municipalities are showing significant stress in this market.
Single Family Homes:
Gross sales volume was down over 45% from the previous year. Prices were almost 9% down from the previous year. It should be noted that I eliminated one unusually high-priced sale that was skewing all of the numbers higher to come to this number. Averages can be skewed by a very high or very low price. The 9% drop is a realistic one for this market. This is particularly true given the 16 months of inventory and the 45.5% drop in sales volume.
