The Hartsdale housing market is in buyer’s market territory at this time. Like White Plains, the area resisted the housing correction particularly in the condo and coop markets until the stock market crashed in late 2008. Single Family homes had taken a hit prior to the market crash and although declines continued – they were not as severe.
Cooperatives:
The coop market saw a 3.1% price decline from Q2 2008. Hartsdale currently has an inventory of 11 months. There are quite a few contracts and pendings at this time. This reflects the longer escrow periods that the banks are responsible for. Sales volume is down 12.5% over the previous year. Much of that decline in slaes volume can be attributed to the slowness of the banks. The number of contracts and pendings indicates that thinAlthough this is absolutely a buyer’s market, the volume has picked up and the free-fall in prices has stopped.
Condominiums:
The most dramatic price adjustment was in the condo market. Prices were down almost 35% over the previous year. Sales volume was down over 14%. The current inventory suggests an absorption rate of 15.5 months. Although Hartsdale did not go on a high-rise “building spree” like White Plains and New Rochelle, the excesses of those markets are filtering their way through the entire lower Westchester condo market.
Single Family Homes:
Single family homes already took a hit last year prior to the market crash. Now there are signs of stabilization. Although prices are down close to 6%, sales volume held steady from Q2 of 2008. The free-fall has stopped. Homes at lower price points are selling better than those over $800k. This reflects the difficulties encountered in obtaining reasonable jumbo loans. Currently there is a 14 month inventory. But if you are a buyer shopping for a modestly priced home, that high inventory may give you a false sense of power. Homes in this price range are moving faster than the median.
Further Reading:
1. Hartsdale NY – Market Statistics for 3rd Quarter 2008.
2. Hartsdale NY – Housing and Market Statistics for Fourth Quarter 2008.
3. Hartsdale NY – Housing and Market Statistics for First Quarter 2009.
© 2009 Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.
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