Sometimes in this challenging market it is difficult for buyers to see just how unique the Westchester NY market is. Here is an update from the Larchmont PO. The Larchmont PO is located just outside the Village of Larchmont. It is part of the unincorporated portion of the town of Mamaroneck. Most people lump the area together with the village proper – but the area is mostly served by Murray Ave. Elementary School – so the difference is not trivial. But like the village itself the area is very desirable, extremely walkable and of course you have that easy commute to Manhattan on the New Haven Line.
This is a market that has done well – in spite of all the problems the national housing market has had – so here is the recent history of that market for single family homes…
This first chart shows the pricing before the crash and following. The red bars are the years prior to the crash of 2008 and the green bars are 2009 and 2010 respectively. 2011 is in purple and since the year isn’t over yet – this only records sales from 1/1/11 to 9/1/11. In 2006 the median sales price was $998k and that peaked in 2008 to $1.125 million. in 2009 that number came crashing down to $905k and has risen steadily to $1.1 million this year.
The sales volume before the crash went from 94 sales in 2007 to 72 in 2008. Once the crash of 2008 happened sales dropped to 51 for 2009 but recovered in 2010 when it went back to 95 sales. 2011 is shaping up to be similar to 2010 – but of course the jury is still out on the final number.
For those hoping to steal a house – this is obviously a very healthy market and buyers need to be realistic or they will get beaten when it comes to bidding. This is what a recovery should look like!
© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.
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