The village of Larchmont is tucked away in the town of Mamaroneck. The town of Mamaroneck – is one of the most sought after locations in Westchester. Located along the Long Island Sound, the town boasts wonderful water views with numerous parks dotting the shoreline. Just 35 minutes from Manhattan by express train (Click here for information on the New Haven Line) – the location simply couldn’t be be better! Even in this difficult market Larchmont homes are very desirable and as a result it has bounced back from the crash of 2008 in a very impressive way. Home buyers are often thinking that they can simply name their price in this economy, but that is not the case for single family homes in the village of Larchmont. This is actually in sellers market territory with high volume and rising prices. Looking at Larchmont home sales history from before the crash to the present day paints the picture of crash and recovery.
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 $1.226 million and that peaked in 2008 to $1.343 million. In 2009 that number abruptly “corrected” to $907k and rose to $1.243 million in 2010 and now rests at $1.1 million so far for 2011. The decrease in price is more of an indication that more “fixer upper” homes are being sold.
The sales volume before the crash went from 78 sales in 2006 to 48 in 2008. Once the crash of 2008 happened sales volume stayed nearly the same for 2009 but at severely reduced prices. That ground was recovered in 201o and sales volume has remained robust ever since. Although we are still have over one quarter left in 2011 – sales volume is already higher than that of 2010.
This is obviously not the market where a buyer can steal a house. Its a market that also bodes well for the rest of the Westchester Market going forward. The area is prime real estate being on the water, near to Manhattan and with banner schools. Areas further inland or with slightly longer commutes will follow suite in their turn. So listen up buyers – this buyers market for Westchester only has so much more legs. Those who are fence sitting thinking things are going to get sweeter and sweeter the longer they wait are probably setting themselves up for a big disappointment.
For more information about Larchmont Homes in the village of Larchmont Click Here.
© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.
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