In general, prices in the river towns such as Tarrytown NY showed some signs of stabilization in the river towns. Certainly the area has been badly beaten up over the past few years, so it was good to see a slowdown in declining prices.

Cooperatives:

The pricing for cooperatives was dicey because during the 4th quarter there were practically no 2BR sales.  This skewed the price point dramatically  downwards.  Although the number indicates a decline of over 34% from the previous year, this market is nowhere near that unstable. Because  of the unusual sales pattern decent sales figures were almost impossible to come by.  However the increase in sales volume of 120% indicates a recovering market.  The 6 month inventory reflects a slowly declining market.  So the numbers indicate a level or slightly declining market creating  some good news for buyers and sellers a like.

Condominiums:

Condos went up in price quite dramatically. But that increase doesn’t impress me so much because it probably reflects the sale of high end units at Hudson Harbor in Tarrytown – skewing prices northward.  However sales volume for the river towns is up 67%.  There is considerable inventory on the market indicating that although sales are up – price declines may continue for a while.

Single Family Homes:

Single family homes showed 5.5% declines over 2008 which is far less severe than in previous years.  There is still an 8 month inventory hanging over the market, but sales volume was up 31% over the 4th quarter of 2008.

© 2010 Ruthmarie G. Hicks – http://thewestchesterview.com. All rights reserved.

Larchmont NY Cooperatives:

At first glance, it appears as if cooperatives in Larchmont underwent a significant price increase over Q4 2008.  But that didn’t square with comperables in individual complexes. Looking closer, there was a descrepancy in the number of 1 BR vs. 2 BR units sold. So much so that it skewed the numbers.  Instead of prices being up over 18% – when I compared 1 BR coops from Q4 2008 to Q4 2009 – prices were actually down over 22%.  Inventories are consistant with single digit depreciation with about 8 months of overhang on the market.  Sales volume remained steady over the previous year – which is a positive sign in spite of the price drop.

Larchmont Single Family Homes:

Single family homes underwent a significant price drop over Q4 of 2008 – nearly 16%.  This price drop in part reflects difficulties at the high-end because of the jumbo loan market.  Nevertheless, there was a significant price adjustment in the entire market. However sales remained brisk with sales volume holding steady over the previous year. Inventories are low.  Currently there is only a 4.3 month inventory. This is consistent with a stable or even slightly appreciating market.

We can not know what, if any effect the shadow market of foreclosures will have on this market.  Were it not for this issue and the prospect of rising interest rates, this would be looking like a market that is about to roar back.  But for now, a wait and see attitude is best. It’s a great time to buy but sellers should price competitively.

Please note that all data was derived from the WPMLS.

Further Reading:

Housing and Market Statistics for Larchmont NY – Second Quarter 2009

Housing and Market Statistics for Larchmont NY – First Quarter 2009

© 2010 Ruthmarie G. Hicks – http://thewestchesterview.com.  All rights reserved.

There are several issues that could derail this trend.  Subsidies  for mortgages will be ending putting pressure on interest rates.  Further, Scarsdale is not immune to the shadow inventory of foreclosures that have yet to hit the market.  the high-end will probably not be spared a share of short sales and foreclosures.

Scarsdale NY Cooperatives:

Cooperative sales prices remained stable from the previous year with the average sales price of $251,000  for both years.  Sales volume was impressive when compared to the doldrums of the post-crash 2008 – up 72% over the previous year.   The swollen inventories have decreased and there is only a 4.9 month inventory currently on the market.  This is consistent with stable prices.

Scarsdale NY Condominiums:

Although Scarsdale is known for its find cooperatives particularly those along Garth Road (Eastchester municipality)  near the village and train station.  However, condominiums are few and far between. There were no sales of condos recorded on the MLS for Q4 2009.  Christie Place will set the standard for condo sales in the future.

Scarsdale NY Single Family Homes:

Scarsdale homes had a very good quarter. Prices were up 24.1% over Q4 of the previous year.  Inventories are down, but not out.  A 6.7 month inventory is consistent with continued depreciation but in the single digits.  Nevertheless, demand is way up from the near stand-still of Q4 2008 with sales volume being up 95% over the previous year.

Edegemont Single Family Homes (Scarsdale PO):

Prices were still down in Edgemont over the previous.  Down 18.2% from the previous year. This drop is closer to what was seen in White Plains and Hartsdale during Q4.  Sales volume was up 33% but with a 9.7 month inventory, prices are probably still falling.

An Important Note About the Criteria for the Statistics:

I handle each type of housing in Scarsdale differently. I also include a special section for single family homes in “Edgemont” which is really in the town of Greenburgh with a Scarsdale post-office and zip code.
For condominiums and cooperatives, I use the Scarsdale post office and zip code as my criteria. Many of these complexes are actually located in Greenburgh and Eastchester.

This reflects the way most buyer’s shop for housing. Coop and condo buyers work by address whereas those looking for single-family homes are often shopping municipality and school districts.

Further Reading:

Scarsdale NY – Housing and Market Statistics for Third Quarter 2009.

Housing and Market Statistics for Scarsdale NY – Second Quarter 2009.

© 2010 Ruthmarie G. Hicks, http://thewestchesterview.com.  All rights reserved.

Hartsdale Cooperatives:

Coop prices dropped 11.1% over the previous year with the average price being $192k for Q3 2009. That was enough to make them a desirable purchase.  This was particularly true of East Hartsdale Ave.  Demand remained high and volume was up 1% from 2008.   There is a 5.8 month inventory on the market – making it a borderline buyer’s market in terms of inventory.   Prices have dropped nearly 15% from Q3 2007 – which is roughly when sales prices peaked. This is still a buyer’s market, but the reduction in inventory and stable sales volume indicates that we may be near the bottom.

Hartsdale Condominiums:

Condos didn’t fare as well as cooperatives.  Sales prices were down nearly 13% from the previous year.  The average sales price for the third quarter was $370k down from $425k in 2008.  Sales volume was down 33.3% and there is currently an 8 month inventory on the market creating a definite buyer’s market.  This market didn’t really start declining until after the stock market crash – so it may have some more adjustments ahead.

Hartsdale Single-Family Homes:

The price of a single-family home was up about 2.3% – however, I would not consider this to be a true improvement.  The volume was so low, that this probably reflects the nature of the homes that actually sold more than an uptick in prices.  Volume is down 70% from Q3 in 2008.  Further, that low volume translates into over two years of inventory on the market – making this a definite buyer’s market.  The market is down less than 8% from the peak indicating it may have a way to go.  Sellers should price homes realistically, while buyers should enjoy great opportunities in the coming months.

Further Reading:

Hartsdale NY – Market Statistics for 3rd Quarter 2008

Hartsdale NY – Housing and Market Statistics for Fourth Quarter 2008

Hartsdale NY – Housing and Market Statistics for First Quarter 2009

Housing and Market Statistics for Hartsdale NY – Second Quarter 2009

© 2009 Ruthmarie G. Hicks – http://thewestchesterview.com. All rights reserved.

White Plains Cooperatives:

The average price of a cooperative in White Plains has decreased to $181,000 – down $36,000 or near 17% from Q3 of 2008.  Sales volume was also down 38.5%.  Although sales picked up over the summer months inventories remain in excess of 12 months.  This is an excellent buying opportunity and sellers need to be realistic when pricing their homes.

White Plains Condominiums:

Condos have seen a sharp decline in prices. This is to be expected because during the boom a large number of condos were built creating a “natural” glut.  Sales prices are down 16.1% over the previous year to $463,000 – down $89,000 over the previous year. Sales volume was down 20% over the previous year.  Once again – this is a buyer’s market and sellers need to price their units to sell.

White Plains Single Family Homes:

Single family homes fared slightly better – at least at the starter level.  Homes in the move-up range were another story.  WIth jumbo loans hard to get and with a large pool of would-be move up buyers dealing with a depreciating values in the homes they are in – this is to be expected.  There is a glimmer of hope for entry level single family homes – but the rest of the market is languishing.  Prices are down 13.3% or $85,000 off the Q3 2008 average.

Further Reading:

Housing and Market Statistics for White Plains NY – Second Quarter 2009

White Plains NY – Housing and Market Statistics for First Quarter 2009

White Plains NY – Housing and Market Statistics for Fourth Quarter 2008:

White Plains NY – Housing & Market Statistics for 3rd Quarter 2008

© 2009 Ruthmarie G. Hicks, http://thewestchesterview.com

Make no mistake, New Rochelle is still up-and-coming. Whereas it does not have the attraction of being as fully “established” as its sister city, White Plains  – the future looks bright.  Many who want White Plains, but find it inaccessible price-wise find themselves attracted to New Rochelle.  New Rochelle also has something land-locked White Plains will never be able to offer – water front property on the Long Island Sound.

Buyers who were disappointed that the White Plains market didn’t crash through the floor – should stop wishing for the impossible and give New Rochelle a second look.

Cooperatives:

Coop sales are down 33% over the previous year with prices slightly elevated.  Given the low volume, I would associate the price rise to be due to  random gyrations and describe the pricing as declining slightly or just flat.  There is a 19 month inventory on the market – making this a buyer’s market.

Condominiums:

Condos in New Rochelle took a plunge.  Prices are down 26.3% over the previous year with about 35 months of inventory left on the market.  This market was overbuilt during the boom.  The overbuilding included too many town houses along with the high-rise condos of Trump Plaza.  Volume is off over 33% from the previous year as well.  This is a market that buyers should be actively seeking – not shunning.

Single Family Homes:

The divergence between the high-end and low-end markets shows very distinctly here.  The stats generally show a 4% price change, but that change is much greater at the high end where sales are very depressed.  If you use $800k as the cut-off between the markets, the dichotomy is very clear.  In the under $800k range – 48 homes sold while only 9 sold that were over $800k.  Add to that the difference in inventory – 9 months for under $800k, 36 months at the high-end and you have two very different markets.

Further Reading:

Housing and Market Statistics for New Rochelle NY – First Quarter 2009.

New Rochelle NY – Housing and Market Statistics for Fourth Quarter 2008.

© 2009 Ruthmarie G. Hicks – http://thewestchesterview.com.  All rights reserved.

The River Towns included in these stats are in the lower portion of “Area 3″,  including Hastings-on-Hudson, Dobbs Ferry, Ardsley, Irvington and Tarrytown (which are all part of the town of Greenburgh.) Also included is Sleepy Hollow – which shares a school system with Tarrytown.  Sleepy Hollow is located in the town of Mt. Pleasant.

Cooperatives:

In the second quarter  of 2009 13 cooperative units sold – down 50% from the previous year.  Prices remained firm and were even up nearly 5% over the previous year.  Difficulty in securing  a loan may be the primary reason for the  drop in volume as consumer desire for entry level housing is returning.   It is still a buyer’s market with a little over 11 months of inventory on the market.

Condominiums:

14 condos sold in Q2 2009. Volume was down 39% over the previous year and prices dropped 6.5%.   Some complexes were hit particularly hard while others remained more stable price-wise.  With 15.5 months of inventory on the market, it is a good time to consider buying.  Sellers will have to be realistic in order to get their units sold.

Single-Family Homes:

There are two distinct markets in single family homes.  Moderately priced homes under $800,000 and homes over $800,000.  I draw the line there because for most buyers of homes in that upper price range,  a jumbo loan is required.  Rates on jumbo loans have been high and so financing on the higher-end homes has become very difficult.

Sales volume is down nearly 23% from 2008.  Overall, prices have dropped 20% – but this is partly a reflection of the type of home that is actually selling.  The statistics get skewed downward because fewer luxury homes are selling.  The market for homes  over $800k is definitely in buyer’s market territory with over 40 months of inventory on the market.  Although moderately priced homes are still in buyer’s market territory, that market is healthier with about 14 months of inventory.  There are a substantial number of contracts and pendings -which once closed would improve the inventory numbers.

Further Reading:

Housing and Market Statistics for Tarrytown & Sleepy Hollow NY – First Quarter 2009.

Tarrytown and Sleepy Hollow NY, Housing and Market Statistics for Fourth Quarter 2008.

© 2009 Ruthmarie G. Hicks – http://thewestchesterview.com.   All rights reserved.

Cooperatives:

Coops in Larchmont look as if they rose significantly in price.  But this flies in the face of experience and common sense.  The raw stats sighted below show a 33% price increase which is crazy.  On closer examination, the 2008 stats were artificially low due to the large quantity of studios and small 1 BR units that sold.  So skewed were these numbers that closer examination revealed a 6-7% price decrease.  This was accomplished by comparing 1BR units that sold in 2008 to those sold in 2009. The same was done for 2 BR units.   The inventory also indicates a buyers market with about a 24 month supply of units on the market.  Volume is down 50% over the previous year.  Compared to other markets, this decrease is far from dramatic. But this is a good time for buyers to enter this market.

Condominiums:

There were so few condo sales that I can not draw too many conclusions.  Prices appear to be down about 8% – but this is difficult to measure as only one condo closed in Q2.   There are currently 7 for sale.  At the present rate of sales, that creates an inventory of about 21 months.

Single Family Homes:

Average sales prices fell 21% over the previous year.  Some of this drop is undoubtedly a reflection of the  crisis in jumbo loans.  This has skewed sales towards more modest dwellings.  Prices have undergone a significant drop, but it is probably not as much as the raw data indicates.  Currently there is a near 12 month inventory sitting on the market as well as a 48% decrease in sales volume over the previous year.

Further Reading:

1.  Housing and Market Statistics for Larchmont NY – First Quarter 2009.

2.  Larchmont NY, Housing and Market Statistics for Fourth Quarter 2008.

3. Larchmont, NY – Housing & Market Statistics for 3rd Quarter 2008.

4.  The village of Larchmont in a snow storm…

© 2009 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Cooperatives:

Coops took a big hit this time around.  It is somewhat surprising to see since this entry level type of housing has remained very sturdy and resistant to correction due to high demand.  But it is not immune.   Sales prices for the Scarsdale P.O. are down over 23%.  Less so in desirable areas near the train – such as Garth Rd. But all have taken a hit since the market crash of ‘08.  Sales volume for Q2 2009 is down over 45% with only 18 units sold in Q2.  There is currently about 15.5 months of inventory on the market – making this a buyers market by every criteria that we have.

Condominiums:

There were so few sales that I am not including condos in my statistics except to say that volume is down by 50% and prices are up – reflecting a couple of sales at Christie Place – a new high-end 55+  luxury condo complex.  It is setting a new price standard for the area – and this increase does not indicate rising prices across the board.

Single Family Homes:

These homes are located in the Scarsdale school district.  Sales volume has remained steady when compared with Q2 of 2008.  This reflects improvement seen in White Plains as well. Single family homes took the biggest hit early in the housing recession and are now leveling off and even recovering.  Prices are actually up over 2008 averages to  $1,560,000 up 4.6 %.  There is over 13 months of inventory on the market, so the conditions still favor buyers.  But for those who want to buy, I would suggest that you get moving.  Low interest rates and buyers market that might be turning around indicate that buyers should pull the trigger rather than wait for better things.

Single Family Homes: (Edgemont)

Different town, same P.O. – totally different stats.  Edgemont didnt’ take a big hit early on, but it is doing so now.  Sales prices are down a near whopping 40%.  That does not indicate a 40% drop in the price of the average home.  It indicates a price drop combined with a market that is shunning higher end properties.  More modest homes are selling – while high-end homes sit – skewing the stats downward.   However with more than 2 years of inventory on the market, Edgemont is a buyer’s market.

An Important Note About the Criteria for the Statistics:

I handle each type of housing in Scarsdale differently. I also include a special section for single family homes in “Edgemont” which is really in the town of Greenburgh with a Scarsdale post-office and zip code.
For condominiums and cooperatives, I use the Scarsdale post office and zip code as my criteria. Many of these complexes are actually located in Greenburgh and Eastchester.

This reflects the way most buyer’s shop for housing. Coop and condo buyers work by address whereas those looking for single-family homes are often shopping municipality and school districts.

Further Reading:

1. Scarsdale NY – Housing and Market Statistics for First Quarter 2009.

2. Scarsdale NY – Housing and Market Reports for 4th Quarter 2008.

3. Scarsdale, NY – Housing & Market Statistics for 3rd Quarter 2008.

4. This could be your “back yard”….

© 2009 – Ruthmarie G. Hicks http://thewestchesterview.com – All Rights Reserved.

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.