White Plains New York homes have been following patterns seen throughout county with Westchester county homes for sale continuing to drop in value. Sales volume was up during the period that the tax credit was in place. But like much of the county, sales volume has has dropped across the board to 2009 levels since after the expiration of that stimulus.
For Q2 2010 prices for White Plains NY homes for sale were down from the previous year. Single family homes – which took the brunt of the housing decline last year – had less of a correction this year. The good news here is that as far as single family homes in White Plains goes – we may be still trending down, but the steep declines apparent between 2008-2009 are not present. The story is different and more discouraging for condos and coops.
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Westchester NY real estate has been heavily impacted by the financial storm of 2008. In some areas, the storm continues to brew and in other areas – there seems to be light at the end of the tunnel. White Plains NY homes are no exception to the rule. Last year saw a marked decline in the prices for single family White Plains NY homes for sale. Although there were significant declines in the condo an cooperative markets, these did not match what happened to single family homes. Sales volume was sluggish in spite of a strong buyer’s market.
The first quarter of 2010 the single family home market, is showing signs of strength. While the condo and cooperative markets appear to be showing signs of greater weakness.
Cooperatives – White Plains NY:
The average sales price of a coop in White Plains is down 16.4% over the 4th quarter of 2009 at $184,000. There were 29 sales recorded on the WPMLS in Q1 and the current inventory has 172 listings. Using these numbers there is nearly an 18 month inventory on the market – indicating significant weakness and a depreciating market. Contracts and pendings are encouraging – but assuming all of these contracts end in a sale – which never happens - there is still a near 10 month overhang of inventory. The bright spot in the market is that sales volume is a good deal higher – up 45% over last year when the markets were virtually frozen.
This is a market that represents opportunity for buyers and requires sellers to be very realistic. The pricing a the Broadlawn reflects this trend that is being seen throughout the White Plains market.
Condos – White Plains NY:
The average price of a condo in White Plains NY has gone down 14.8% from the first quarter of 2009. The average price of a condo in White Plains fell form $460,000 to $392,000. 23 sales were recorded on the WPMLS during the first quarter with an overhanging inventory of 161. That leaves a nasty 21 months of inventory on the market making this a strong buyer’s market. However contracts and pendings make this picture look a lot brighter and indicate an 8 month inventory. The reality probably lies somewhere in the middle of these two numbers. But either way, buyers have a strong upper hand. As with coops the volume of sales for Condos in White Plains is up 43% from Q1 2009.
The price range is interesting to note: In 2009 the high end of the market was not moving at all – this has changed. The price range according to the MLS ranged from $135,000 for a small studio to $1,220,000 at the Ritz Carlton.
Single Family Homes – White Plains NY:
Surprisingly – single family homes saw a price increase of 8.2% with the average sales price coming in at $643,000. The number of sales closed on the WPMLS was 39 – an increase of 34% from the totally stagnant market of Q1 2009. Although encouraging, a closer look indicates no true price increase. What we appear to have here is resurgence of sales at the upper end – skewing the data higher. This follows the pattern in the condo market. The number of months of inventory on the market 11 months if you look at closed sales, and 7 months if you look contracts and pendings.
This is a market that is showing a bit more strength than some other markets. It is still very much a buyer’s market. But the steep dip in prices that was 2009 has created a more healthy market in its wake.
Further Reading:
Jefferson Place – White Plains
© Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.
Buying a condo in White Plains NY can be very expensive. Cooperatives offer a viable alternative and financially stable complexes are great investments. But for those who own dogs, relatively few are pet-friendly. Here is one of the premier cooperative complexes of White Plains – and the best part is that its pet-friendly.
The Surrey Strathmore is a complex of six mid-rise buildings which surround a courtyard. This is perhaps one of the more upscale cooperatives in White Plains. Built in 1939, the complex boasts some of the graces of a by-gone era. The ceilings are 9 ft high, and graceful archways separate living room, dining room and kitchen areas. Each unit has at least one of the Surrey Starthmore’s signature curio nooks. The floor plan is excellent.
Located at the Southern end of White Plains, the Surrey Strathmore is located on Bryant Ave which almost acts as the “dividing line” between the Southern residential area from the Northern downtown. So, the Surrey Strathmore sits on the edge of the residential neighborhood, the Highlands where quiet walks on tree-lined streets are just a block away. Perfect for a walk with the dog. On the other side is the beginning of the downtown area within walking distance of the famous and upscale Westchester Mall, Whole Foods, Cheesecake Factory, Morton’s Steak House along with some favorite local restaurants including Iannelli’s. A bus taking commuters to the White Plains Train Station stops right at the corner of Bryant Ave and Old Mamaroneck Rd. – which is the Southwest corner of the complex.
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The housing market in White Plains has taken a drubbing since the stock market crash of 2008. Although some adjacent areas are showing small signs of stabilization, the same can not be said for the city of White Plains. This is ironic because White Plains was at the epicenter of the housing boom for Westchester County.
White Plains NY Cooperatives:
Cooperative prices were actually up slightly over the same period in 2008. However, this slight uptick might be do to an increase in the proportion of 2 BR units in the sales statistics. The previous quarter showed a grim 17% price reduction and recent sales in specific complexes indicates that this downward trend is continuing. Since 2 BR units are suddenly far more affordable, buyers are finding that they can afford a larger unit. Sales volume is down 17% over the previous year and the current inventory of 9 months indicates a buyer’s market undergoing a price correction bordering on double digits.
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