Hartsdale is a hamlet/post office located in the town of Greenburgh. Greenburgh encompasses a large number of hamlets and villages including several river towns along the Hudson. Hartsdale itself is landlocked and near the southeast corner of Greenburgh. It is a popular location for commuters because the compact hamlet boasts its own train station on the Harlem line just 30 minutes from NYC. Ideally located just ten minutes from the hustle an bustle of downtown White Plains, Hartsdale is a great destination for those who prefer a walkable village along with an easy Manhattan commute, but still want to take advantage of the nightlife and shopping offered in downtown White Plains. Most residential neighborhoods are within walking distance of the train but for those that are not, jitney service is available during peak hours. The Hartsdale post office/zip code (10530) covers a population of about 10,000 with 4300 households which are a mix of cooperatives, condos and single family homes.
The first graph shows the average pricing for cooperatives, condos and single family homes over the third quarter of 2008 relative to the pricing during the same period the previous year. Prices for coops are down 1% when compared with the third quarter of the previous year. According to the Westchester-Putnam MLS, the avereage sales price for a coop was $228,000 as opposed to $235,000 the previous year. However, by the third quarter of 2007 a price correction was already in progress and there has been about a 6% drop off in cooperative pricing over the past 18 months. These numbers reflect what might be construed as a leveling off of this market. But looking at sales volume there may be some further downside to this market. There is nearly an 8 month inventory of coops which creates a buyer’s market for coops at this time. For a buyer in this market, it is a great time to buy. There is ample inventory and seller’s need to be realistic given the choices open to buyers.
Prices show a slight up-tick over the previous year – from $424,000 in 2007 to $439,000 in 2008. However, sales volume is relatively unchanged from the previous year. Inventories are relatively low at 4.7 months which indicates that condo sales represent a fairly balanced market between buyers and sellers. Buyers of condos need to be realistic in their expectations and not ask for the moon. While sellers have to be careful to price their units competitively or they will just sit on the market.
The first graph shows a 3.3% drop in single family home prices over the same period last year from $633,000 to $613,000. Sales volume is level with the previous year – off by 69% and the current housing inventory indicates a near seven month supply of single family homes. The inventory points to a buyer’s market in single family homes.
Buyers should take note that there are some excellent opportunities in Hartsdale if they have a long-term view.
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