Larchmont is a small village located within the town of Mamaroneck. Larchmont is an elegant bedroom community with a combination of high-end cooperatives, a smattering of condominiums along with elegant single family homes in established neighborhoods from the pre-war era. As of the 2000 census, the Larchmont population was close to 6500. The train station is conveniently located such that many of the homes are within easy walking distance. The village itself sports lovely boutiques and fine dining. Larchmont is a very upscale community which all comes at a price.
The first chart shows the price changes between 2007 and 2008. Unlike most areas of the county, single family homes in Larchmont showed a price increase of about 6.7%. The average sale price of a single family home in the summer of 2008 was $1,446,000 up from $1,355,000 from the previous year.
The second chart shows sales volume over the previous year. Volume was down this year over last by about 36% so volume was significantly reduced without negatively impacting prices. The inventory at the end of summer indicated a 3 month supply of housing stock, which actually more consistent with a seller’s market even though most of Westchester is in the midst of a buyer’s market.
Cooperatives are very popular in Larchmont. Many of these complexes are elegant pre-war complexes mostly in the Tudor style. Unlike other parts of Westchester, many of these coops doorman buildings. Most are located within walking distance to the train station.
Unlike single family homes, cooperatives showed a significant price drop over the previous year. The figures for 2007 were actually adjusted downward due to the fact that several unusually high-priced units were sold during that period – skewing the numbers in a very unrealistic way. All things being equal, prices dropped a little over 10% from the previous year with an average sales price of $274,000. The sales volume was unchanged from the previous year, but the inventory is a little south of five months, indicating a buyer’s market is taking hold.
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