Over the last year the generally sturdy markets of Westchester County have shown signs of softening in terms of price as well as volume. That trend continued in the the third quarter of 2008.
Sales prices of White Plains cooperatives were down roughly 5.7% over the previous year. Until recently, price points on cooperatives have been remarkably resistant to the housing correction that has been in progress in other parts of the nation. That appears to be changing and is bolstered by the significant decrease in sales volume over the previous year. The second chart shows that coop sales have decreased a whopping 32.5% over the previous year. Finally, the third chart reveals a 5.5 month inventory of active listings – placing coops in “buyer’s market” territory for the first time in many years. The price range for cooperatives was from $95,000 for a studio to $450,000 at the high end. The average price was $217,000.
Condominium sales in White Plains bucked the trend and posted a 28.4% increase in pricing over the previous year. Sales prices swept a broad field from $210,000 at the low end to $1,800,000 at the high end luxury range with an average price of $520,000. Sales volume is down over last year by a significant 16.7% and the overhanging inventory is 6.5 months. These last two figures might be a sign that prices have peaked and may start to correct. The amount of inventory is consistent with a buyer’s market, while the price increase over the previous year are indicative of a seller’s market.
Single family homes have undergone the most significant correction over the course of the last six months. Prices were down 8.8% over the previous year with the average price settling at $722,000. Prices ranged from $315,000 to $1,500,000 – a wider range from the previous year. Interestingly, sales volume was equal to that of the previous year. However, this is not surprising given that over the past year the greatest price correction has been seen in single family homes. Buyers who were on the fence have seen prices go down and are now back in the market seeking bargains. Although the market crash may be a harbinger of future weakness, the current activity indicates that this market might be in the process of firming up.
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