Tarrytown and Sleepy Hollow are among my favorite places to hang out in Westchester. You can’t beat the historic landmarks and the places like the Rockefeller Preserve for scenic beauty and a great walk. As much as I love the area, I must admit that housing market is in retreat and will probably remain that way until the Wall Street crash moves past the crisis stage and some stability returns to the job market.
The housing market has been slowing in the villages of Tarrytown and Sleepy Hollow. This general weakness is seen across all housing sectors with single family homes taking the largest hit with respect to pricing. It is important to note that these closings were either completed or under contract prior to the stock market crash. So further reductions in pricing my occur.
Cooperative prices are down roughly 5% over the previous year. Sales volume is down 45% over the previous year with about six months of inventory on the market. Although this has all the earmarks of a buyer’s market, the actual numbers are small – so one shouldn’t read too much into the dramatic decrease in sales volume. Sales are down significantly and this is a buyer’s market – there is no doubt about that – but the 45% decrease would be 27% had there been just two more sales in 2008.
Pricing was relatively stable – though slightly lower (about 3%) over the previous year. However, the nearly 7 months of inventory, this market is pretty much a buyer’s market. Volume is also way down – almost 66% over the previous year. The statistics in this category are more reliable due to larger numbers overall. The high inventory and dramatic decrease in volume indicate that prices will be decreasing in coming months.
Single family homes took the biggest hit price-wise., down nearly 16% over the previous year. Sales volume was down 27% over the previous year, reflecting the buyers market.
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