White Plains is in buyers market mode with varying levels of weakness and strength in terms of high inventories and low sales volumes. Prices in some sectors are showing more strength than the inventories and volumes would suggest. However, these sectors have already undergone a substantive pricing adjustment and though inventories are still high, they are lower than the White Plains housing inventories from the 3rd quarter.
Coops showed a mild price increase over the same quarter from the previous year. However, the average price of $208,000 was down from the previous quarter. This makes some sense as the housing correction started to hit home in the fourth quarter of 2007. Further, the pent up need to buy is quite intense in our area. The correction from the previous quarter combined with lower interest rates probably pulled some fence sitters to get out into the market. There is roughly 4 months of inventory currently on the market which is also an improvement over the 5.5 month inventory of coops at the end of the 3rd quarter.
Condos took the biggest hit this quarter – which is natural since they had resisted correction for so long. Volume was down a whopping 73% over 2007 4th quarter values and down nearly 50% from the previous quarter. The drop in price was significant at roughly 17% down from the previous year and 16% from the previous quarter. There is 9.5 months of inventory currently on the market which also indicates a buyer’s market.
Single family home prices stabilized with respect to the previous year. Prices were up 5.2%. But volume was low, down 17% from the fourth quarter of the previous year as well as roughly 30% over the previous quarter. This change in volume partially reflects seasonal changes in sales activity, but it’s still a significant drop. There is currently a little over 10 months of inventory on the market. Prices have stabilized and even risen slightly over 2007 4th quarter levels, but the volume of inventory along with the low volume creates a buyers market for single family homes.
A caveat to all of this information is that sales for the month of January have been very light and we are probably looking at a total sales number of about 25 sales provided most of the pendings close. Although this is a quiet time of year, this low level of volume is another sign of a buyer’s market.
These stats were derived from the Westchester-Putnam MLS and include the municipality of White Plains only (not the White Plains P.O.)
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