Hartsdale NY – Housing and Market Statistics for Fourth Quarter 2008

Hartsdale, NY is a very small market, so its important to understand that the statistics can vary a lot more than other areas that I cover.  Having said that, Hartsdale appears to be in a full blown buyer’s market with almost all indicators pointing in that direction.

Hartsdale Cooperatives:

Coop sales  accounted for 62% of the market during the fourth quarter. This is a strong example of a general trend.  Entry level housing is moving more than midrange and high-end.  Since most people in this market have nothing to sell, they can take advantage of the lower prices without taking a hit on the selling side.
Prices  were down almost 7% over the 4th quarter of the previous year.

Hartsdale Condominiums:

Unlike other sectors of the Hartsdale market, sales volume was up from 2007 levels.  Prices, however, were down by about 5.2%  At the beginning of January there was a five month supply of units also indicating some weakness in this market.  Condos in White Plains and Hartsdale have been pretty resistant to a pricing correction. But at this time both of these municipalities are showing significant stress in this market.

Single Family Homes:

Gross sales volume was down over 45% from the previous year.  Prices were almost 9% down from the previous year.  It should be noted that I eliminated one unusually high-priced sale that was skewing all of the numbers higher to come to this number.   Averages can be skewed by a very high or very low price.  The 9% drop is a realistic one for this market.  This is particularly true given the 16 months of inventory and the 45.5% drop in sales volume.