Larchmont is one of the few areas that has, in some sectors, escaped the worst of the bear housing market – at least for the time being. Single family homes in Larchmont have been particularly resilient. Cooperatives have undergone a mild price correction, but compared to other parts of Westchester, Larchmont is on firmer footing.
Sales prices are down about 10% from the previous year with an average price coming in at $241,000. That’s down from the third quarter, but the small number of actual transactions makes drawing conclusions tricky. There’s about 6 months of inventory on the market, but the number of units sold is up from the previous year.
This market had an average sales price that was 4% higher over the previous year. However, seasonal adjustments brought those prices well below levels in the third quarter. With only a 4.4 month supply on SF homes on the market, its hard to say that we are dealing with a bear market. However, I would tell prospective sellers to GET MOVING. It’s time to get going because this bear market is so pervasive throughout Westchester, that it would be wise to get your home on the market BEFORE Larchmont has a major increase in inventory that would create downward pressure on prices.
© 2009 – All rights reserved. Published in https://thewestchesterview.com 2/28/09 “Larchmont NY, Housing and Market Statistics for Fourth Quarter 2008.”
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