Tarrytown and Sleepy Hollow have been in the midst of a buyer’s market for some time. This has been particularly true of the single-family home market in the area. The higher tax rates that some of the river towns deal with put this particular market into bearish mode rather early in the correction when compared to other areas of Westchester.
One of the symptoms of a buyer’s market is low volume. Volume was way down on the cooperative market. So much so that there weren’t enough sales to run pricing statistics with any accuracy – which is why they are omitted. Condo prices and volume were down significantly when compared to the previous year. But single family homes that have been really beaten down in the last few quarters – had a volume consistent with 2007 levels – significantly down from the boom era, but not the grim dip seen in other sectors. It might be an early indication that that particular sector is starting to stabilize. Of course it is way too soon to say anything definitive. Market bottoms are always judged with 20/20 hindsight!
There were only two sales for the 4th quarter – far too few to draw any meaningful conclusions on – except that this is a bear market for coops. Having said that, sales are low throughout the county and coops are a very small part of this particular market. Yes, its a buyers market, but with only 7 units for sale in a down market, how many sales could one expect?
Condo prices were down 41% from the 4th quarter of 2007. Volume was also weak – down over 40% from the previous year. With nearly 7 months of inventory on the market, condo prices are definitely in retreat and this is a buying opportunity for those looking to purchase.
SF homes have been leading the declines in housing. In this case, prices appear to be flat – to firming up ever so slightly. Although there is 7 months inventory on the market, the number of transactions was actually up from the previous year. Although it is still a buyer’s market, some of these signs are encouraging – global recession not withstanding.
Further reading on the Tarrytown Sleepy Hollow housing market:
Further reading on the Westchester Housing Market:
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