First, I want to apologize. I thought I posted this. The text was created several weeks ago. So I apologize for the tardiness of the post, but I think the information is still useful.
New Rochelle is an up-and-coming city that experienced tremendous growth during the housing boom. Those who look at White Plains and can’t quite afford the price tag, should take a second look at New Rochelle because it is heading in the same direction that White Plains took ten years ago. Although the current recession has put the boom in a holding pattern, all signs point to a strong recovery in the next few years. Further, this area has seen a significant price correction.
Prices tumbled 18.5% when compared to the fourth quarter of the previous year. This is in stark contrast to the substantial price increase seen in the third quarter. It is probable that the price increase of the third quarter was an indication that buyers were very choosy and were only buying the cream – leaving the rest of the market to languish. The market crash acted to force sellers hands and those who needed to move dropped their prices. – hence the sharp decrease. This did help to relieve the overhanging inventory and sales volume in coops was actually up over the previous year. This movement in the coop market is a reflection of what has happened in other parts of the county.
Condominiums and town houses were overbuilt during the boom. Pricing has come back down to earth and there are bargains to be had as long as the seller or builder is reasonable. Sales prices are down 9.9% from the previous year with a current average sales price of $435,000. Inventory is high with 17 months of units on the market. This is mostly because of very low sales volume which is down 61% over the previous year. This is a very good time for buyers to get back into this market – they have negotiating room.
Single family homes have experienced a 16.6% price drop over the previous year. This is a significant drop from the third quarter and is probably due to the market crash forcing sellers to lower their expectations. Average sales prices are down from $824k in 2007 to $687k. There is currently a 14 month inventory on the market with volume down over 57% from the the fourth quarter of the previous year.
This is a strong buyer’s market across the board. Combined with the tax credit and low interest rates, this should get fence sitters to start buying.
New Rochelle NY – Housing and Market Statistics for Third Quarter 2008.
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