The buyers market that we are seeing in most parts of Westchester is also in force in Hartsdale NY. Inventories are high while sales remain slow. However, interest in buying has picked up and there are those who say that prices are near their bottoms.
Markets are by no means even. Areas near the train station seem to do particularly well when compared to outlying areas where a walking to Metro-North is not an option.
Prices stabilized this quarter to some extent. But this was on the heels of a significant price drop during 2008 particularly following the stock market crash. Prices will continue to remain weak due to high inventories and low volume. The change in volume of sales from Q1 of the previous year is a striking 65.4%. Only 9 cops sold during the first quarter compared to 26 the previous year.
Because the volume was so low, it is difficult to draw significant conclusions about condos in Hartsdale specifically because with so few sales any statistics I offer are shaky because low total numbers produce shaky results According to the raw data there was a 30.6% drop in sales price, over the previous year. But this figure is very misleading. Although the condo market is in bear territory in Hartsdale, prices have not dropped anywhere near that much. This figure has more to do with outlying numbers skewing the data. A major price drop did occur, there was also a significant drop in volume and inventories remain high with about 25 months of overhang given the current slow rate of sales. I wish I could be more specific – but there needs to be greater volume to draw conclusions.
Single family homes took a hit as well. The numbers here are likely more accurate because there was enough volume to draw some conclusions. The price trop was significant – about 18.9% down from the Q1 of the previous year. Volume was down a little over 27% from 2008. The inventory remains high with about 18 months of overhang on the market.
Hartsdale is following the pattern that we are seeing in White Plains. The single family home market got hit first and some of those issues are easing a little in that the drop off and decline are slowing a bit. In both White Plains and Hartsdale, the inventories on condos and coops is more severe than with single family homes.
Sellers need to be aware of how difficult this market is and work with their agent to sell their homes effectively. Buyers need to understand that prices have dropped but they have not fallen through the floor. People can certainly sell successfully, I currently have a listing under contract in Hartsdale that found a buyer in fairly short order. I give my seller a great deal of the credit here for being realistic and understanding the market for what it is. When realistically priced and kept in show-ready condition – a well positioned home will sell. Volume may be low, but the buyers who are out are serious and not just booking time and kicking tires.
© 2009 Ruthmarie Garcia Hicks. All rights reserved. https://thewestchesterview.com
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