Yes, this report is very late…I’m including it in order for readers to have a complete picture of this market as we move through the year.
Tarrytown and Sleepy Hollow housing stats are giving us many mixed signals. Pricing appears to have stabilized, but inventories remain high given the low rate of sales – which will continue to put pricing under pressure.
Coops showed a pricing increase over the previous year by roughly 6%. The number of units sold in both years was quite small, so these statistics need to be taken with a grain of salt. The current inventory reveals a 9 month supply of coops currently on the market – which is actually a good deal less than other parts of the county. The average sales price for a coop in Tarrytown/Sleepy Hollow was $146,000 for the first quarter.
Condo prices remained essentially unchanged from the previous year – down an insignificant 1.6%. There is a significant inventory overhang of 14 months putting this market in to the buyer’s market category.
SF home prices decreased about 5% over the previous year. Sales volume was down roughly 40% over the previous and the inventory overhang is 17 months. Although the price drop was not as severe as in other parts of the county, the excess inventory is still a serious issue that will continue to hold prices down for the immediate future.
© 2009 Ruthmarie G. Hicks – all rights reserved.
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