Larchmont seemed to be impervious to market forces. Prices on single family homes kept climbing, national housing crisis notwithstanding. And why not? Larchmont is an easy commute to NYC (30 minutes). It’s got wonderful shops with a nice village feel, fine dining, nice boutiques, terrific schools and established neighborhoods brimming with old-world charm. Add Manor Park along the Long Island Sound to the mix – the proximity of downtown White Plains and New Rochelle and you’ve got a winning combination. But nothing can go up forever and the stock market crash has impacted the housing market.
Coops in Larchmont look as if they rose significantly in price. But this flies in the face of experience and common sense. The raw stats sighted below show a 33% price increase which is crazy. On closer examination, the 2008 stats were artificially low due to the large quantity of studios and small 1 BR units that sold. So skewed were these numbers that closer examination revealed a 6-7% price decrease. This was accomplished by comparing 1BR units that sold in 2008 to those sold in 2009. The same was done for 2 BR units. The inventory also indicates a buyers market with about a 24 month supply of units on the market. Volume is down 50% over the previous year. Compared to other markets, this decrease is far from dramatic. But this is a good time for buyers to enter this market.
There were so few condo sales that I can not draw too many conclusions. Prices appear to be down about 8% – but this is difficult to measure as only one condo closed in Q2. There are currently 7 for sale. At the present rate of sales, that creates an inventory of about 21 months.
Average sales prices fell 21% over the previous year. Some of this drop is undoubtedly a reflection of the crisis in jumbo loans. This has skewed sales towards more modest dwellings. Prices have undergone a significant drop, but it is probably not as much as the raw data indicates. Currently there is a near 12 month inventory sitting on the market as well as a 48% decrease in sales volume over the previous year.
© 2009 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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