Housing and Market Statistics for Larchmont NY – Second Quarter 2009

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Housing and Market Statistics for Scarsdale NY – Second Quarter 2009
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North ChatsworthLarchmont 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.

Larchmont Cooperatives:

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.

Larchmont Condominiums:

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.

Larchmont Single Family Homes:

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.

Housing Prices for Larchmont NY Q2 2009

Housing Sales Volume for Larchmont NY Q2 2009

Housing Inventory - Larchmont NY Q2 2009

Further Reading:

1.  Housing and Market Statistics for Larchmont NY – First Quarter 2009.

2.  Larchmont NY, Housing and Market Statistics for Fourth Quarter 2008.

3. Larchmont, NY – Housing & Market Statistics for 3rd Quarter 2008.

4.  The village of Larchmont in a snow storm…

© 2009 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.

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