Following the stock market crash of 2008, home prices in White Plains finally took a hit. This market had remained remarkably sturdy up to the fourth quarter of 2008. The correction has been an abrupt one. The third quarter market reports reflect a market that is experiencing a major correction. The declines are steady but not alarming. This is the first time that White Plains has have every single factor in buyer’s market territory.
The average price of a cooperative in White Plains has decreased to $181,000 – down $36,000 or near 17% from Q3 of 2008. Sales volume was also down 38.5%. Although sales picked up over the summer months inventories remain in excess of 12 months. This is an excellent buying opportunity and sellers need to be realistic when pricing their homes.
Condos have seen a sharp decline in prices. This is to be expected because during the boom a large number of condos were built creating a “natural” glut. Sales prices are down 16.1% over the previous year to $463,000 – down $89,000 over the previous year. Sales volume was down 20% over the previous year. Once again – this is a buyer’s market and sellers need to price their units to sell.
Single family homes fared slightly better – at least at the starter level. Homes in the move-up range were another story. WIth jumbo loans hard to get and with a large pool of would-be move up buyers dealing with a depreciating values in the homes they are in – this is to be expected. There is a glimmer of hope for entry level single family homes – but the rest of the market is languishing. Prices are down 13.3% or $85,000 off the Q3 2008 average.
Please feel free to contact me anytime to request additional information or to set up an appointment so we can explore your listing or purchasing needs. I am easy to reach by phone, text or email. Or, if you just want to continue your search online, the links below will help you get started.