The housing market in White Plains has taken a drubbing since the stock market crash of 2008. Although some adjacent areas are showing small signs of stabilization, the same can not be said for the city of White Plains. This is ironic because White Plains was at the epicenter of the housing boom for Westchester County.
Cooperative prices were actually up slightly over the same period in 2008. However, this slight uptick might be do to an increase in the proportion of 2 BR units in the sales statistics. The previous quarter showed a grim 17% price reduction and recent sales in specific complexes indicates that this downward trend is continuing. Since 2 BR units are suddenly far more affordable, buyers are finding that they can afford a larger unit. Sales volume is down 17% over the previous year and the current inventory of 9 months indicates a buyer’s market undergoing a price correction bordering on double digits.
Condo sales remained very soft though pricing showed no further reductions after the near 17% decrease that happened in the third quarter. However, the inventory is alarming because in spite of increased buyer activity across the board. Currently there is a 13.1 month inventory sitting on the market which promises to increase as soon as the spring selling season gets under way. Such an inventory is consistent with double digit price decreases. Sellers should take care to take advantage of this lull in price reductions and price their units aggressively.
Single family homes showed the greatest year over year price drop in this quarter. Average home prices are down 24.2% year over year – shedding an average of $186,000 in value. The current inventory is a bright spot. The six month inventory indicates a buyer’s market undergoing high single digit declines, but this may be the calm before the storm once the spring market starts and people list their homes. Overall, sales volume is up over the previous year which would be a very positive sign if sales volume hadn’t been so desperately low last year.
© 2010 Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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