The housing recession continued to exert its impact on local markets. Hartsdale was no exception. Areas such as White Plains and Hartsdale were late to the recession party. For a while it looked as though they might emerge somewhat unscathed. But the market crash of 2008 caused the correction to reach the lowr Westchester market. The question remains as to where the bottom of this market truly is. I have given up making too many predictions. What conclusions one can come to are generally based on current inventories and the absorption rate. Since housing is supply and demand – low inventories stabilize prices. In any case, the decline is not over, but it is fair to say that the free-fall of last year seems to be winding down.
Entry-level markets fared better than other sectors so far during this correction. Cooperatives in Hartsdale show a similar pattern to that of White Plains. Prices are down 3.3% over last year. However, I would warn that this might reflect the increased sale of 2 BR units over 1 BR units. As prices fell, buyers found they could afford a bigger unit – creating statistics are artificially favorable. If you are a seller, be careful not to overprice your coop. Inventories are low and volume is only slightly lower than the previous year. So, for the moment, this is more stable market than most.
Condos in Hartsdale NY did not fare as well as coops. Prices were off 16.8% over the previous year. Volume was off 27%. and there remains on the market 11 months of inventory. That number is consistent with a double digit drop in pricing over the next year. This is still a strong buyer’s market.
Single Family homes showed the biggest price drop – 29.1% over the previous year. The actual amount was probably somewhat lower given that a large sale in 2008 skewed the data upward. Still, this is stunning drop in prices. However, with the price drop, there was a 40% increase in actual sales. However, the invntory on the market is over 13 months – consistent with further price reductions in double digits.
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