Larchmont Property underwent a downturn over the past year. Traditionally, this market had been quite resistant to recession forces however, the crash of 2008 brought prices down. But while it brought prices down those lower prices brought out buyers – particularly in the single family home market. Always desirable for its schools, easy commute and great location, homes for sale Larchmont NY are always in demand. Inventories are relatively low when compared to the rest of Westchester.
At first glance, it appears as if cooperatives in Larchmont underwent a significant price increase over Q4 2008. But that didn’t square with comperables in individual complexes. Looking closer, there was a descrepancy in the number of 1 BR vs. 2 BR units sold. So much so that it skewed the numbers. Instead of prices being up over 18% – when I compared 1 BR coops from Q4 2008 to Q4 2009 – prices were actually down over 22%. Inventories are consistant with single digit depreciation with about 8 months of overhang on the market. Sales volume remained steady over the previous year – which is a positive sign in spite of the price drop.
Single family homes underwent a significant price drop over Q4 of 2008 – nearly 16%. This price drop in part reflects difficulties at the high-end because of the jumbo loan market. Nevertheless, there was a significant price adjustment in the entire market. However sales remained brisk with sales volume holding steady over the previous year. Inventories are low. Currently there is only a 4.3 month inventory. This is consistent with a stable or even slightly appreciating market.
We can not know what, if any effect the shadow market of foreclosures will have on this market. Were it not for this issue and the prospect of rising interest rates, this would be looking like a market that is about to roar back. But for now, a wait and see attitude is best. It’s a great time to buy but sellers should price competitively.
Please note that all data was derived from the WPMLS.
© 2010 Ruthmarie G. Hicks – https://thewestchesterview.com. All rights reserved.
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