Westchester NY real estate has been heavily impacted by the financial storm of 2008. In some areas, the storm continues to brew and in other areas – there seems to be light at the end of the tunnel. White Plains NY homes are no exception to the rule. Last year saw a marked decline in the prices for single family White Plains NY homes for sale. Although there were significant declines in the condo an cooperative markets, these did not match what happened to single family homes. Sales volume was sluggish in spite of a strong buyer’s market.
The first quarter of 2010 the single family home market, is showing signs of strength. While the condo and cooperative markets appear to be showing signs of greater weakness.
The average sales price of a coop in White Plains is down 16.4% over the 4th quarter of 2009 at $184,000. There were 29 sales recorded on the WPMLS in Q1 and the current inventory has 172 listings. Using these numbers there is nearly an 18 month inventory on the market – indicating significant weakness and a depreciating market. Contracts and pendings are encouraging – but assuming all of these contracts end in a sale – which never happens – there is still a near 10 month overhang of inventory. The bright spot in the market is that sales volume is a good deal higher – up 45% over last year when the markets were virtually frozen.
This is a market that represents opportunity for buyers and requires sellers to be very realistic. The pricing a the Broadlawn reflects this trend that is being seen throughout the White Plains market.
The average price of a condo in White Plains NY has gone down 14.8% from the first quarter of 2009. The average price of a condo in White Plains fell form $460,000 to $392,000. 23 sales were recorded on the WPMLS during the first quarter with an overhanging inventory of 161. That leaves a nasty 21 months of inventory on the market making this a strong buyer’s market. However contracts and pendings make this picture look a lot brighter and indicate an 8 month inventory. The reality probably lies somewhere in the middle of these two numbers. But either way, buyers have a strong upper hand. As with coops the volume of sales for Condos in White Plains is up 43% from Q1 2009.
The price range is interesting to note: In 2009 the high end of the market was not moving at all – this has changed. The price range according to the MLS ranged from $135,000 for a small studio to $1,220,000 at the Ritz Carlton.
Surprisingly – single family homes saw a price increase of 8.2% with the average sales price coming in at $643,000. The number of sales closed on the WPMLS was 39 – an increase of 34% from the totally stagnant market of Q1 2009. Although encouraging, a closer look indicates no true price increase. What we appear to have here is resurgence of sales at the upper end – skewing the data higher. This follows the pattern in the condo market. The number of months of inventory on the market 11 months if you look at closed sales, and 7 months if you look contracts and pendings.
This is a market that is showing a bit more strength than some other markets. It is still very much a buyer’s market. But the steep dip in prices that was 2009 has created a more healthy market in its wake.
© Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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