Larchmont NY*, like all other communities in Westchester, has been hit hard by the housing recession. But there is some light at the end of the tunnel for Larchmont. Single family Larchmont NY homes for sale are enjoying renewed strength. Resales are brisk with inventories low and prices are up over the previous year However, the coop and condo markets are showing an entirely different pattern.
Same Location – Two different Markets:
This market is actually turning into a seller’s market. There are a few pockets in Westchester NY that can make that claim and this is one of them. The price reductions over the past few years along with lower interest rates have brought buyer’s out of hiding in some select areas. Th median sales price in Q 2 2010 was $1,153, 000 – up 11% from the previous year. Sales as a whole were up 156% over the previous year. If you look at the current inventory as well as the number of Solds in Q2 along with current contracts & pending sales – you have about a 3-4 month inventory in Larchmont NY homes for sale. This puts the single family home market into more of a seller’s market than a buyer’s market. The low inventory is suggestive of price increase in the future.
Too few condos sold in Q2 of 2009 and 2010 for accurate statistics to be displayed. In Q2 of 2010 only four condos were sold ranging in price from $355,000 for a 1 BR to $990,000 for a nearly 3000 sf 3 BR unit in a luxury building. Although there are relatively few condos – Larchmont prices have a wide range. This makes either for very “creative” analysis. Freely translated, I could twist it into just about anything – so I’m not going there! Currently there are 3 units on the market – making this a decent market for sellers.
The Coop market shows a decidedly different pattern. It reflects the generally depressed Westchester coops market and is part of a larger pattern that has emerged county wide.
The median sales price for coop in Larchmont $275,000 for Q2 2010. This is down about 10% from the previous year. Although sales volume is up about 180% – inventories remain extremely high. Contracts & pendings create a grim pictue with a 27 month inventory although Q2 sales show a healthier 9 month inventory. All factors considered, this is still very much a buyer’s market with roughly a 12 month overhang of inventory. For those who wish to buy, its a great opportunity.
Although the stats indicate a further drop to come, interest rates being as low as they are with a significant price drop already in place, creates a unique opportunity that can’t be counted on in the future. For those wanting to sell, it can be difficult because this is part of larger systemic issue that is probably not going away any time soon. If you need to sell within the next few years, you should price your unit competitively and move on since the stats indicate that this market is still depreciating.
*Please note that these figures include the entire Larchmont P.O. which includes part of the unincorporated Town of Mamaroneck. The reason the discussion is presented this way is because this reflects the way in which buyers actually search for homes.
© 2010 Ruthmarie G. Hicks – https://thewestchesterview.com
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