White Plains NY homes are in the midst of a bear market that appears to be in full bloom. In general, the good news is that the free-fall in prices has ended – with the biggest price adjustments being in the condo market. Further, other parts of the county are experiencing a mini-boom complete with price increases and bidding wars with respect to single family homes. White Plains NY condos were the most bearish in terms of price reductions while Westchester coops in general lead the parade with respect to low volume and White Plains was no exception.
White Plains NY homes experienced a minor median price increase of 1.7% to $610,000. This is basically negligible and it is safe to say that prices were flat. Price range was large with the lowest priced home selling for $315,000 and the highest priced sale closing at a lofty $1,369,000. Sales volume was up 28% from the previous year which is a significant increase indicting that the market may have hit bottom and is now settling down. As to the absorption rate, if you look at the previous quarter’s closed sales as your guide there is a 6.6 month inventory overhang. But using current contracts/pendings its closer to an 18 month supply. In truth, this discrepancy reflects the fact that the single family home market is highly seasonal. So there are “green shoots” – but it will be spring before we truly see them.
White Plains NY Condos for sale are in a slump. No other way to put it. Prices were down 6.8% over the previous year with the median price being $385,000. Sales volume was virtually unchanged with Q3 from 2009. The absorption rate is consistent whether you use Q3 solds or current contracts and pendings. This reflects the condo market’s tendency not to be cyclical with respect season. Further declines are possible given the 12.4-12.7 months of inventory overhang.
Coop prices held their own with the median sales price being $170,000 up slightly from the previous year. However sales volume was down a whopping 39%. This reflects what I have seen in Westchester coops in general. The green shoots in this market come from the fact that contracts and pendings indicate a far healthier sales market then reflected by the Q3 solds. The absorption rate varies from 18-28 months depending on whether you use solds or contracts/pendings. The fact that volume is UP significantly with those homes in the contract phase is good news in that it indicates this market may be coming back.
© 2010 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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