The aftermath of the tax credit caused a slowdown in the housing market generally in Q4 2010. White Plains NY homes for sale were no exception. Particularly hard-hit were the entry-level condo and coop markets. However, the ability to get jumbo loans again has bolstered the upper end markets which flagged badly during the early part of what I call “the great recession.”
Since the market is decidedly mixed, one has to be careful not to draw broad conclusions from the gross data without some thought to details.
Also it is good to see that as the new year enters it second month, that White Plains NY homes are starting to move.
The median price for SF homes went up in White Plains from the Q4 2009 from $543,000 to $571,000. However, this increase of 5% is more of a reflection of the return of high-end homes to the market. Sales volume was down a surprising 33%. It was a very slow quarter with only 32 homes sold over a three month period. However, the number of homes that sold for $750,000 increased from 7 in 2009 to 12 in 2010. Percentage-wise higher end homes represented 15% of the sales in 2009 but 38% of sales in 2010. So home values actually decreased – though not by as much as many had feared. The actual amount depends on the neighborhood and specific market.
The current inventory indicates a 9 month supply of housing on the market assuming sales volume remains as low as it did in Q4. However, contracts and pending indicate a better number of 6 months.
White Plains NY condos had a rough quarter. Sales volume was down 11% from the previous year – however the type of sale shifted more to the high end so that condos in the mid to lower price ranges had a severe decrease in volume with prices falling as well. Once again the numbers are deceiving. The raw data indicates a rise in price by 23% to $430,000. The trouble is that sales over $500k increased to 36% of total sales volume with 5 sales above the $1million price point. In 2009 – there were no sales in excess of $1million and only 4 sales over $500,000 which was about 14% of the inventory. So values did decline. Given the similarities within complexes – the decrease was about 5-8%.
The current inventory indicates over 15 months of overhang on the market. Contracts and pending lower that number to over 10 months.
Westchester coops have had a very bad year in general. They had been resistant to the correction in 2009 and while SF homes were dropping hard, cooperatives were a bright spot. Now they are adjusting. It’s easier to draw conclusions as the price ranges are narrower. Sales volume was down 58% from the previous year with only 18 sales during the entire quarter. Prices were down 15% to a median price of $175,000.
Right now there is 26 months of inventory on the market. Contracts and pending indicate an improvement in that number to about 11 months. This is a tough market right now for sellers but a buying opportunity for anyone looking to scale back or enter the market for the first time.
White Plains Market Sats – Q2 – 2010
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