Since the ending of the tax credit, White Plains NY homes for sale have been suppressed. The cold winter with heavy snow fall kept buyers away. Indeed the amount of snow buried lock boxes to the point where there were some properties I simply couldn’t show. The lull was not specific to White Plains NY, but was generally felt throughout the county. It is hard to say how much the weather impacted the market. There has been more activity this spring and sales are definitely picking up.
Median sales prices of SF homes in White Plains was down 7.6% from Q1 of 2010. For 2011 the median sales price was $522,000 down from $565,000 the previous year. The price range was from $275,000 – $1.7 million. This decline is a reflection of the general decline that followed the ending of the tax credit – and – perhaps the severe weather. The prices appear to be bouncing along near the bottom. Overall sales volume was down 18% over the previous year. However, contracts and pending sales indicate a 7.5 month inventory. Though this is still in bear market territory – though just 1.5 months over 6 months which is a neutral market. Some neighborhoods, like the Highlands have less than a four month inventory.
All in all there is a marked preference for homes near or in-town. This makes areas such as Gedney Farms and Rosedale more difficult to move. It is part of a general trend. The fact that transportation to the train is sparse and parking permits difficult to come by exacerbates this issue. This issue has a solution – it involves beefing up parking at the train station or/and increasing public transportation access in the south end of town. I just hope someone in the city is listening.
The median price for a condominium was $360,000 up from $314,000 in Q1 of 2010. The prices ranged from $245k to $1.7 million for a luxury condo at the Ritz Carlton. I know condo owners are hoping this means prices increased a full 15%. Sadly, they did not. This change represents in increase in luxury condo sales at Trump Tower White Plains and the Ritz Carlton. There is still downward pressure on condos in White Plains. This market appears to be recovering in general throughout Westchester. Builders went on a condo building spree in Westchester NY generally during the boom. They have only faced the reality of this market recently and started lowering prices. Sales volume was even from the previous year. Over all there is a 10 month inventory on the market. This varies from complex to complex. But this is bear market territory – though it is an improvement over previous quarters in terms of contracts and pending sales.
Cooperative sales prices were up 7% form the previous year. The median sales price was $195,000 – up from $182,000 in Q1 2010. However, the increased sales price reflects higher end sales and not an increase in price overall. 2BR & 3BR units out performed 1 BR units this quarter which was the reverse of the previous year. Sales volume was up tremendously (48%) from the previous year but given the 17.5 months of inventory on the market – cooperatives face significant head winds. Sales prices range from $90,000- $340,000.
All in all – it appears that for White Plains homes for sale – single family homes in the downtown areas and close-in areas are making a comeback – while other markets appear to still be under a degree of stress.
© 2011 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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