It was a long, cold winter and very few buyers were out during the first quarter of 2011. If we weren’t having our weekly Noreaster – we were digging out of one. So Larchmont homes for sale tended to stay on the market longer than they did last year. The Larchmont NY housing market is a tale of two markets. Strangely some of the statistics are counter intuitive and I will explain why the raw numbers don’t tell the entire story. However, it is apparent that the single family home market in Larchmont NY continues to recover while the cooperative market is still languishing. Although the Larchmont PO does have condominiums – the sales volume was too low for me to draw conclusions from. Feel free to contact me for further information on condominiums.
The chart below shows a distinct decrease in median sales price over Q1 2010. However, this reflects more the size and condition of the homes sold. Prices appear to be inching up. Areas like Larchmont, Rye and Scarsdale have been among the first markets to recover and that recovery is continuing. The median sales price for the Larchmont PO was $829,000 down 12.7% from Q1 2010. However, more fixers were sold where last years buyer had the luxury of cherry picking the homes with the most upgrades. This the numbers run counter to the reality of this market. Sales volume was also down from Q1 2010 – but the terrible weather has a great deal to do with this. What is more significant is the current contracts and pendings which indicate a 4.5 month inventory overhang. That’s a bull market – not a bear.
This market has been slow. There is just no other way to put it. Although the median sales price was up over 8% to $202,000 from the previous year that is because 2 BR cooperatives were in higher demand than they were the previous year. If you compare the median sales price of 1 BR units year to year – prices have declined about 8%. Sales volume was unchanged from the previous year. But the main concern is the inventory overhang which is over 14 months. So this market is still a bear market and hopefully will improve. Certainly there are amazing bargains out there to be had. So let’s hope that spring and summer helps clear out the coop inventory.
NOTE TO READERS: The data comes from the EAMLS and includes homes and cooperatives in the 10538 zip code with a Larchmont PO. Portions of the Larchmont PO are actually in the unincorporated portion of the town of Mamaroneck – but are thought of by most buyers as being “Larchomont.”
© 2011 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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