The Larchmont real estate market has been going great guns for Q2 2011. Larchmont homes have a special place in the public mind. Whether it be in the Larchmont Village proper or the Larchmont P.O., when families think about putting down roots for a long stay – this is one of the first Westchester NY locations on their list. And who can blame them? An easy commute to Manhattan, walkable neighborhoods steps from shopping and fine dining combined with proximity to the Long Island Sound – what could be better?
Sales in Larchmont were brisk in Q2 with people putting in competing bids. The median sales price was a hair higher than the same period during 2010 – up $2000 to $997,000. This is not a statistically significant number – however, it really doesn’t reflect the true strength of the Larchmont SF home market. One of the signs of a recovering market is that the nature of sales starts to change. In 2009 if the home didn’t have granite countertops and tumbled marble baths to die for – it was more likely to remain unsold. In 2010 – people were a bit less picky, but fixers or challenged locations tended to remain unsold. In 2011 – homes that would have been passed by in 2010 as “fixers” started to fly off the shelf. The result was a stable median price in spite of the fact that – as many buyers who were hoping for bargains would attest – your money didn’t go as far as it did in 2010.
One of the most significant factors in determining home value is the absorption rate. That is the speed with which the current inventory can be expected to sell. Larchmont SF homes are in pure bull territory on this factor. 48 homes sold in Q2 and there are 54 contracts with an inventory of about 66 homes. That’s about a four month inventory – which given the health of the national housing market – is astounding. The area is doing very well.
Overall volume for Q2 was down slightly to 48 solids in Q2 2011 compared to 59 in 2010. However, the bad whether during Q1 created a very late spring market and the number of contracts and pendings is consistent with a true bull market – so I don’t find this number the least bit disturbing.
Its kind of a relief to be able to say to BUYERS that they need to be realistic for a change. For the past several years I’ve been saying that to some very disgruntled sellers. However, in real estate markets like Larchmont, – homes are off their lows and lowballing in this environment will not work. Sellers shouldn’t be too euphoric either however. Remember that much of Westchester is bouncing along the bottom with some declines being seen in the condo/coop market as well as SF homes in upper Westchester. So anything overpriced will just not sell.
© 2011 – Ruthmarie G. Hicks – https://thewestchester view.com – All rights reserved.
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