Larchmont homes typically evoke tree-lined streets and mature neighborhoods. This area does not disappoint on any of these. The area is strictly residential – yet for the most part it is walkable neighborhood – many of the homes being a mile or less from the train station and parts of the village. Some areas are somewhat further from town – so walkability depends upon you precise location. But leaving the car behind is indeed an option for a large portion of this neighborhood. Because this is a long established neighborhood, Larchmont homes generally have a distinctive Old -World charm about them. Tudors seem to dominate the area although Colonials are very much in evidence as well. But don’t let the age of these homes fool you. Most of them have aged gracefully and boast many upgrades that can give you the best of both worlds: old world charm – with modern amenities. The lot sizes run the gamut from roughly 0.12 acres to over an acre in larger homes. In general, the homes close in to the village sit on smaller lots.
The big bad bear market has actually been very kind to Larchmont Village and the Larchmont PO. While other areas of Westcehster NY are still in the doldrums, Larchmont homes have been selling at a fairly brisk pace and prices have increased. This first chart shows the pricing before the crash and following. The red bars are the years prior to the crash of 2008 and the green bars are the years following the crash. In 2006 the median sales price was $998k and that peaked in 2008 to $1.125 million. in 2009 that number came crashing down to $905k and has risen steadily to nearly $1.1 million this year. This has been a strong come-back.
Although the market in the area has recovered quite briskly, the pace of recovery has varied somewhat between smaller and larger homes. This chart contrasts the differences between 3 and 4 BR homes. In general, with a few caveats, the homes under 2000 sf with fewer bedrooms have recouped less ground than their larger counterparts.
The sales volume before the crash went from 94 sales in 2007 to 72 in 2008. Once the crash of 2008 happened sales dropped to 51 for 2009 but recovered in 2010 when it went back to 95 sales. 2011, although slightly lower in volume, was noted for its competitive sales.
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