Market Update – Larchmont NY Homes – Chatsworth Elementary School

Larchmont NY Market Update
Market Update on Larchmont NY PO – Single Family Homes
January 28, 2012
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Larchmont homes zoned for the Chatsworth Ave Elementary School feature the best of what a Westchester bedroom community has to offer.  Homes in this particular school zone cover two distinct neighborhoods.

Homes in the Village of Larchmont:

Homes in the village of Larchmont feature tree-lined streets and pre-war homes packed with Old-World charm and character.  They range in style from rambling Victorians with wrap-around porches, graceful colonials and impressive Tudors.   Typically, the homes in the village sit on smaller lots, though there is still a feeling of space and privacy.  These are mature neighborhoods with old-growth which adds to a sense of privacy.

Convenience is a very big amenity of this part of Larchmont. It is easy to leave the car behind and walk to shops and fine dining.  Many leave the car and walk to the train and end up doing their shopping on their way home.  Most locations in the village are eaily accessible by foot to Metro-North.   Walk Scores range from very walkable to walker’s paradise – which is very unusual for single-family home neighborhoods.

Homes in Larchmont Manor:

As a general rule, Larchmont Manor  features bigger more expensive homes on larger lots.  The streets are graceful and meandering with the mature growth that characterizes a long-established neighborhood. Located on the other side of Boston Post Rd., the area is slightly less accessible to shopping and dining withou the car.  It makes up for it with more spacious homes,  some feature water views of the Long Island Sound.

The area boasts the beauty of  Manor Park and the Larchmont Yacht Club.

The walk score in this neighborhood ranges from very walkable to car-dependent.

Larchmont Homes – Median Sales Prices:

All data comes from the Empire Access MLS (EAMLS).  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 2009, 2010 and 2011 respectively.  In 2006 the median sales price was $1.226 million and that peaked in 2008 to $1.343 million.  In 2009 that number abruptly “corrected” to $907k and rose to $1.243 million in 2010 and now rests at $1,053,000 for 2011.   The decrease in median reflect a decrease in 3-4 BR homes.  Larger homes with 5+ BR’s have actually gained back the ground that they lost.  There was in an increased number of sales in the fixer market at the entry level this year.  But median prices were indeed down slightly in an apples to apples comparison.   This may have been a reflection of the the expiration of the first time homebuyers tax credit  which would impact smaller homes more than larger homes.  Median prices for 3-4 BR homes remain about 17% below the values attained near the peak in 2007.

Larchmont Village Median Prices



Larchmont Village - Home Size


Larchmont Homes – Sales Volume from 2006-2010:

The sales volume before the crash  went from 78 sales in 2006 to 48 in 2008.  Once the crash of 2008 happened sales volume stayed nearly the same for 2009 but at severely reduced prices.  That ground was recovered in 201o and increased again in 2011.   These numbers indicate that this market is shifting from a buyers to a sellers market.  The increase in sales volume is a key indicator of a recovery in progress.

Larchmont Village - Sales Volume


© 2012 – Ruthmarie G. Hicks – – All rights reserved. 

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