Larchmont homes are always in demand, even in a bear market, which this decidedly is not. This update focusses on Larchmont homes zoned for the Chatsworth Ave Elementary School. The area features the best of what a Westchester bedroom community has to offer. Homes in this particular school zone cover village homes zoned for Chatsworth Ave. Elementary School as well as homes in Larchmont Manor – also zoned for Chatsworth elementary school. Village homes are located in a very walkable area. Although the area has a distinct suburban feel, the area features an almost an urban convenience. Metro-North is just a short walk away and its about 35 minutes to Grand Central Station.
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., some locations are less accessible to shopping and dining withou the car. But the proximity of the Long Island Sound more than compensates for this.
Larchmont Village is now in sellers market category. The buyers market had ended a while ago and last year it was leaning towards a sellers market, but now, with inventory quite low, buyers need to step up to the plate.
All data comes from the Empire Access MLS (EAMLS). This first chart shows the median sales prices 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. The bar in blue represents the first six months of 2012. Sales prices 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 $1,200,000 for the first half of 2012. 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 and are up almost 8% above their 2008 peak. 3-4 BR homes peaked in 2007. Median prices are still about 14% below that peak, but are up roughly 4% from last year. Sales volume is also strong, though down slightly from the previous year at this time. But the most significant indicator are inventory levels. With 21 home currently under contract, and 27 homes currently for sale, there is less than 3 months inventory on the market, which makes this a seller’s market. That doesn’t mean that buyers will overpay. They won’t. But a realistically priced home will sell well in this market.
© 2012 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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