The Mamaroneck market, like other markets along the Sound Shore, is a very active one that is appreciating in value. By far the biggest part of this market is in single-family homes, although there are several very popular condo and co-op complexes, many near the center of town and the Metro-North station.
The vast majority of the housing inventory in Mamaroneck is of the single-family variety. The combination of a very easy commute to Manhattan, award winning schools, the proximity of the Long Island Sound and a vibrant downtown make this a popular destination point for people who are used to the New York City lifestyle.
The chart below shows that coming of the great recession of 2008, we are seeing more or less steady increases in home values. With the bottom at around 2011, the market has appreciated roughly 24% over a 5 year period – at a healthy rate of nearly 5%.
This is generally a positive indicator for stable growth. As more and more millennials start families and move towards the suburbs, Mamaroneck offers some of the best features of the suburbs while including some of the best perks of city living. A good recipe for future steady growth.
Sales volume is steadily increasing, a good sign for strong demand going forward.
Mamaroneck has some very nice condo and co-op stock. Both of these markets have median price points that don’t seem to correlate with the market that is present. I include them to be complete. But these figures show the cooperative market off their highs and a condo market that is not appreciating. Which is definitely not the reality that I see on the ground.
This is the sort of thing that happens when you rely too much on raw data. The market for condos and co-ops in Mamaroneck is too small to rely too much on median price. There are too many variations in the market that can skew the numbers. For example, the price decrease in co-ops appears to be due to a high volume of sales from a couple of the most entry-level complexes over the past couple of years.
To get a better picture, I took a sample complex, the popular 100-101 Sheldrake Place. Its a popular condo for its nice open floor plans, proximity to town and the railroad and the fact that it is newer complex. The data is derived from all sales of 2 BR units over the past five years. As you can see, when you compare apples to apples, you get a picture of a nice steady appreciating market, which is what I see on the ground.
Sales volume is flat for cooperatives and has declined somewhat from in the condo market over the past couple of years. This has more to do with available inventory than demand. Demand remains high. But a couple of major complexes were built right before the market crash and the new units were finally absorbed a couple of years ago. This has lead to a decrease in inventory. For both condos and co-ops, the sales volume is being constrained more by by available inventory.
All in all, this looks like a very sturdy market going into the spring season, with steady appreciation. For buyers, this is a steady but appreciating market. For sellers, you are in a good position. Don’t over-reach, but enjoy the appreciation that you have gained since the housing recession. The market has recovered and with respect to the Single-Family home, has surpassed the highs established before the crash.
© 2016 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
Please feel free to contact me anytime to request additional information or to set up an appointment so we can explore your listing or purchasing needs. I am easy to reach by phone, text or email. Or, if you just want to continue your search online, the links below will help you get started.