Current market snapshot – White Plains NY

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Living large in less space…
June 12, 2017
Can we please build inventory people need?
For the love of GOD! – Could developers please build something besides luxury rentals?
June 20, 2017

Hard as it may be to believe, we are almost at the halfway mark for the year of 2017. The markets have been moving very quickly and there has been surprising strength in the entry level markets. This current market snapshot of White Plains NY, shows distinct strength in the entry-level markets.

Since the end of the great recession, the suburban single-family home market has lagged behind the more urban markets. Walkability and low maintenance have been key selling points while quiet neighborhoods and yards have not. But this is a  trend that is starting to shift and it is leading to more broad based price increases than we have seen in the past few years.

The millennial move to the suburbs…

As job opportunities have improved, more of this generation are taking the plunge by starting families and purchasing homes. The entry level market that these families are now buying into had been somewhat dormant for a long time. Prices were rising, but very slowly. Appreciation in these markets was being left in the dust by the hot condo market. That trend appears to be moving in the other direction.

White Plains NY has a variety of entry level neighborhoods…

These neighborhoods are perfect for first time buyers.  Much of the housing stock is pre-war with a smaller footprint than the larger post-war homes and McMansions.  Many of these homes have been modernized to reflect the needs of today’s families while maintaining their charm and sturdiness. The commute is easy.  White Plains is an express stop on Metro-North. The taxes per square foot in White Plains are lower than in comparable municipalities and so are the prices.

Current market snapshot for entry-level homes from $400,000-$700,000…

Entry Level Homes – White Plains*

Currently on market 29 homes
Currently under contract 35 homes
Sold in the last 180 days 49 homes
Median DOM (days on market) 28 days
Starter home in the Highlands Neighborhood - White Plains

A great starter home in the Highlands neighborhood…

Given the current state of contracts, there is roughly 1.7 months of inventory on the market. That’s extremely tight inventory which is great news if you are a seller, but not such great news if you are a buyer. The list price/sales price ratio is also very tight. A less than 1% difference. This indicates a market where there is a shortage of inventory and demand exceeds supply.

Although I don’t have a crystal ball, there is good news for home buyers. The flow of millennials into starter homes, this market is poised to do well for some time to come. But, time is not your friend here. Tight inventories mean higher prices and starter homes are not top of the list for home builders. If you can afford to buy, get moving.

Current market snapshot for high-end homes from $700,000+…

 

High-End Homes – White Plains*

Currently on market 54 homes
Currently under contract 26 homes
Sold in the last 180 days  27 homes
Median DOM (days on market) 53 days
Home in Gedney Farms - White Plains NY 10605

Home in Gedney Farms White Plains

This market is a seller’s market, but it is a good deal softer than the entry-level market in terms of demand. If you use contracts as your criteria, there is a 4 month supply of listings on the market. This also matches well with the number of days on market. Sales prices are still pretty close to listing prices. The ratio is about 3%.  Home sellers would be wise not to overprice their homes. There is enough inventory for homes that are overpriced to just sit on the market.

This market is generally the market for move-up buyers. Since the millennial generation is just moving into starter homes now, many will eventually trade up. .  But that is a few years away. For those who are finding the overhead daunting, I’m not sure that waiting is the answer. It could be a long wait.

White Plains Condominiums…

Entry-Level Condos – White Plains*

Currently on market 38 units
Currently under contract 33 units
Sold in the last 180 days 29 units
Median DOM (days on market) 25 days

The Ritz Carlton of White Plains NY

The situations is similar with respect to the condominium and cooperative markets. For units under $700,000, demand is strong, with about a month of inventory active on the market. Untis are selling for close to 1% of asking price. For higher-end units, the DOM are about 80 days and there is about 4 months of inventory on the market.  Final sales prices for higher end units are more than 6.5% below asking price.

 

High-End Condos – White Plains*

Currently on market 27 units
Currently under contract 15 units
Sold in the last 180 days 25 units
Median DOM (days on market) 80 days

The situations is similar with respect to the condominium and cooperative markets. For units under $700,000, demand is strong, with about a month of inventory active on the market. Untis are selling for close to 1% of asking price. For higher-end units, the DOM are about 80 days and there is about 4 months of inventory on the market.  Final sales prices for higher end units are more than 6.5% below asking price.

White Plains Cooperatives…

Cooperatives – White Plains*

Currently on market 90 units
Currently under contract 58 units
Sold in the last 180 days 101 units
Median DOM (days on market) 42 days

 

Cooperatives show a similar pattern of  high demand at the entry level. Since the price points for co-ops are generally under $500,000, these are considered entry level by their nature. There is about 1.5 months of inventory on the market, which is extremely tight. Most units are selling within about 3.3% of list price, which is also a strong sign. No one is building cooperatives, except a few at the very high end in places like Scarsdale. However, this is a vital entry point for first-time buyers in expensive communities near NYC. So, even though these prices are appreciating, they should do well over time.

The bottom line for home buyers and sellers…

This market is particularly active at the entry level. If they are reasonable, seller’s should get a good price for their homes.  Home buyers at the entry level really need to get moving unless they want to pay more later on.

For more information about the city of White Plains..

The city of White Plains..
White Plains Public Schools..

For other entries in the Harlem Line and Sound Shore series of market reports..

The Scarsdale housing market..
The Mamaroneck housing market..
The Larchmont housing market..
The Rye City housing market..

* All data was obtained from the Hudson-Gateway MLS (HGMLS).

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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.

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Email: Ruthmarie@TheWestchesterView.net

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