Larchmont is a village and post office in the town of Mamaroneck. Larchmont is unique in that almost all single family homes are in walkable neighborhoods with easy access to the train and town. Commuters love the fact that they can leave the car and walk to the train and that shopping and restaurants are just steps away. And although the atmosphere in Larchmont is more suburban, the convenience of the location resembles NYC, Brooklyn and Queens.
These unique features helped Larchmont gain traction early in the recovery. It barely had a housing recession. Following the market crash in 2008, prices fell rapidly. But the bottom was reached just shortly after the crash in 2009. Today (YTD 7/31/2017) median prices are up 36% that low point.
Last year, the upward trajectory in prices took a well needed breather. Median prices were down significantly, but I think some of that had to do with the inventory on the market. There were very few homes in the upper price ranges, which skewed the median prices down somewhat.
Nevertheless, the price gains seen early on have slowed down. Between 2015 and 2017 (YTD – 7/31/2107) prices are only up about 4%. This type of breather in appreciation is important and a healthy sign. It prevents the market from overheating like it did in the years leading up to the crash.
Median days-on-market (DOM) are at 23 which indicates a very strong market with lots of competition for buyers to deal with. There is currently about 3 months inventory, which is also an indication of a strong market.
Buyers need to be aware that although prices aren’t going through the roof this year, the DOM and inventory indicate a bull market. No one is going to be underpaying. Sellers know that this is a bull market, but the price gains are going to be more modest for the time being.
© 2017 – RGHicks – 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.