Hartsdale, NY

The Hartsdale NY housing market is in buyer’s market mode. Prices for coops, condos and single family homes all experienced price reductions when compared with the third quarter of the previous year. This was the second year of price reductions for the area. Volume was variable with single-family home sales being down 70% over the previous year while there was a slight increase in the number of coop sales.

Hartsdale Cooperatives:

Coop prices dropped 11.1% over the previous year with the average price being $192k for Q3 2009. That was enough to make them a desirable purchase. This was particularly true of East Hartsdale Ave. Demand remained high and volume was up 1% from 2008. There is a 5.8 month inventory on the market – making it a borderline buyer’s market in terms of inventory. Prices have dropped nearly 15% from Q3 2007 – which is roughly when sales prices peaked. This is still a buyer’s market, but the reduction in inventory and stable sales volume indicates that we may be near the bottom.

Hartsdale Condominiums:

Condos didn’t fare as well as cooperatives. Sales prices were down nearly 13% from the previous year. The average sales price for the third quarter was $370k down from $425k in 2008. Sales volume was down 33.3% and there is currently an 8 month inventory on the market creating a definite buyer’s market. This market didn’t really start declining until after the stock market crash – so it may have some more adjustments ahead.

Hartsdale Single-Family Homes:

The price of a single-family home was up about 2.3% – however, I would not consider this to be a true improvement. The volume was so low, that this probably reflects the nature of the homes that actually sold more than an uptick in prices. Volume is down 70% from Q3 in 2008. Further, that low volume translates into over two years of inventory on the market – making this a definite buyer’s market. The market is down less than 8% from the peak indicating it may have a way to go. Sellers should price homes realistically, while buyers should enjoy great opportunities in the coming months.

Further Reading:

Hartsdale NY – Market Statistics for 3rd Quarter 2008

Hartsdale NY – Housing and Market Statistics for Fourth Quarter 2008

Hartsdale NY – Housing and Market Statistics for First Quarter 2009

Housing and Market Statistics for Hartsdale NY – Second Quarter 2009

© 2009 Ruthmarie G. Hicks – http://thewestchesterview.com. All rights reserved.

Hartsdale NY Housing Market Statistics – Third Quarter 2009

The buyers market that we are seeing in most parts of Westchester is also in force in Hartsdale NY. Inventories are high while sales remain slow. However, interest in buying has picked up and there are those who say that prices are near their bottoms.

Markets are by no means even. Areas near the train station seem to do particularly well when compared to outlying areas where a walking to Metro-North is not an option.

Cooperatives:

Prices stabilized this quarter to some extent. But this was on the heels of a significant price drop during 2008 particularly following the stock market crash. Prices will continue to remain weak due to high inventories and low volume. The change in volume of sales from Q1 of the previous year is a striking 65.4%. Only 9 cops sold during the first quarter compared to 26 the previous year.

Condominiums:

Because the volume was so low, it is difficult to draw significant conclusions about condos in Hartsdale specifically because with so few sales any statistics I offer are shaky because low total numbers produce shaky results According to the raw data there was a 30.6% drop in sales price, over the previous year. But this figure is very misleading. Although the condo market is in bear territory in Hartsdale, prices have not dropped anywhere near that much. This figure has more to do with outlying numbers skewing the data. A major price drop did occur, there was also a significant drop in volume and inventories remain high with about 25 months of overhang given the current slow rate of sales. I wish I could be more specific - but there needs to be greater volume to draw conclusions.

Single Family Homes:

Single family homes took a hit as well. The numbers here are likely more accurate because there was enough volume to draw some conclusions. The price trop was significant - about 18.9% down from the Q1 of the previous year. Volume was down a little over 27% from 2008. The inventory remains high with about 18 months of overhang on the market.

Hartsdale is following the pattern that we are seeing in White Plains. The single family home market got hit first and some of those issues are easing a little in that the drop off and decline are slowing a bit. In both White Plains and Hartsdale, the inventories on condos and coops is more severe than with single family homes.

Sellers need to be aware of how difficult this market is and work with their agent to sell their homes effectively. Buyers need to understand that prices have dropped but they have not fallen through the floor. People can certainly sell successfully, I currently have a listing under contract in Hartsdale that found a buyer in fairly short order. I give my seller a great deal of the credit here for being realistic and understanding the market for what it is. When realistically priced and kept in show-ready condition - a well positioned home will sell. Volume may be low, but the buyers who are out are serious and not just booking time and kicking tires.

Further Reading:

Hartsdale NY - Housing and Market Statistics for Fourth Quarter 2008.

White Plains NY - Housing and Market Statistics for First Quarter 2009.

© 2009 Ruthmarie Garcia Hicks. All rights reserved. http://thewestchesterview.com

Hartsdale NY - Housing and Market Statistics for First Quarter 2009

Hartsdale, New York is a Hamlet in the Town of Greenburgh located mid-Westchester County. Hartsdale is a 35 minute train ride on Metro-North to New York City or you can take an Express Bus. Because of its' central location it is 5 minutes to White Plains with world class shopping and restaurants, 5 minutes to the Village of Scarsdale with boutiques and sidewalks. During the month of October, 2008 here is what is going on with the real estate market.

Active Listings- the lowest price is $349,000 for a 2 bedroom, 1 and a half bath 913 sq ft house and the highest price is $,1372,000 for a 5 bedroom 5 bath, 5000 sq ft house on 1.6 acres.

Averages for Active Listings :
Single Family $661,934 2106 sq ft 128 days on market
Condominiums $390,205 1282 103
Co-Ops $226,153 971 97

46 Active Single Family Homes
20 Condominiums
49 Co-Ops

Sold Listings -averages
Single Family 3# $889,667 2516 sq ft 239 days on market
Condominiums 6 $424,564 1504 183
Co-Ops 7 $213,471 988 192