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Hartsdale NY Housing Market Statistics – Third Quarter 2009

10-27-09

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

Hartsdale NY Housing Market Statistics – Third Quarter 2009

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White Plains NY Housing Market Statistics – Third Quarter 2009

10-14-09

Ruthmarie Hicks

Following the stock market crash of 2008, home prices in White Plains finally took a hit. This market had remained remarkably sturdy up to the fourth quarter of 2008. The correction has been an abrupt one. The third quarter market reports reflect a market that is experiencing a major correction. The declines are steady but not alarming. This is the first time that White Plains has have every single factor in buyer’s market territory.

White Plains Cooperatives:

The average price of a cooperative in White Plains has decreased to $181,000 – down $36,000 or near 17% from Q3 of 2008. Sales volume was also down 38.5%. Although sales picked up over the summer months inventories remain in excess of 12 months. This is an excellent buying opportunity and sellers need to be realistic when pricing their homes.

White Plains Condominiums:

Condos have seen a sharp decline in prices. This is to be expected because during the boom a large number of condos were built creating a “natural” glut. Sales prices are down 16.1% over the previous year to $463,000 – down $89,000 over the previous year. Sales volume was down 20% over the previous year. Once again – this is a buyer’s market and sellers need to price their units to sell.

White Plains Single Family Homes:

Single family homes fared slightly better – at least at the starter level. Homes in the move-up range were another story. WIth jumbo loans hard to get and with a large pool of would-be move up buyers dealing with a depreciating values in the homes they are in – this is to be expected. There is a glimmer of hope for entry level single family homes – but the rest of the market is languishing. Prices are down 13.3% or $85,000 off the Q3 2008 average.

Further Reading:

Housing and Market Statistics for White Plains NY – Second Quarter 2009

White Plains NY – Housing and Market Statistics for First Quarter 2009

White Plains NY – Housing and Market Statistics for Fourth Quarter 2008:

White Plains NY – Housing & Market Statistics for 3rd Quarter 2008

© 2009 Ruthmarie G. Hicks, all rights reserved. Original Post from http://thewestchesterview.com

White Plains NY Housing Market Statistics – Third Quarter 2009

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Housing and Market Statistics for New Rochelle NY – Second Quarter 2009

09-09-09

Ruthmarie Hicks

New Rochelle was a city that was coming into its own when the housing recession hit in full force. The downtown has been in the process of a major rehabilitation. Today, you can see the benefits of that effort, but with a depressed housing market, prices have stalled out and there are bargains to be had.

Make no mistake, New Rochelle is still up-and-coming. Whereas it does not have the attraction of being as fully “established” as its sister city, White Plains – the future looks bright. Many who want White Plains, but find it inaccessible price-wise find themselves attracted to New Rochelle. New Rochelle also has something land-locked White Plains will never be able to offer – water front property on the Long Island Sound.

Buyers who were disappointed that the White Plains market didn’t crash through the floor – should stop wishing for the impossible and give New Rochelle a second look.

Cooperatives:

Coop sales are down 33% over the previous year with prices slightly elevated. Given the low volume, I would associate the price rise to be due to random gyrations and describe the pricing as declining slightly or just flat. There is a 19 month inventory on the market – making this a buyer’s market.

Condominiums:

Condos in New Rochelle took a plunge. Prices are down 26.3% over the previous year with about 35 months of inventory left on the market. This market was overbuilt during the boom. The overbuilding included too many town houses along with the high-rise condos of Trump Plaza. Volume is off over 33% from the previous year as well. This is a market that buyers should be actively seeking – not shunning.

Single Family Homes:

The divergence between the high-end and low-end markets shows very distinctly here. The stats generally show a 4% price change, but that change is much greater at the high end where sales are very depressed. If you use $800k as the cut-off between the markets, the dichotomy is very clear. In the under $800k range – 48 homes sold while only 9 sold that were over $800k. Add to that the difference in inventory – 9 months for under $800k, 36 months at the high-end and you have two very different markets.

Further Reading:

Housing and Market Statistics for New Rochelle NY – First Quarter 2009.

New Rochelle NY – Housing and Market Statistics for Fourth Quarter 2008.

Housing and Market Statistics for New Rochelle NY – Second Quarter 2009

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Housing and Market Statistics for the Westchester NY River Towns – Second Quarter 2009

08-18-09

Ruthmarie Hicks

This is the first time I’m including several “River Towns” of lower Westchseter in one report. The reason for this is that because of low sales volume in each individual village, it is difficult to nail down market trends. The small numbers produce wild gyrations that are often the result of one or two sales at the high or low end of the spectrum. Including villages that have similar price ranges, commutes and tax structures in one report creates a more accurate picture of the area.

The River Towns included in these stats are in the lower portion of “Area 3″, including Hastings-on-Hudson, Dobbs Ferry, Ardsley, Irvington and Tarrytown (which are all part of the town of Greenburgh.) Also included is Sleepy Hollow – which shares a school system with Tarrytown. Sleepy Hollow is located in the town of Mt. Pleasant.

Cooperatives:

In the second quarter of 2009 13 cooperative units sold – down 50% from the previous year. Prices remained firm and were even up nearly 5% over the previous year. Difficulty in securing a loan may be the primary reason for the drop in volume as consumer desire for entry level housing is returning. It is still a buyer’s market with a little over 11 months of inventory on the market.

Condominiums:

14 condos sold in Q2 2009. Volume was down 39% over the previous year and prices dropped 6.5%. Some complexes were hit particularly hard while others remained more stable price-wise. With 15.5 months of inventory on the market, it is a good time to consider buying. Sellers will have to be realistic in order to get their units sold.

Single-Family Homes:

There are two distinct markets in single family homes. Moderately priced homes under $800,000 and homes over $800,000. I draw the line there because for most buyers of homes in that upper price range, a jumbo loan is required. Rates on jumbo loans have been high and so financing on the higher-end homes has become very difficult.

Sales volume is down nearly 23% from 2008. Overall, prices have dropped 20% – but this is partly a reflection of the type of home that is actually selling. The statistics get skewed downward because fewer luxury homes are selling. The market for homes over $800k is definitely in buyer’s market territory with over 40 months of inventory on the market. Although moderately priced homes are still in buyer’s market territory, that market is healthier with about 14 months of inventory. There are a substantial number of contracts and pendings -which once closed would improve the inventory numbers.

Further Reading:

Housing and Market Statistics for Tarrytown & Sleepy Hollow NY – First Quarter 2009.

Tarrytown and Sleepy Hollow NY, Housing and Market Statistics for Fourth Quarter 2008.

Housing and Market Statistics for the Westchester NY River Towns – Second Quarter 2009

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Housing and Market Statistics for Larchmont NY – Second Quarter 2009

08-11-09

Ruthmarie Hicks

Larchmont seemed to be impervious to market forces. Prices on single family homes kept climbing, national housing crisis notwithstanding. And why not? Larchmont is an easy commute to NYC (30 minutes). It’s got wonderful shops with a nice village feel, fine dining, nice boutiques, terrific schools and established neighborhoods brimming with old-world charm. Add Manor Park along the Long Island Sound to the mix – the proximity of downtown White Plains and New Rochelle and you’ve got a winning combination. But nothing can go up forever and the stock market crash has impacted the housing market.

Cooperatives:

Coops in Larchmont look as if they rose significantly in price. But this flies in the face of experience and common sense. The raw stats sighted below show a 33% price increase which is crazy. On closer examination, the 2008 stats were artificially low due to the large quantity of studios and small 1 BR units that sold. So skewed were these numbers that closer examination revealed a 6-7% price decrease. This was accomplished by comparing 1BR units that sold in 2008 to those sold in 2009. The same was done for 2 BR units. The inventory also indicates a buyers market with about a 24 month supply of units on the market. Volume is down 50% over the previous year. Compared to other markets, this decrease is far from dramatic. But this is a good time for buyers to enter this market.

Condominiums:

There were so few condo sales that I can not draw too many conclusions. Prices appear to be down about 8% – but this is difficult to measure as only one condo closed in Q2. There are currently 7 for sale. At the present rate of sales, that creates an inventory of about 21 months.

Single Family Homes:

Average sales prices fell 21% over the previous year. Some of this drop is undoubtedly a reflection of the crisis in jumbo loans. This has skewed sales towards more modest dwellings. Prices have undergone a significant drop, but it is probably not as much as the raw data indicates. Currently there is a near 12 month inventory sitting on the market as well as a 48% decrease in sales volume over the previous year.