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.

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

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

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.

Further Reading:

1. Housing and Market Statistics for Larchmont NY – First Quarter 2009.

2. Larchmont NY, Housing and Market Statistics for Fourth Quarter 2008.

3. Larchmont, NY – Housing & Market Statistics for 3rd Quarter 2008.

4. The village of Larchmont in a snow storm…

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

Housing and Market Statistics for Larchmont NY – Second Quarter 2009

The housing market in Scarsdale is all over the place. Single family homes took a very heavy hit last year. Since they took their hit early, they now appear to be in recovery mode. The same can not be said for neighboring Edgemont which is now taking a drubbing and the cooperative market has also seen some difficulties.

Cooperatives:

Coops took a big hit this time around. It is somewhat surprising to see since this entry level type of housing has remained very sturdy and resistant to correction due to high demand. But it is not immune. Sales prices for the Scarsdale P.O. are down over 23%. Less so in desirable areas near the train – such as Garth Rd. But all have taken a hit since the market crash of ‘08. Sales volume for Q2 2009 is down over 45% with only 18 units sold in Q2. There is currently about 15.5 months of inventory on the market – making this a buyers market by every criteria that we have.

Condominiums:

There were so few sales that I am not including condos in my statistics except to say that volume is down by 50% and prices are up – reflecting a couple of sales at Christie Place – a new high-end 55+ luxury condo complex. It is setting a new price standard for the area – and this increase does not indicate rising prices across the board.

Single Family Homes:

These homes are located in the Scarsdale school district. Sales volume has remained steady when compared with Q2 of 2008. This reflects improvement seen in White Plains as well. Single family homes took the biggest hit early in the housing recession and are now leveling off and even recovering. Prices are actually up over 2008 averages to $1,560,000 up 4.6 %. There is over 13 months of inventory on the market, so the conditions still favor buyers. But for those who want to buy, I would suggest that you get moving. Low interest rates and buyers market that might be turning around indicate that buyers should pull the trigger rather than wait for better things.

Single Family Homes: (Edgemont)

Different town, same P.O. – totally different stats. Edgemont didnt’ take a big hit early on, but it is doing so now. Sales prices are down a near whopping 40%. That does not indicate a 40% drop in the price of the average home. It indicates a price drop combined with a market that is shunning higher end properties. More modest homes are selling – while high-end homes sit – skewing the stats downward. However with more than 2 years of inventory on the market, Edgemont is a buyer’s market.

An Important Note About the Criteria for the Statistics:

I handle each type of housing in Scarsdale differently. I also include a special section for single family homes in “Edgemont” which is really in the town of Greenburgh with a Scarsdale post-office and zip code.
For condominiums and cooperatives, I use the Scarsdale post office and zip code as my criteria. Many of these complexes are actually located in Greenburgh and Eastchester.

This reflects the way most buyer’s shop for housing. Coop and condo buyers work by address whereas those looking for single-family homes are often shopping municipality and school districts.

Further Reading:

1. Scarsdale NY – Housing and Market Statistics for First Quarter 2009.

2. Scarsdale NY – Housing and Market Reports for 4th Quarter 2008.

3. Scarsdale, NY – Housing & Market Statistics for 3rd Quarter 2008.

4. This could be your “back yard”….

© 2009 – Ruthmarie G. Hicks http://thewestchesterview.com – All Rights Reserved.

Housing and Market Statistics for Scarsdale NY – Second Quarter 2009