About Mamaroneck's The Village Of Larchmont

It was a long, cold winter and very few buyers were out during the first quarter of 2011. If we weren’t having our weekly Noreaster – we were digging out of one. So Larchmont homes for sale tended to stay on the market longer than they did last year. The Larchmont NY housing market is a tale of two markets. Strangely some of the statistics are counter intuitive and I will explain why the raw numbers don’t tell the entire story. However, it is apparent that the single family home market in Larchmont NY continues to recover while the cooperative market is still languishing. Although the Larchmont PO does have condominiums – the sales volume was too low for me to draw conclusions from. Feel free to contact me for further information on condominiums.

Larchmont NY Single Family Homes:

The chart below shows a distinct decrease in median sales price over Q1 2010. However, this reflects more the size and condition of the homes sold. Prices appear to be inching up. Areas like Larchmont, Rye and Scarsdale have been among the first markets to recover and that recovery is continuing. The median sales price for the Larchmont PO was $829,000 down 12.7% from Q1 2010. However, more fixers were sold where last years buyer had the luxury of cherry picking the homes with the most upgrades. This the numbers run counter to the reality of this market. Sales volume was also down from Q1 2010 – but the terrible weather has a great deal to do with this. What is more significant is the current contracts and pendings which indicate a 4.5 month inventory overhang. That’s a bull market – not a bear.

Larchmont NY Cooperatives:

This market has been slow. There is just no other way to put it. Although the median sales price was up over 8% to $202,000 from the previous year that is because 2 BR cooperatives were in higher demand than they were the previous year. If you compare the median sales price of 1 BR units year to year – prices have declined about 8%. Sales volume was unchanged from the previous year. But the main concern is the inventory overhang which is over 14 months. So this market is still a bear market and hopefully will improve. Certainly there are amazing bargains out there to be had. So let’s hope that spring and summer helps clear out the coop inventory.

NOTE TO READERS: The data comes from the EAMLS and includes homes and cooperatives in the 10538 zip code with a Larchmont PO. Portions of the Larchmont PO are actually in the unincorporated portion of the town of Mamaroneck – but are thought of by most buyers as being “Larchomont.”

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Larchmont NY Housing Statistics – Q1 2011

Having featured the Hudson River and surrounds, I decided to pull a photo from the Long Island Sound side of the Westchester NY. Larchmont NY sits on the Long Island Sound and boasts wonderful views of the water. My father was a long-time resident of Larchmont NY and both he and I enjoyed walking in Manor Park. I took this picture on a midsummer afternoon in 2009. It was warm but not stifling and the good thing about being on the Long Island Sound is that there is always a nice breeze. Manor Park is actually a private park that residents of Larchmont Manor have generously kept open for the residents and guests. It is opened from dawn until dusk and many come to enjoy this wonderfully maintained space. Like the River Walk – it is a focal point that has taken hold with the residents in the immediate area and beyond. I attended the fireworks at Manor park for the 4th of July 2010 and they were spectacular.

©2011 – Ruthmarie G. Hicks – http://thewestchesterview.com

Fotos on the fly – Manor Park – Larchmont NY

The aftermath of the tax credit had varying effects on Larchmont homes for sale.
In many ways – it was a story of two completely separate markets. Single family homes for sale in Larchmont were strong with prices heading upwards and sales volume virtually unchanged from 2009. But the cooperative market had slowed down significantly. Prices have stalled, but an underlying weakness in that market indicates further declines in store.

Larchmont NY Single family Homes

Larchmont NY homes have always been popular and in high demand. The area has been highly resistant to correction and once prices dropped during the bear market of 2008 they were among the first to recover. This is a resilient portion of Westchester and this is reflected in the housing stats.

According to the raw MLS data prices have risen 17% from Q4 of 2009 to median price of $1,050,000. The price range for SF homes went from $449,000 to $4,490,000. Sales volume was virtually unchanged from the previous year. The inventory increase to about 8.5 months is to be expected at this time of year. Buyers are active and the inventory will be soaked up.

Now I know a lot of Larchmont residents are about to start eagerly start calculating the gains that their home has given them. After five years of a rather dicey market – I would be tempted to do the same. Sorry to throw a bucket of cold water on top of the good news but the median sales price is a reflection of a couple of factors. The tax credit brought out first time homebuyers more than move-up buyers. Lower end homes (under about $750k throughout the county) dominated 2009 sales landscape. Higher end homes came back into fashion this year – upping the median sales price. Whereas 32% of Larchmont home sales in Q4 2009 were in the $1 million + range, a little over 50% of them were in that category in 2010. In general however, prices are up. Offers on properties in the area appear to be strong. Sellers have less to fear from the big bad bear and buyers need to put in solid offers and not low-ball if they truly are in the market to buy.

Larchmont Condos and Coops:

Cooperatives sales in Larchmont show that there are two markets in Larchmont NY homes. Like much of the Westchester condo and coop market, the Larchmont market has lagged behind the rosy sales report on single family homes.

Sales prices for cooperatives roped about 1.2%. But that mild figure belies an underlying weakness that is better reflected in sales volume numbers. Sales volume is down 41% from Q4 2009. The median price of $250,000 is down slightly from the previous year, but more 1 BR units were sold in 2009 than 2010. The 13 months of inventory reflects the general malaise of this market. However, I have noticed an increase in activity in the condo/coop market across the board. Its an indication that prices are pretty much bottoming out. Buyers should be out and ready to pull the trigger because coop and condo prices combined with low interest rates are very attractive.

A Note on Larchmont Condos:

Yes, I realize I’m only including cooperatives in the official report. The reason for this is that significant sales of condos did not truly exist for this period and when you work with such small numbers, statistics become problematic. For condos, the price point is higher. The higher end of every market has done better than entry level this year. So care must be taken not to read too much into this market from either the SF home market and the coop market. From a casual look at the numbers, condo sales were fairly flat. Care must be taken at the higher end of this market. Westchester condo sales volume is ticking up in high-end condos generally.

*Note on these statistics:

The stats include all homes within Larchmont Village and the Larchmont P.O. which is part of the unincorporated portion of the town of Mamaroneck. They share the same P.O. and zip code of 10538. The reason I combine the information in this way is that most people see the Larchmont P.O. as truly a part of Larchmont, though the distinction requires clarification.

Further Reading:

Q3 2010 Market Stats for Larchmont NY

Q2 2010 Market Stats for Larchmont NY

Living in Larchmont

Larchmont Homes – Chatsworth Ave Elementary School

Larchmont Homes – Murray Ave Elementary School

The Stonecrest – Larchmont

Commute to NYC – The New Haven Line

Christmas Fotos on the Fly – Larchmont NY

Fotos on the Fly – Larchmont NY

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Larchmont tends to be pretty understated and as I drove through the residential Larchmont P.O. area late last Saturday night, there wasn’t much in the way of Christmas light displays to see in the residential areas. I didn’t venture too far into the village because I was headed the other way – but I will take a look in that direction before the season ends. I hit paydirt on North Chatswoth Ave. So much so that it made up for the lack of lights elsewhere. This area has several high-end cooperative and condo complexes – located in an ideal sweet spot that is within an easy stroll from the train and the town. My listing on 21 N. Chatsworth Ave. is next door to the complex where I photographed this display. The entire street is lit up with each complex having its share of lights. For various reasons, the other complexes had lovely displays that look great in person, but don’t lend themselves to photography….So enjoy what I have here and consider going in person to see the rest. The display extends nearly one block, but I didn’t have a wide angle with me…As usual there is a link to a map below.

View Christmas Lights Display – N Chatsworth Ave. Larchmont NY in a larger map

© 2010 -Ruthmarie G. Hicks - http://thewestchesterview.com – All rights reserved.

Tomorrow marks the 77th anniversary of the end of Prohibition. This was one of FDR’s promises to the electorate and he was able to fulfill that promise with the ratification of the 21st Amendment to the constitution.

Wine Tasters – a local wine store with an excellent selection in the heart of the village was there…way back in 1933. And was ready for the legalization of alcohol with the 477th liquor license issued in New York State. Since there have been only four owners since the store opened its doors back in the middle of the Great Depression – the license has been passed down from owner to owner and now sits on the counter at the front of the store.

The store itself is traditional and old-fashioned and it has a wonderful selection of wine and liquor – however, the new owner – Greg O’Brien emphasizes that it is primarily a wine store. The evening I was in there, I was in search of a fine Zinfandel for dinner with friends and with Greg’s help an excellent bottle was selected an enjoyed by all later in the evening.

There is a wine tasting between 2-5 PM every Saturday and the store offers the added feature of free delivery – a rare perk in today’s world.

Wine Tasters is located at 100 Chatsworth Ave near the Larchmont Tavern. Their phone number is 914-834-0800.

© 2010 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Larchmont Wine Store – Wine Tasters on Chatsworth Ave in the Village of Larchmont