Like the rest of the Westchester NY real estate, Larchmont homes for sale have been hit fairly hard over the past year. Nevertheless, even though the village cooperative market is still lagging somewhat the single family home market appears to be in recovery mode. And why not? In general, Larchmont has wonderful Old-World charm with all the modern amenities. The walkable neighborhoods where you can leave the car and walk to shops and fine dining along with the ability to walk to the train station from most locations make the area very desirable.
Larchmont NY Cooperatives:
The cooperative market in Larchmont is much bigger than the condo market. The average sales price on a cooperative in Larchmont was down severely from the previous year. The numbers are skewed because in 2010 – the only units that sold were 1 BR units, while in 2009 there were many more larger units sold in Q1. Using the 1 BR solds from Q1 of 2009 – prices were down about 22% over the previous year. The current average price for a 1 BR unit in Larchmont is $177,000. (down from $228,000 in 2009.) Overall sales volume was down 57% over the previous year. The inventory levels are very high – as can be seen from my chart. However, I would point out that I am gathering the current actives over a month later during the high selling season. The contracts and pendings indicate a better market – though at nearly 8 months inventory – it is still very much a buyer’s market.
Larchmont NY Single Family Homes:
This is a market that has roared back to life. Larchmont property is a valued commodity. Lured by the walkable neighborhoods and neighborhood schools and increased affordability, Larchmont continues to be very popular with buyers of single family homes.
The average sales price is up 163% from Q1 of the previous year. This, in good part, reflects the thawing of the upper end market – which was frozen solid in 2009. This can be seen in the general price range which topped off at $2.3 million in 2009 but extends to $4.4 million in 2010. Fro Q1 of 2010 – the average sales price was $1,208,000.
Although the solds from Q1 still indicate a buyer’s market, the pendings and contracts show a seller’s market developing with only 2.6 months of inventory if you use that criteria.
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