In general the River Towns are very similar to the rest of the Westchester market with single family homes going up in value – like other high-end areas while prices of condos continued to drop. Coops were a surprise in that prices remained flat.
The Westchester River Towns included in this section consist of all the villages in the town of Greenburgh that are on the Hudson. These include, Hastings-on-Hudson, Dobbs Ferry, Ardsley-on-Hudoson, Irvington and Tarrytown NY. I also include Sleepy Hollow NY, since it is the sister village to Tarrytown. It is the only village that is in the town of Mt. Pleasant.
Westchester River Towns – Single Family Homes
Housing prices were actually up in the River Towns by about 14% from Q2 of 2009 with a median price coming in at $665,000. Volume was up over 90% from the previous year. And although there is still a 9-10 month inventory overhang on the market, sales volume has remained strong since the ending of the tax credit. The River Towns are following a pattern that has been noted in other high-end communities such as Scarsdale and Larchmont. The desirability of the area has produced a mini-boom.
Westchester River Towns – Condos
Like the rest of the county, condo prices were down over the previous year- in this case by 18%. Since there is now shortage of new high-end housing in this market including Riveton Lofts Hastings, Ichabods Landing Sleepy Hollow as well as Hudson Harbor Tarrytown. The median sales price was $401,000. More significantly, sales started to fall off once the tax credit expired. Current contracts and pendings indicate over a year of inventory which is consistent with continued depreciation. Sellers need to be realistic in pricing their condos or they run the risk of chasing the market downward.
Westchester River Towns – Coops
Coop prices remained steady when compared with the previous year. But volume has decreased sharply with the ending of the tax credit. At this moment pendings and contracts indicate a 22 month inventory which is also consistent with further price declines.
Further Reading:
Westchester NY River Towns – Housing and market statistics for Q1 2010
Westchester NY River Towns – Housing and market statistics for Q4 2009
Westchester NY River Towns – Housing and market statistics for Q2 2009
To Search for Homes and for further information go to my website/blog with free home search at The Westchester View.
I am always happy to answer your questions and you can speak to me directly on my moble phone: 914-374-5529.
© Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.
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