The Larchmont Real Estate Market continues to be one of the hottest in Westchester County. Home inquiries have been up this season as well. Although the spring market tends to peak in June we are still seeing a decent amount of activity over the summer.
There were 37 Larchnmont single family homes sales in July, this is down from 43 in July of 2013. This is partly because of tighter inventory levels in the area. The sales/list price ratio decreased to 99.9% from 101.5% which is still pretty amazing. This means that most homes sold for their asking price or more. The median price was $1,217,000, down 6.0% from $1,295,000 in July 2013. Inventory levels of 69 were also down to 69 or 21.8% compared to 88 the same time last year. The average days on market of 43 was up substantially from 119 in July 2013.
The Larchmont condo market saw 3 sales in July with a list price/sales ratio of $100.3. The median price was $663,000 which is way up from $392,000 in July 2013. Inventory was a little tighter with 15 total units which is down 11.8% compared to last year. The average days on market was on 22! You are hopefully seeing the trend here.
There were 5 Larchmont coops that sold this July which is up 66.7% from 3 in July 2013. The sales/list price ratio inched down to 97.2% from 98.2% last year. The median price was $190,000, down 46% from $352,000 last July. Inventory was also down to 14 units compared to 42 in July 2013! The average days on market decreased a bit to 156.
Christopher Pagli - www.WestchesterCountyRealEstateMarket.com
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