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Hartsdale NY Housing Market Statistics – Fourth Quarter 2009

Hartsdale NY CooperativeThe housing recession continued to exert its impact on local markets.  Hartsdale was no exception.  Areas such as White Plains and Hartsdale were late to the recession party.  For a while it looked as though they might emerge somewhat unscathed.  But the market crash of 2008 caused the correction to reach the lowr Westchester market.   The question remains as to where the bottom of this market truly is.  I have given up making too many predictions.  What  conclusions one can come to  are generally based on current inventories and the absorption rate.  Since housing is supply and demand – low inventories stabilize prices.   In any case, the decline is not over, but it is fair to say that the free-fall of last year seems to be winding down.

Hartsdale NY Cooperatives:

Entry-level markets fared better than other sectors so far during this correction.  Cooperatives in Hartsdale show a similar pattern to that of White Plains.  Prices are down 3.3% over last year.  However, I would warn that this might reflect the increased sale of 2 BR units over 1 BR units.  As prices fell, buyers found they could afford a bigger unit – creating statistics are artificially favorable.  If you are a seller, be careful not to overprice your coop.  Inventories are low  and volume is only slightly lower than the previous year.  So, for the moment, this is more stable market than most.

Hartsdale NY Condominiums:

Condos  in Hartsdale NY  did not fare as well as coops.  Prices were off 16.8% over the previous year.  Volume was off 27%.  and there remains on the market 11 months of inventory.  That number is consistent with a double digit drop in pricing over the next year.  This is still a strong buyer’s market.

Hartsdale NY Single Family Homes:

Single Family homes showed the biggest price drop – 29.1% over the previous year.  The actual amount was probably somewhat lower given that a large sale in 2008 skewed the data upward.  Still, this is stunning drop in prices.  However, with the price drop, there was a 40% increase in actual sales.   However, the invntory on the market is over 13 months – consistent with further price reductions in double digits.

Hartsdale NY Home prices

Hartsdale NY housing sales volume

Hartsdale NY housing stats - inventory data

Further Reading:

Hartsdale NY Housing Market Statistics – Third Quarter 2009.

Housing and Market Statistics for Hartsdale NY – Second Quarter 2009.

Hartsdale NY – Housing and Market Statistics for First Quarter 2009.


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

Hartsdale NY Housing Market Statistics – Fourth Quarter 2009

 

 

1 comment • Ruthmarie Hicks • January 22 2010 04:38AM

Hartsdale NY Housing Market Statistics – Third Quarter 2009

The Hartsdale NY housing market is in buyer’s market mode.  Prices for coops, condos and single family homes all experienced price reductions when compared with the thirdHartsdale Home quarter of the previous year.   This was the second year of price reductions for the area.  Volume was variable with single-family home sales being down 70% over the previous year while there was a slight increase in the number of coop sales.

Hartsdale Cooperatives:

Coop prices dropped 11.1% over the previous year with the average price being $192k for Q3 2009. That was enough to make them a desirable purchase.  This was particularly true of East Hartsdale Ave.  Demand remained high and volume was up 1% from 2008.   There is a 5.8 month inventory on the market – making it a borderline buyer’s market in terms of inventory.   Prices have dropped nearly 15% from Q3 2007 – which is roughly when sales prices peaked. This is still a buyer’s market, but the reduction in inventory and stable sales volume indicates that we may be near the bottom.

 

Hartsdale Condominiums:

Condos didn’t fare as well as cooperatives.  Sales prices were down nearly 13% from the previous year.  The average sales price for the third quarter was $370k down from $425k in 2008.  Sales volume was down 33.3% and there is currently an 8 month inventory on the market creating a definite buyer’s market.  This market didn’t really start declining until after the stock market crash – so it may have some more adjustments ahead.

 

Hartsdale Single-Family Homes:

The price of a single-family home was up about 2.3% – however, I would not consider this to be a true improvement.  The volume was so low, that this probably reflects the nature of the homes that actually sold more than an uptick in prices.  Volume is down 70% from Q3 in 2008.  Further, that low volume translates into over two years of inventory on the market – making this a definite buyer’s market.  The market is down less than 8% from the peak indicating it may have a way to go.  Sellers should price homes realistically, while buyers should enjoy great opportunities in the coming months.

Hartsdale NY home prices

 

 

Hartsdale Home sales volume

Hartsdale Home Sales Inventory

 

Further Reading:

Hartsdale NY – Market Statistics for 3rd Quarter 2008

Hartsdale NY – Housing and Market Statistics for Fourth Quarter 2008

Hartsdale NY – Housing and Market Statistics for First Quarter 2009

Housing and Market Statistics for Hartsdale NY – Second Quarter 2009

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

Hartsdale NY Housing Market Statistics – Third Quarter 2009

 

 

3 comments • Ruthmarie Hicks • October 27 2009 02:30AM

Housing and Market Statistics for Hartsdale NY – Second Quarter 2009

July 28th, 2009 by Ruthmarie Hicks
Categories: Hartsdale, Real Estate Market Reports
No Comments »

Manor Woods - Hartsdale NYThe Hartsdale housing market is in buyer’s market territory at this time.  Like White Plains, the area resisted the housing correction particularly in the condo and coop markets until the stock market crashed in late 2008.  Single Family homes had taken a hit prior to the market crash and although declines continued – they were not as severe.

Cooperatives:

The coop market saw a 3.1% price decline from Q2 2008.  Hartsdale currently has an inventory of 11 months.  There are quite a few contracts and pendings at this time.  This reflects the longer escrow periods that the banks are responsible for.   Sales volume is down 12.5% over the previous year.   Much of that decline in slaes volume can be attributed to the slowness of the banks.  The number of contracts and pendings indicates that thinAlthough this is absolutely a buyer’s market, the volume has picked up and the free-fall in prices has stopped.

Condominiums:

The most dramatic price adjustment was in the condo market.  Prices were down almost 35% over the previous year.  Sales volume was down over 14%.  The current inventory suggests an absorption rate of 15.5 months.    Although Hartsdale did not go on a high-rise “building spree” like White Plains and New Rochelle, the excesses of  those markets are filtering their way through the entire lower Westchester  condo market.

Single Family Homes:

Single family homes already took a hit last year prior to the market crash. Now there are signs of stabilization.   Although prices are down close to 6%, sales volume held steady from Q2 of 2008.  The free-fall has stopped.  Homes at lower price points are  selling better than those over $800k.  This reflects the difficulties encountered in obtaining reasonable jumbo loans.    Currently there is a 14 month inventory.  But if you are a buyer shopping for a modestly priced home, that high inventory may give you a false sense of power.  Homes in this price range are moving faster than the median.

Picture 2Hartsdale Housing volume Q2 2009

Hartsdale Housing Inventory and volume

 

Further Reading:

1.  Hartsdale NY – Market Statistics for 3rd Quarter 2008.

2. Hartsdale NY – Housing and Market Statistics for Fourth Quarter 2008.

3.  Hartsdale NY – Housing and Market Statistics for First Quarter 2009.

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

Housing and Market Statistics for Hartsdale NY – Second Quarter 2009

 

0 comments • Ruthmarie Hicks • August 02 2009 02:46PM