Although statistics for residential real estate sales for Westchester County showed a 13 percent year-over-year increase for the second quarter of 2012, according to the Hudson Gateway Multiple Listing Service (MLS), results were mixed for Larchmont and Mamaroneck.
In Larchmont zip code 10538, June year to date residential sales increased by 13.5 percent, slightly higher than the countywide average, from 89 in 2011 to 101 in 2012, according to a Market Action Report based on MLS data. Median sales price in June was $873,750, a drop of 1.8 percent from $890,000 in June of 2011.
According to Liz Boucher, a broker with in Larchmont, factors such as a limited inventory of homes (124 this year, which is a decrease of 31.1 percent from 180 in June 2911) coupled with a thriving community of foreign expats may have contributed to the steady increase in home sales from last year.
In Mamaroneck zip code 10543, however, year to date residential sales decreased by 38.2 percent from June of 2011, from 89 to 55. Sales were 50 percent higher than May 2012 from 8 to 12.
Higher end neighborhoods with homes directly on the water, such as the Manor, are not moving as quickly as last year, said Boucher.
According to the report, median sales price in 10543 was up 12.5 percent from June 2011 from $475,000 to $534,500.
"I think people have been cautious throughout the year," said Boucher, referring to the uncertainty about the economy and the fact that this is an election year.
Please click to the right of this article for the full reports discussed above. Please note that both reports are labeled Mamaroneck, but 10538 refers to Larchmont.
Prices started to level out
The second quarter median sale price of a Westchester single family house was $619,000 – a slight decrease of 0.6% from last year, according to a report out today from Hudson Gateway Multiple Listing Service. The $156,250 cooperative median was also down by 0.6% and the condominium median of $338,000 was down by 3.0% from a year ago. Mean (average) sales prices were down by roughly the same percentages; for example, the mean sale price of a Westchester house was $852,636, a decrease of 0.5% from last year.
When all the averages track in the same direction together, it often signifies that all price ranges and property types are being affected the same way, in this case, by ever more gradual price reductions that appear close to bottoming out, according to the Hudson Gateway Multiple Listing Service. High-end properties, defined as those selling for $1 million or more, amounted to 22.7 percent of all single family house sales in Westchester, nearly the same ratio as was posted during the second quarters of 2011 and 2010, according to today's report.
There were 7,081 residential units listed for sale in the Multiple Listing Service in Westchester at the close of the quarter, 11.5% fewer than last year. The closings that are the subject of today’s report were largely listed and negotiated during the 2011-2012 winter months and early spring. At that time, mortgage interest rates were quite low – in the range of 4.2-4.3% for 30-year conventional loans, according to Hudson Gateway Multiple Listing Service.
Rates have since dropped below 4.0%. However, Hudson Gateway Multiple Listing Service says the current inherent affordability of mortgage financing is offset to some extent by much tighter lending criteria.
The Hudson Gateway Multiple Listing Service Inc. is a subsidiary of the Hudson Gateway Association of Realtors Inc.