Larchmont Market Update
(Single family homes in 10538)
Year End Surge in Sales Volume and Prices.
December Market Observations
- December activity shows that the market experienced a late surge in sales volume and prices despite hurricanes and concerns about the fiscal cliff.
- December closed sales increased 70 percent to 17 units compared to last month.
- Average sales prices increased from last month 16 percent.
- Average price per square foot increased to $462/sq.ft. showing an 11 percent increase compared to last month.
- Sellers are obtaining approximately 97.3 percent of their original list price.
- Total inventory for sale continued to decrease (34 percent) which is common at this time of year. Currently there is 2.2 month’s supply of housing stock at current sales rate.
- Homes sold faster this month dropping to 107 days on market.
- Westchester County also experienced an increase in sales volume (17 percent) and prices (19 percent).
- Aggregate sales volume dropped significantly to 36 units sold compared to Q3 2012 (66 units).
- Price/square foot decreased slightly from Q3 2012 to $442/square foot.
- Average sales price dropped eight percent to $1,155,426.
- When comparing 2011 to 2012 the data illustrate that Q4 2012 had higher sales volume but prices dropped two percent.
Some of the big factors impacting the 2013 real estate market will be the changes in U.S. tax code, mortgage rates, European markets and employment opportunities.
* Information is gathered from the Westchester Putnam MLS. Information is preliminary and may not include all sold properties due to sales data being added after the quarter close. Information is deemed accurate but not guaranteed and subject to reader verification.