Market Update from Brian Carr-Smith
Larchmont Market Update
(Single family homes in 10538)
January Market Observations
- January activity was 53 percent slower than December with eight sales. This reduction in sales volume is typical for this time of year primarily due to seasonal factors.
- Average sales prices decreased two percent from December 2012 but are up 17 percent compared to January 2012.
- Average price per square foot is $417/sq.ft. showing a 10 percent decrease compared to last month.
- Sellers are obtaining approximately 95.9 percent of their original list price.
- Total inventory for sale is at 47 units. Currently there is 5.9 month’s supply of housing stock at current sales rate.
- The pace of homes slowed down this month increasing to 123 days on market.
- The slow down in sales volume is common this time of year as we exit the holidays and winter months. The amount of new listings historically increases in waves each month starting in mid-January. We have had 13 new listings alone this month and this number will continue to climb after February and March school vacations. The high-end listings tend to enter the market first ($2.5M+) followed by lower price points.
- Factors to monitor that will impact 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.