Let me tell you about the White Plains condo market. First let’s talk about the First Quarter of 2012 in Westchester County. I quote from the Board of Realtors report: “Westchester’s First Quarter Sales were equivalent to an annual sales rate of 6,690 units, an increase of 11.5% over the fourth quarter of 2011. From January thru March 2012 there were 6,649 closed sales in Westchester County, about 3% less than the 1st Quarter of 2011. Not too much should be read into this high percentage since the slight increases in 2012 sales are compared against some very low performing prior quarters. Still, the trend line clearly is bending upward.”
Relating specifically to Condos in Westchester County, in the first quarter of ‘09, there were 131 sales, in ‘10 – 180 sales, in ‘11- 179 and in ‘12 -188 with a 5 percent increase. (In the same period, coops were down 3% and single family houses went up by 1.4%)
The median sale price of condos in Westchester County decreased by 3.8% to $312,500. The condo inventory dropped from 860 on the market to 765, a drop of 11% in the past year.
We calculated the absorption rate of condos on the market in White Plains at 9.27 months of inventory which is below all Westchester County at 13.5 months. This means that to sell all that is on the market without taking in any new listings will take 13.5 months, a clear indicator of a buyer’s market. The median sale price in White Plains is $350,000 and an average of 180 days on the market, consistent with all Westchester County condos.
Looking at individual complexes there is a wide variation even in the same league price-wise. For example, The Ritz Carlton has 24 active listings, 4 in contact and 10 closed in 6 months, quite an increase from the 3rd quarter in 2011. Trump Tower, another Luxury hi rise has 9 active on the market, 5 in contract and 7 sold over 6 months. Jefferson Place, more moderately priced, has 6 actives and 6 sold over 6 months. High Point of Hartsdale is doing fairly well with 2 on the market, 4 in contract and 9 sold over 6 months. New to the market again are 6 listings at the Gateway, and two are sold and two are in contract.
If you are a condo buyer for downtown White Plains who can only spend up to $300,000 you have 37 properties to choose from, whereas last year and the year before there were only a handful. There are even 9 two bedrooms below $300,000!
There were 39 sales under $300,000 in the past 6 months and in some buildings that might surprise you! For years they hadn’t had sales in that price range; for example, Westage Towers (25 Rockledge), The Seasons (4 Martine), Jefferson Place (300 Mamaroneck Ave), The Classic (50 E Hartsdale Ave) and High Point in Hartsdale had 8 sales under $300,000! Many of these buildings have amenities like concierges, swimming pools etc. If you look at condos in contract in the White Plains area there are 37 condos in contract between $199,000 and $499,000: 12 are one bedrooms, 20 are 2 bedrooms and only 5 three bedrooms.
So now is the time to buy either for the first time, as an investor or if you wish to downsize. There are lots of good deals out there and with interest rates in the 3-4% range you will pay more for the equivalent in a rental. Hurry! Are we seeing the bottom of the market and a turn around is coming?
For further details, check this out:
(Data from the Empire Access Multiple Listing Service, Inc (EAMLS)