Larchmont Real Estate Market Report February 2013-High End Sales Volume Increases

High-End Sales Volume Increases

February Market Observations

• February activity remained constant with eight sales closing this month.  There were many new sales contracts that signed this month for a total of 17 new deals signed. Of these deals, 12 were new to market this year and sold quickly many with multiple bids.  This type of intense sales activity is common in Q1 due to pent up buyer demand from last year.   
• Average sales prices increased 72 percent from last month.  The large jump in price is due to the fact that there were four large sales ($1.6m+) this month with one of them being $7 million +.   
• Average price per square foot is $543/sq.ft. showing a 30 percent increase compared to last month, which is also due to reasons mentioned above. The three-month average is $480/sq.ft.
• Sellers are obtaining approximately 98.8 percent of their original list price.  The increase in this ratio is also common in Q1 due to buyer demand and limited inventory.
• Total inventory for sale is at 65 units.  Currently there is 8.1 month’s supply of housing stock at current sales rate. New listing volume will continue to increase especially after the March school vacation.
• The pace of closed sales slowed down this month increasing to 171 days on market but this reflects mostly data on homes that have been listed from late last year.  When looking at the homes under contract that are new to market they have been signing a lot faster per the comments above.

* 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.