Larchmont Real Estate Market Update: April 2013

Larchmont Real Estate Market Update

(Single family homes in 10538)

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Spring Season is on a Tear.  Multiple Bids and High Sales Prices are Abound.

April Market Observations

• April sales activity jumped up 67 percent this month (15 sales) with an active buyer pool aggressively seeking homes.          

• Average sales prices increased 8 percent from last month.  

• Average price per square foot is $479/sq.ft. showing a 9 percent increase compared to last month. The three-month average is $471/sq.ft.

• Sellers this month are experiencing an average 101 percent sales price to list price ratio. This average is a 6.4 percent increase over the usual amount for our area. The increase can be attributed to high demand and limited inventory. Of the 15 sales that occurred five went above list price.  It is important to note that one sale in particular went 28 percent over asking price and another sale went 24 percent over asking price; while impressive, this type of bidding is rare. Historical data for selling price increases for a home that has multiple bids ranges 3 to 7 percent above list price in our market. 

• Total inventory for sale is at 83 units.  This is a 9 percent increase and translates into a 5.5 month’s supply of housing stock at current sales rate. Inventory for sale continues to remain well below last year. (-32 percent)  The limited amount of inventory continues to inflate pricing and intensify demand for properties.

• The pace of closed sales increased dramatically this month showing a 45 percent reduction of days on market down to 86 days. 

* 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.