Health & Fitness
Larchmont Real Estate Market Update July 2012
Larchmont real estate market remains strong. Sales volume jumps again. Prices also increase.
Larchmont Market Update
July 2012
(Single family homes in 10538)
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Find out what's happening in Larchmont-Mamaroneckfor free with the latest updates from Patch.
July Market Observations
July activity for closed sales increased from last month 39 percent with 32 properties sold. Sales volume continues to trend upward with a three percent increase compared to July 2011.
Find out what's happening in Larchmont-Mamaroneckfor free with the latest updates from Patch.
Average sales prices increased from last month by 18 percent. Average sales price trend is showing one percent increase compared to July 2011.
Average price per square foot increased to $463/sq.ft. showing a seven percent increase compared to last month.
Sellers are obtaining approximately 98 percent of their original list price showing increase of 2.1 percent from last month.
Total inventory for sale is down 23 percent from last month. New inventory is down 20 percent this month compared to last month. Currently there is 2.3 month’s supply of housing stock at current sales rate.
Days on market decreased to 100 days which is a 22 percent drop from last month.
10538 is continuing to show strength over many parts of Westchester county which had (single family homes) a four perecnt drop in average prices compared to last month.
Inventory remains lean and demand high as we enter the summer months and these factors should help maintain current pricing. Sales volume typically drops at this time of year due to seasonal factors and will most likely do so in the next one to two months. One of the biggest factors that continues to impact our local real estate market is the continued turbulence in the financial sector where many of our residents our employed.
General market conditions in other U.S. markets can be found here. Wall Street Journal’s quarterly survey of housing market conditions in 28 U.S. metropolitan areas, inventories of unsold homes have fallen in every market and are down by more than 20 percent in two-thirds of those markets.
* 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.
