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WPCNR THE HOUSING NEWS. January 16, 2014:
Michael Graessle of Rand Realty in White Plains told WPCNR Wednesday that White Plains single family housing sales continue to strengthen the last three months.
He said that in White Plains, 52 single family home sales closed in the 4th quarter of 2013, up 21% over the last quarter of 2012. Average selling price was $648,512 virtually even with last year. The median selling price was $616,750. The median price means half the homes sold were priced above $616,750, and half sold below that price.
It is taking less time to sell a house, too, Graessle remarked, with homes sold being on the market 121 days (4 months) as opposed to 7 months to sell a year ago.
Homes are being priced to sell with sellers settling at just 5% off their selling price.
Condominium and co-op sales were sluggish.
Forty three co-ops changed owners as opposed to 41 sold last year in the Oct-Nov—December period. Average selling price of a co-op was $177,686 down 1%, median price was $158,000. Co-ops are now the new entry level housing, Graessle observed. It is taking longer for co-ops to sell however, in the last three months co-ops sold took 7 months to move.
The condominium market is down. Graessle showed statistics noting 34 condos sold last quarter compared to 44 a year ago a 23% decline. Condominium prices dropped. The average price of a condominium fell 9% to $439,482 from $481,000 last year. The median selling price fell to $375,000. Condos are taking an average of 4 months to sell, once on the market.
Graessle said inventory of single family homes was continuing to shrink.The fourth quarter though is the strongest quarter of 2013 with increasing demand.
For the year 2013 in White Plains real estate, single-family homes outpaced the Hudson Valley with sales up 28% (227 sales to 177 in 2012). The selling price however, dipped 3% to $626,071. Median price declined to $565,000 from $592,000.
Condominiums through 2013 were strong until the fourth quarter. Selling price averaged $532,023 up 17%, and 5 months on the market; 164 condos sold a 6% increase over 2013
Co-ops for the year increased sales 20% (175 to 146). Prices declined slightly, the average co-op selling for $174,046, down 4%.
Three Years of price stability.
In three years, single family home prices have gone up 2% since the year 2011 when the average selling price was $611,558. In 2013, average selling price of a Single Family Home is $626,011
Condominium prices have gone up 1% since 2011 ($532,023 to $529,331)
Co-ops in three years have declined 9% in value. In 2011, the height of the real estate doldrums, Co-op average sell price was $191,141, but in 2013, the co-op average sale was $174,046—a decline of 9% in three years and as of the fourth quarter of 2013 has not gone up significantly (currently $177,686).