WPCNR REALTY-GO-ROUND. By John Bailey based on data Rand Realty, White Plains. August 22, 2015:
Mike Graessle’s Rand Realty sales report on the April-May-June quarter is upbeat for single home sellers and condo owners, but owners of co-ops and multi-families cool off in price and consumer interest.
Mike writes me “activity was way up in the second quarter. My colleagues agree the market (in White Plains) seems the busiest that it’s been in years. Even with all that demand coming into the market, we’re not seeing yet any significant impact on prices. I can tell you that in the field we’re definitely seeing pricing start to creep up, with the return of ‘multiple offer’ situations and bidding wars. My guess is, it’s just a matter of time before prices start to escalate.
The data for White Plains in the 2nd quarter for closed sales indicates 8 more single family homes sold in this year’s second quarter compared to last year (52 to 44). In the first quarter this year 39 homes sold a 33% increase for the first six months
Average price declined in the second quarter to $669,549, down 7% and the median selling price (meaning half sold above for prices higher, half lower) was $613,750. Average days on the market was 5 months. Average discount from original price was 2.4%. In the first six months of 2015 the median price dropped 24% ($805,000 to $613,750).
Condominiums appear to making a slight recovery in White Plains, sales up 20% in the first six months of 2015, and prices up, too. The average selling price of a condo in the second quarter was $686,786 on the 49 closings an increase of 20%. In the first six months of this year the average price of closed condo sale was $536,310—up 28% Sellers on average had to discount their sale price almost 7%. Condos selling took an average 5 months to move.
Sales of Co-ops which had been reasonably brisk in the first quarter, dipped 13%. Nevertheless in the first half of 2015 38 Co-ops sold…29% higher than the first half of 2014.
Prices on Co-ops softened. Average Co-op selling price ($179,267) dropped 9% from last year’s second quarter highwater mark of $196,668. The average price for a co-op in the 2015 first half was $187,116 a 4% decline the first half 2014. The mean selling price for a co-op in the second quarter was $160,000 off 14%.The mean co-op selling price for the first half was $181,500 down 12% from the first six months of 2014. Co-op owners, on average had to cut about 8% from their original price, and had to wait 5 and a half months to sell their co-ops.
Only 1 multi-family home sold in the second quarter, compared to 7 in the first quarter, and for those 8 owners of the co-ops it is taking 9 and a half months to sell. The average price of a multi family the first six months was $459,063, down 48% from the first six months of 2014. The median price for the first half for the 8 Multi-Families was $420,250, a decline of 43% from the first half of 2014.