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WPCNR TOWN & COUNTRY. October 21, 2010:
The White Plains housing market bucked the trend in Westchester County in the third quarter, with 67 homes changing hands, up 28.8% in the third quarter.
Westchester County sales grew 1.7% by contrast. However, while Westchester County sales prices advanced mainly due to high end luxury sales, the average city home price advanced 5.4%, indicating a buyer’s market.
Mike Graessle, soon-to-be President of the Westchester-Putnam Multiple Listing Service, said “Now is the time to negotiate if you are a buyer, if you’re a seller, you have to be prepared to negotiate.”
The third quarter sales were driven, according to the Multiple Listing Service Press Release issued today (having gone into contract in the spring)on the push for sales to get in under the wire for the first home buyer tax credit.
The average selling price of single family homes in White Plains continued to drop, according to White Plains market activities statistics supplied by Rand Realty.
Erosion in the Top End.
Stabilization in the Starter Market.
The average selling price of White Plains homes is $671,501 (inflated by 25 sales of luxury homes ranging from $700,000 to $1,500,000. No homes in White Plains sold for over $1.5 Million). On the other side other side of the price tag, there were 4 homes sold for $300,000 to$400,000; 12 homes sold within $400,000 to $500,000; 15 between $500,000 and $600,000, and 12 homes sold priced between $600,000 and $700,000.
Most of the low-end “starter home” sales, according to the Westchester Putnam Multiple Listing Service were the result of first homeowner tax credit stimulus credits the Obama Administration introduced in the beginning of 2010. The median price for White Plains homes sold in the third quarter is $610,000 up $10,000 over the third quarter of 2009, meaning prices are not going up substantially at this time.
Over the last year, October to October White Plains home sales rose 49.% from 144 to 249, while the average selling price this year dropped $16,000 in a year, and the median price ($575,000) fell $15,000. Real estate prices appear to be stable with sellers in the third quarter lowering prices an average of 3.7% from what they put their homes on the market. The city had 146 homes on the market as of October 1.
Coops Sales Swoon. Condos Steady as She Goes,Posh Condos Decline in Price.
On the Cooperative housing market, White Plains faired even worse than the Westchester Putnam trend which sustained a 30.5% drop in cooperative sales. In contrast to the region where co-operative sales declined 30.5% and 20 White Plains cooperatives sold from July through September, 14 fewer than last year’s third quarter. The average coop price fell 7.2% to $166,775, $3,000 less than the median selling price ($169,750). White Plains cooperatives trailed the county average selling price by $42,000 in the third quarter.
Over in condominium land, White Plains condos sold at virtually the same rate as they did in last year’s third quarter, 33 units to32 with the average selling price stabilized at $467,858, although the median selling price dropped $27,500 to $385,000, reflecting erosion of higher end condo prices.