Reported by Lisa Klein, Associate Broker, Fine Homes Specialist, Accredited Buyer Representative
Updated January 13, 2009.
Current Market Rating: 1
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Buyer's
Seller's
Current Price Trend: 2
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Falling
Rising
Overall, North New Rochelle homes prices fell to 2004 levels in 2008 with the average home selling for $789,506. But we are seeing a continuing price decline with the average home price falling to 2003 levels in the 4th quarter. Importantly, the number of homes sold fell 25% in 2008 to 157 homes versus 212 in 2007 but again we saw a decline of 43% in the fourth quarter versus the fourth quarter in 2007. The strongest segment of the market was found in smaller homes (3 bedrooms, under 2000 sq ft) but prices softened significantly in the 4th quarter. The 5+ bedroom market was significantly off in both price and volume. Where will the market go in 2009 is hard to predict. I would anticipate prices continuing to be soft in the 1rst half but this can change if a lot of buyers come into the marketplace. Considering the historically low interest rates, this is a great time to buy. Time to get off the fence.
ZIP Codes: 10583, 10804 Approximate Location Boundaries: North New Rochelle
Location Characteristics: Ward and Davis elementary school areas.
