The Current Real Estate Market in Mamaroneck, New York
Buying and Selling in Mamaroneck
The real estate market in Mamaroneck, NY, has experienced notable changes in April 2023. This blog post provides an overview of the current state of the market, focusing on single-family homes, condos, and co-ops. We will analyze key data points, such as sales volume, median sale prices, inventory levels, days on market, absorption rates, and price per square foot. Let's delve into the details and understand the trends in Mamaroneck's real estate market.
Single Family Homes
In April 2023, the number of single-family homes sold in Mamaroneck decreased significantly, with only seven homes sold. This represents a decline of 65% compared to the same period in 2022. The median sales price for single-family homes also experienced a notable decrease, down 21.7% to $1,575,000. The current inventory stands at 25 houses, reflecting a 56.1% decrease compared to April 2022.
Interestingly, the average time a house spends on the market has decreased significantly, down 63.0% to just 10 days. This indicates that single-family homes in Mamaroneck are in high demand, as buyers quickly snatch up available properties. The absorption rate, which measures the number of months it would take to sell the current inventory at the current sales pace, stands at 1.23 months. This represents a 40.8% decrease compared to April 2022, indicating a faster-paced market.
Moreover, the median sale price per square foot for single-family homes in Mamaroneck has increased by 2.9% compared to April 2022, reaching $615. This suggests that despite the decline in overall median sale prices, there is still some appreciation in the value of each square foot of single-family homes.
Mamaroneck Condos
In April 2023, only two condos were sold in Mamaroneck, marking a 50.0% decline compared to the same period in 2022. However, the median sale price for condos experienced a positive trend, increasing by 16.5% to $586,000. The current inventory of condos stands at eight units, representing a significant 57.9% decrease compared to April 2022.
The average number of days a condo spends on the market has decreased substantially, down 89.0% to 18 days. This indicates a highly competitive market for condos in Mamaroneck, with buyers acting swiftly to secure their desired units. The absorption rate for condos stands at 1.96 months, down 39.8% compared to April 2022.
Furthermore, the median sale price per square foot for condos has increased by 7.4% compared to April 2022, reaching $521. This suggests that condos in Mamaroneck are becoming more valuable on a per-square-foot basis.
Mamaroneck Co-ops
The number of co-op unit sales in Mamaroneck experienced a significant decline, with only six units sold in April 2023. This represents a 57.1% decrease compared to the same period in 2022. The median sale price for co-ops also decreased by 21.4% to $212,500. The current inventory of co-ops stands at 16 units, reflecting a 51.5% decrease compared to April 2022.
The average number of days a co-op spends on the market has decreased slightly, down 3.5% to 83 days. The absorption rate for co-ops stands at 2.29 months, down
