🏘️🏘️Mamaroneck NY Real Estate Market Update: Single Family Homes, Condos, and Co-ops

 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

Is it worth getting your home Pre-Inspected Prior to Selling it?

 Is a House Pre-Inspection Worth it?

If you are thinking of selling your house, consider getting a pre-listing inspection for your home before putting it on the market, regardless of its apparent condition. A pre-listing inspection can help identify any issues that might need repair, and prevent any surprises during the buyer's inspection. By doing this, you can avoid losing a sale or incurring costly repairs later on. For example, a home seller of mine in Mamaroneck who had a pre-listing inspection done found out that their house had high levels of radon in the basement, a common issue in the neighborhood. They were able to address the problem before putting the house on the market, and the buyer used their pre-inspection instead of conducting a new one.

To find a qualified inspector, you can ask your agent or trusted acquaintances for recommendations or consult the American Society of House Inspectors website. When selecting an inspector, compare fees and the scope of the inspection, and ask for references. If the inspection identifies any issues, be sure to either fix them or disclose them to potential buyers to avoid legal issues or financial liabilities. Taking proactive measures to inspect and address any problems with your home can help ensure a successful and smooth sale.

If you have a Real Estate need with buying, or selling call me at (914)755-9816.  If you would like an idea of the value of your home please click my Quick Home Estimate  There is never any obligation on your part to use this free service.

My Video Introduction:

Discovering Mamaroneck: A Guide to the Town in Westchester County, NY

A Quick Tour of Mamaroneck, NY  

Mamaroneck is a picturesque town in Westchester County, NY, located on the shores of Long Island Sound. With a population of 29,000 residents, Mamaroneck is home to the Village of Larchmont, which boasts its own police force and fire department. I will write up a separate post on Larchmont soon.

Mamaroneck Train Station

Transportation to and from Mamaroneck is a breeze with the Mamaroneck Metro North Train Station offering quick and convenient access to Grand Central Station with an average commute time of 38-44 minutes.  This is the Metro North Schedule.  For those who prefer to drive, the town is easily accessible via I-95 North and South, and further up on Mamaroneck Avenue, the Hutchinson River Parkway (The Hutch) North and South provides access to the Merrit parkway in Connecticut and other highways.

Food lovers will find a variety of dining options on Mamaroneck Avenue, where many of the town's restaurants, bars, ice cream, and frozen yogurt shops are located, mostly south of the Metro North Train Station.

Harbor Island

For those seeking outdoor recreation, Harbor Island is a popular destination for Kayakers, walkers, runners and swimmers with its well-maintained playground, field, walking path and large community swimming pool at the Hummock school. The pool is open year-round and converted to an outdoor pool during the summer months. 

The current Real Estate Market

As a real estate agent, I have analyzed the Mamaroneck real estate market and found that the number of sales tends to peak in the spring and summer months, with a particular high in March. The median sales price remains relatively stable throughout the year with a slight increase in the spring and summer, but fluctuations have been observed in the past few years. The highest median sales price was observed in December 2018 at $2,025,000 and the lowest in November 2021 at $879,000.

For the current real estate market in Mamaroneck is always changing.   Click this link for the most up-to-date information; Mamaroneck Real Estate Market 

The number of sales per month can vary widely, with a peak of 117 sales in March 2019 and a trough of 8 sales in April and May 2022 due to the pandemic and lack of inventory. Despite these fluctuations, the Mamaroneck real estate market remains strong with stable median sales prices and a high volume of sales. However, buyers and sellers should keep in mind that the market is unpredictable, and it's important to stay informed on current trends.

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