Real Estate Market for the City of White Plains, NY
Introduction:
The real estate market in White Plains, New York, has experienced some notable changes in recent times. In this blog post, we will delve into the data from April 2023 to gain insights into the current state of the market. We will analyze the sales of single-family homes, condominiums, and co-ops, along with key metrics such as median sale price, inventory levels, days on market, months of supply, and median sale price per square foot. Let's dive in!
Single-Family Homes Market
The sales of single-family homes in White Plains for April 2023 have seen a significant decline of 80.0% compared to April 2022. This decrease can be attributed to various factors such as changing buyer preferences and market dynamics. However, there is positive news regarding the median sale price, which stands at $957,500, reflecting an increase of 8.7% compared to the previous year. This rise suggests that despite the decrease in sales volume, the demand for single-family homes remains strong.
The current inventory of single-family homes in White Plains stands at 44, representing a decline of 8.3% compared to April 2022. With a relatively low inventory, potential buyers may face increased competition, which could contribute to the upward pressure on prices. The average days on market for single-family homes is 30, indicating a modest increase of 3.4% compared to the same period last year. This metric suggests that homes are staying on the market slightly longer, potentially offering buyers more time to explore their options.
The months of supply, a measure of how long it would take to sell the existing inventory at the current sales pace, stands at 2.22, reflecting an increase of 17.1% compared to April 2022. This rise suggests that the market is becoming more balanced, with a slight advantage for buyers. However, the median sale price per square foot has declined by 8.2% to $356, indicating that buyers are paying less per square foot compared to the previous year.
Condominium Market
The condominium market in White Plains has also experienced some fluctuations. The unit sales for April 2023 have decreased by 65.0% compared to the same month in 2022. This decline in sales volume could be due to various factors, including changing buyer preferences, economic conditions, or increased competition from other property types. However, there is positive news for sellers, as the median sale price has increased by 12.6% to $449,999, suggesting that demand for condominiums remains strong despite the decrease in sales.
The inventory of condominiums in White Plains currently stands at 40 units, representing a significant decrease of 32.2% compared to April 2022. The lower inventory levels might contribute to increased competition among potential buyers. The average days on market for condominiums is 78, which indicates a notable increase of 32.2% compared to the previous year. This increase suggests that condominiums are taking longer to sell, providing potential buyers with more time to consider their options.
The months of supply for condominiums stand at 2.79, indicating a decrease of 10.5% compared to April 2022. This decrease suggests a slightly tighter market, potentially favoring sellers. Moreover, the median sale price per square foot for condominiums has increased by 15.4% to $464, indicating that buyers are paying more per square foot compared to the previous year.
Co-op Sales Market
The co-op sales market in White Plains has also witnessed some changes. The unit sales for April 2023 have declined by 28.6% compared to April
