One of the things I have heard in certain precincts is that while the overall market might be bad, some places are insulated from the bad economy and will continue to have a thriving market. One of the places mentioned is nearby Chappaqua, NY. Chappaqua is known for being the adopted home of the Clintons, but it is more than just that. It is a lovely hamlet with manageable proximity to Manhattan (on the Metro North Harlem Train Line & 45 minutes to Grand Central), beautiful homes on large lots, a highly regarded school district, and a charming downtown. So how did Chappaqua's 1st quarter of 2009 compare with the first quarter of 2008?
Not very well, I am afraid. The following is the MLS data for single family home sales in the entire Chappaqua school district, which includes part of the Mount Kisco mailing address:
The 21% drop in average price is not particularly shocking; prices are down everywhere. The real eye-opener for me is the severe drop in transaction totals. Even with lower prices, people held onto their wallets.
Here's the real sobering part. As I type this, there are 133 active single-family listings for sale in the Chappaqua School District. 8 more are under conditional contract and 5 are pending sale. Presuming that none of those deals fall through and all 13 sales close in the 2nd quarter of 2009, that will make 17 closings for the first half of 2009 (a few more contracts might be signed and close in the 2nd quarter-I hope). At that rate, there is just under 3/12 years of inventory for sale in Chappaqua.
Clearly, no place is immune to the economic woes we are experiencing. Let's hope that things heat up for the 9 real estate brokerage companies that serve Chappaqua. 4 sales in a quarter is tough to split among literally hundreds of agents. This is another reason why I am thankful that my market is not one zip code or town. I have sold 2 homes in Chappaqua in the not-too-distant past and expect to sell more, but I would never hang my hat on just one town.
You can search the MLS like an agent at http://jphilip.listingbook.com.
J. Philip Faranda ranks among New York's premier short sale REALTORS specializing in short sales in Westchester, Rockland, Putnam & Dutchess Counties. www.NYShortSaleTeam.com. Read Phil's short sale blog at http://NewYorkShortSaleBlog.wordpress.com.
J. Philip Serves Briarcliff Manor, Ossining, Croton on Hudson, Pleasantville, Sleepy Hollow, White Plains, Yonkers, Peekskill, Cortlandt, Tarrytown, Yorktown, Montrose, Hawthorne, Thornwood, Valhalla, Hartsdale & all of Westchester County, New York.