Profile picture for analytical

Oversupply of $1 million+ homes?

From May 09 thru July 09 seven $1 million plus homes were sold, but there are currently 107 homes for sale in the Byram Hills school district.  At current sales rates, it would take about 4 years to work off this inventory.  In order to sell these homes, do you think prices are going to have to drop like a stone?
  • October 02 2009 - Armonk
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Answers (16)

Profile picture for robin398
I thought this was an interesting article on the million dollar housing market (primarily Westchester County) in the Journal News from this past Sunday:

http://www.lohud.com/apps/pbcs.dll/article?AID=20104270303

Robin Lynch
Keller Williams Realty Group
  • April 27 2010
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Profile picture for analytical
A broader review of $1,000,000+ homes for sale in Westchester County yield similar results to Armonk.  In all Westchester there is about 33 months of inventory of homes over one million dollars. (as of 4/15/10)
  • April 16 2010
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Profile picture for analytical
In contrast, the inventory of homes under $800,000 is 17 months.
  • April 16 2010
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Profile picture for analytical
April 15,2010 update:  In Armonk/North Castle there are 89 $1,000,000+ homes for sale and 29 were sold in the past 12 months.  Indicates over 3 years in inventory.  Those sellers better not be in a hurry! On average, less than 3% of the homes for sale are sold each month
  • April 16 2010
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Profile picture for analytical
Sorry, every time I look at the data on I get different results. Apparently, there are 76 $1 million plus homes for sales (very few on for more than 2 years).  This indicates that there is 2.6 years of inventory.
  • February 09 2010
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Profile picture for analytical
4 out of 10 of the $1 million plus homes for sale have been on the market for over 2 years!!!
  • February 09 2010
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Profile picture for analytical
I updated the analysis recently and as of 2/10/10 there are  4.3 years of inventory of $1 million plus home in Armonk/ North Castle.  (120 homes for sales and 28 sold in the past year)

Ouch!!!
  • February 09 2010
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Profile picture for robin398

Hi haltholz,


I was referring to 26 $1 million plus homes being sold since April 2009 in reference to Louis Wolfson's reference.  I am sorry that I do not specify that clearly for you.

  • October 09 2009
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Profile picture for analytical
Robin, the statistics in the question refer to $1 million plus homes (not all homes).
  • October 07 2009
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Profile picture for robin398
Actually, according to the Westchester Putnam MLS, 26 homes in the Byram Hills school district have sold since April 9, 2009.
  • October 06 2009
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a lot of gen x buyers out there having lots of babies. 7  homes over a mill aren't a lot, but its a buyers market, so if it works for you buy it.l
  • October 05 2009
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Profile picture for robin398
Hi Haltholz,

I agree with you.  There is an oversupply of $1 million + single family homes in the Byram Hills school district.  The Byram Hills school district overlaps into Armonk, Bedford and a part of Pleasantville.  Not all of these homes are worth the $1 million dollar price.  We will have to see if prices will drop like a stone in order for these homes to be sold.  Real estate is local and the homes should be priced accordingly.

Robin Lynch
Keller Williams Realty Group
  • October 05 2009
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Profile picture for MIA GLOOR....
SOLD A GORGEOUS 20 ACRE PROPERTY 2 YEARS AGO WITH ALL OF THE BELLS AND WHISTLES. I MIL... TODAY IT IS LISTED FOR $875K..SELLER IS TAKING A HUGE LOSS. NEVER IN HIS LIFE OF BUYING AND SELLING RE HAS HE TAKEN SUCH A LOSS. BETTER YET WE ARE GETTING OFFERS 100K TO 200K LOWER TAN THE ASKING PRICE...NOT GOING TO WORK. I FEEL THE NUMBERS YOU SEE NOW, WE WILL ALL GET USED TO. MARIPOSA IS BEAUTIFUL.
  • October 03 2009
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Profile picture for DYeh
  • DYeh
  • 218 contributions
be Honest... with those 1M+ homes.... A lot of them does not look nor cost 1M+. They are really not worth 1M+ prices.  The price will have to drop with this kind of for sales inventories on the market.  The question is when will it start to drop, and how long will it take to drop to the sensible values ? I hope it's not long. Because the quicker we can get the market retunred to a reasonable level, the quicker we will see our economy recovering. 
  • October 03 2009
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Profile picture for Mr Caveat
yes, i do think prices will continue to slide for on the order of 3 years++
  • October 03 2009
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4 year supply? Well, May to September, phoenix metro area sold 357 homes over 1 million dollars, but has 2310 available, about 2 years supply...

Yep, prices will fall like a stone!
  • October 02 2009
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