The Scarsdale housing market is mirroring other markets with lower Westchester NY. Real Estate Scarsdale NY represents two separate markets. One that is improving and the other that is either declining or hold steady:
A Tale of Two Markets
Single family Homes for sale Scarsdale NY – are doing well. Volume is up, inventory is down and prices are higher over Q2 2009. Edgemont (which is part of the town of Greenburgh with a Scarsdale P.O. – confirms that pattern. Cooperatives reflect another market altogether. Although sales volume is up – prices are flat. Even units on the famous Garth Road are not moving rapidly.
Single Family Homes – Scarsdale NY & Edgemont NY
Prices of Scarsdale Homes for sale were up 16% from Q2 of the previous year. The median sales price was $1,295,000 with a range between $540,000 and $3,975,000. Sales volume was up 22% over the previous year with 44 homes sold in Q2. These numbers encompass all of the elementary school zones including Edgewood Scarsdale, Fox MeadowScarsdale, Quaker Ridge Scarsdale Heathcoate Scarsdale and Greenacres Scarsdale. Inventories are low with about 4.5 months of inventory on the market when you look at current contracts and pendings.
The Homes in Edgemont showed dramatic improvement in both pricing and sales volume. Sales prices are up 57% to $1,120,000. Sales volume is up over 300% with 19 homes sold in Q2 2010. Inventories are still on the high sit with about 7.5 months of overhang on the market.
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The Westchester NY real estate market has been in turmoil over the past 18 months since the stock market crash of 2008. Many parts of the county are still in decline, but some areas are perking up with lower inventories and lower prices. A few areas in the county are starting to see minor price increases. Real estate in Scarsdale NY is one such area. In general, this should be no surprise since there has always been a demand for Scarsdale NY homes. Such homes also include Scarsdale coops which are also quite desirable.
Scarsdale NY Single Family Homes – Scarsdale Schools
The average price for Scarsdale homes for sale – saw an average price increase of about 14% to $1,437,000. Although prices had not truly increased in such a dramatic way. It points to health in the market because is shows that higher end homes are actually closing. The banking crisis kept the larger homes out of the market place in Q1 of 2009. So this increase reflects a broadening of the viable market and not a true price increase. The price range of solds was far broader in 2010 than in Q1 of 2009. Prices ranged from $558,000 to $3,625,000.
Looking at sold listings, the inventory on the market is considerable over 15 months. However, if you look at contracts and pendings – the picture is brighter with a little more than five months of inventory. But that assumes that everything under contract will sell. The truth lies somewhere in between. This is still a buyer’s market – but it is definitely not a fire sale.
Edgemont Single Family Homes – Edgemont Schools – Scarsdale P.O.:
Average housing prices increased in Edgemont as did sales volume which was up 200%. The average sales price at the end of the first quarter was $1,608,000 – up from $840,000 at the end of Q1 in 2009. Interestingly, the price of lower end homes was static, but the price increase reflects the fact that higher end homes are now selling again. For example the highest priced home that sold in Q1 of 2009 was $1.1 million. But in Q1 in 2010 the highest priced closing was $4.2 million. So prices haven’t risen dramatically – but the price range closed sales has increased dramatically. There is still considerable inventory on the market – so this is still very much a buyer’s market. With respect to closed sales in Q1 there is a 15 month inventory. But there are many contracts and pendings in the pipeline. If you use that as your benchmark – the inventory is a little over six months.
Scarsdale NY Cooperatives:
Cooperatives in Scarsdale – including Garth Road with a Scarsdale P.O. – showed moderate gains in prices – up 3.8% over Q1 in 2009. The average sales price in Q1 of 201 was $246,000. Sales volume was static from the previous year and inventory vs. closings indicates that there is a 9.7 month supply of active listings if you look at closed sales from Q1 2010. Looking at contracts and pendings that goes down to 6.5 months.
An Important Note About the Criteria for the Statistics:
I handle each type of housing in Scarsdale differently. I also include a special section for single family homes in “Edgemont” which is really in the town of Greenburgh with a Scarsdale post-office and zip code.
For condominiums and cooperatives, I use the Scarsdale post office and zip code as my criteria. Many of these complexes are actually located in Greenburgh and Eastchester.
This reflects the way most buyer’s shop for housing. Coop and condo buyers work by address whereas those looking for single-family homes are often shopping municipality and school districts.
Further Reading:
Scarsdale NY Housing Market Statistics – Fourth Quarter 2009:
Scarsdale NY – Housing and Market Statistics for Third Quarter 2009:
Housing and Market Statistics for Scarsdale NY – Second Quarter 2009:
Scarsdale Coops – Pet-Friendly Scarsdale Country Estates
Scarsdale Manor Cooperative – Garth Road -Scarsdale NY
The Chauteaux Cooperative – Scarsdale NY
© Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.
Real estate in Scarsdale NY has a remarkably sparse number of cooperatives located within the Scarsdale municipality. The famous Garth Road cooperatives – though conveniently located with resepect to Metro-North and village shopping, are not truly in the Village of Scarsdale. If you are looking a cooperative that is located in the Village of Scarsdale with easy access to the train station as well as shops and Scarsdale restaurants, then the Chateaux of Scarsdale is one complex that fits the bill. The location couldn’t be better for the commuter - you can even grab a quick morning drink at Starbucks on your way to the train platform.
The Chauteaux in Scarsdale NY:
The Chauteaux is an elegant pre-war garden complex located just off of East Parkway on Chauteaux Circle. Mature growth gives and the unique garden-style buildings a tremendous amount of grace. The setting is peaceful in spite of being in the middle of the village. And you can’t ask for a better location. You can easily leave the car for day to day errands. Shops are just around the corner, dining out is just steps away.
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When people think of real estate in Scarsdale NY they tend to think of single- family homes and high-end cooperatives with Old-World charm. Scarsdale Manor is one of the larger cooperative complexes on the famous Garth Road. The area reflects the mature elegance of Scarsdale Village and features many pre-war complexes that were converted into cooperatives in the 1980s. It is a mature community with very little space for new development.
Scarsdale Manor Complex:
Scarsdale Manor like many of the buildings surrounding it, is a pre-war complex which is reflected in the grace of the structure and the grace that the units inside convey. A 1 BR unit can range in size from 725 – 950 sf while 2 BR units range from 900-1250 sf. Many of the 1 BR units are sold as Jr.4’s . To me this is a misnomer. The extra room is really dedicated dining area – or dining room – and not truly a dedicated area like a home office as the term implies. Many of these units have been renovated from top to bottom allowing buyers to enjoy the best of the old as well as the new. And speaking of modern amenities, the complex is wired for FIOS, Cablevision and Direct TV.
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Scarsdale Cooperatives:
Scarsdale coops are very popular for commuters and long-time residents alike. When people think of coops in Scarsdale, they are often thinking of the famous Garth Road. Unfortunately, there are no longer any dog-friendly cooperative complexes on Garth. However, nearby on Central Ave, there is such a complex.
Scarsdale Country Estates:
Scarsdale Country Estates is located on Campus Place and Sentry Pl. off of Central Ave. Although they have a Scarsdale, P.O. address, it is important to clarify that they are actually located in the town of Greenburgh in the famous Edgemont school district. These are lovely old world garden style units with fine moldings, hard wood floors and fireplaces.
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Scarsdale NY housing has been in the cross hairs of the housing recession for a while now. Initially, it was resistant to the correction taking place in other parts of the country. Eventually the forces that had hit other parts of the country so dramatically, came home to roost even in the most resilient areas of Westchester. Real estate values in Scarsdale NY came under prssure as inventories swelled. The drop was severe. However, some of the numbers show signs of a bottom being at hand.
Cooperatives:
The number of co-ops sold are down 15% over the previous year. This is a trend that has been seen in other parts of the county and reflects the difficulties in obtaining financing. Currently there is a nearly 8 month inventory on the market. However, prices remain slightly higher than the previous year, (5.4%) indicating a market that is stabilizing. There are some mixed signals here. the inventory is still high however, the pricing is surprisingly robust.
Single Family Homes – Scarsdale:
After a “pop” during the 2nd quarter prices have once again fallen and are down 27% over the 3rd quarter of 2008. Swollen inventories are going down. Right now inventories are approaching th 6 month mark.
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