Westchester View

The Scarsdale market began its correction towards the end of 2007.  Scarsdale homes  went down substantially in value through 2008.  In spite of the financial meltdown at the end of 2008, the Scarsdale market has actually been firming up over the past year.  Although this has not been smooth ride, there are signs that the market is stabilizing – or at least depreciating at a slower rate.   In many ways the Q4 data reflects the Q2 data where year over year home values had started to nudge up.  In Q3 many of these gains were erased, but they were back in the 4th quarter.

There are several issues that could derail this trend.  Subsidies  for mortgages will be ending putting pressure on interest rates.  Further, Scarsdale is not immune to the shadow inventory of foreclosures that have yet to hit the market.  the high-end will probably not be spared a share of short sales and foreclosures.

Scarsdale NY Cooperatives:

Cooperative sales prices remained stable from the previous year with the average sales price of $251,000  for both years.  Sales volume was impressive when compared to the doldrums of the post-crash 2008 – up 72% over the previous year.   The swollen inventories have decreased and there is only a 4.9 month inventory currently on the market.  This is consistent with stable prices.
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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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