Scarsdale NY Single Family Homes – Q2 Market Report

Ruthmarie Hicks — Thu, 18 Aug 2011 09:58:24 +0000

Ok – So I admit it, I have been so busy revamping parts of my website and redoing my database that I am shockingly late on market reports for the area for Q2. Being true to my pathetically geeky self - I don’t just pull the stats from the MLS because I feel that local differences are very important in this market – so all the data is actually culled by me personally…Think of it as knitting your own sweater by hand vs. buying it off the rack and hopefully you will consider the numbers worth the wait.

First up are Scarsdale houses. In general, Scarsdale real estate is very resilient. The Scarsdale single-family home market is no exception. When I refer to Scarsdale in the SF home market, I am directly referring to the town (municipality) of Scarsdale which includes homes only within the Scarsdale schools. The Scarsdale PO which includes areas such as Edgemont, and parts of Yonkers and Eastchester are a market unto themselves.

A Scarsdale house has done very well over the past 2 years. Median price was $1,113,000 in Q2 of 2009 at the height of the bear market and has risen steadily through 2010 and 2011 to $1,295,000 and $1, 468,000 respectively. That’s a nice 13% increase over Q2 2010 – not bad for a big bad bear market!

Sales volume has taken a similar path with volume rising steadily – totally shaking off the ending of the tax credit. going from 36 total sales in Q2 2009, to 44 sales in 2010 and 61 sales in 2011. Once again – not bad for a bear market. Scarsdale houses have pretty much shrugged off the bear.

If you look at inventory the market indicates about a six month inventory which is neither bull nor bear. Nevertheless all other indicators are actually up – not down or flat.

With almost all sings bullish – this is a strong market and buyers have to be realistic if they want to buy into this market.

Scarsdale NY Housing Market Statistics – Fourth Quarter 2009

Ruthmarie Hicks — Tue, 26 Jan 2010 08:53:03 +0000

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.

Scarsdale NY Condominiums:

Although Scarsdale is known for its find cooperatives particularly those along Garth Road (Eastchester municipality) near the village and train station. However, condominiums are few and far between. There were no sales of condos recorded on the MLS for Q4 2009. Christie Place will set the standard for condo sales in the future.

Scarsdale NY Single Family Homes:

Scarsdale homes had a very good quarter. Prices were up 24.1% over Q4 of the previous year. Inventories are down, but not out. A 6.7 month inventory is consistent with continued depreciation but in the single digits. Nevertheless, demand is way up from the near stand-still of Q4 2008 with sales volume being up 95% over the previous year.

Edgemont Single Family Homes (Scarsdale PO):

Prices were still down in Edgemont over the previous. Down 18.2% from the previous year. This drop is closer to what was seen in White Plains and Hartsdale during Q4. Sales volume was up 33% but with a 9.7 month inventory, prices are probably still falling.

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 and Market Statistics for Third Quarter 2009.