The village of Scarsdale (which is also a town) is famous for its high end housing consisting of graceful Colonials and imposing Tudors from the pre-war period complete with ample manicured lawns. Some things never change. Scarsdale remains an exclusive and charming village, if anything it has become more exclusive over time and continues to cater to those who want (and can afford) the best of everything, including homes, schools and high-end shopping. Although Scarsdale has its share of high end shopping and fine dining, with a population of about 18,000, it has steered clear of the hustle and bustle that White Plains has encouraged and promoted. Scarsdale is a charming village with a quiet elegance and grace about it. It has the advantage of being just 30 minutes from Manhattan by train and ten minutes from the center of downtown White Plains by car.
Although Scarsdale is known for its single family homes, I am including cooperatives in my report. Some of these cooperatives share the Scarsdale post-office although their municipality is officially in neighboring Eastchester. This is particularly true of the cooperatives on Garth Road. The reason I include these in this market report is that they are inextricably linked to the village of Scarsdale being located within the village or just a short walk from the center of the village.
For single family homes, my report is restricted to the major neighborhoods within the municipality of Scarsdale
Although there are condominiums in Scarsdale, cooperatives dominate the scene. I did not include condos in this report as there were too few sales to make meaningful statistics.
The first chart compares summer 2008 sales prices with sales from the same time frame in 2007. The average price for a single family home was $1,600,000 in the summer of 2008, down 4% from the previous year. The second chart shows current inventory vs. sales indicating that there is nearly 6 months of inventory currently on the market. The final chart that shows sales volume down 37% in 2008 when compared to the same period in 2007. These three factors are indicative of a firm buyer’s market.
The cooperative market has seen a price reduction of 7.6% over the same period the previous year with an average sales price of $250,000. This price reduction seems to have bolstered the market because current inventory is relatively low with less 4.7 months of inventory on the market and a sales volume that is up 7.5% over the previous year.
The differences between these two markets located within the same village are an example of how variable the real estate market can be within Westchester. One town may be booming while another is mired in the housing correction and one price-point or type of housing may be finding more favor with buyers.
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