The statistics for housing in Scarsdale during the third quarter of 2008 reflect the emergence of a buyer’s market in our area. Prices in Scarsdale along with many of the surrounding communities have been quite resilient. For a while they seemed to be impervious to the downturn affecting much of the nation, but this is no longer the case.
As you can see from the charts below, Prices for cooperatives fell about 13.5% when compared to 3rd quarter stats from 2007. The price drop was about $35,000. The number of units sold dropped roughly 17% from 40 to 33. and the unsold inventory indicates a near six month supply of cooperatives in the area.
This is a buyer’s market. and the price drop is significant. It is probably a very good time for buyers to be on the hunt. An interesting twist to this data is that since the stock market crash in September, there has been a marked increase in the number of contracts showing up on the MLS. This indicates that sellers are being realistic and that buyers are taking advantage of reduced prices along with low interest rates.
Single family homes declined 3% over the previous year. The number of homes sold during the third quarter was down almost 27% over the previous year. There is currently in excess of six months inventory in the housing market which makes Scarsdale a buyer’s market for the first time in a long time. This is a highly desirable area that will do well over time. Although given that inventory, prices have the capacity to fall more.
A couple of things that need to be noted with respect to these statistics. The statistics for cooperatives reflect the Scarsdale P.O., not the municipality itself. For single family homes, the statistics are those of the municipality and school system.
Please feel free to contact me anytime to request additional information or to set up an appointment so we can explore your listing or purchasing needs. I am easy to reach by phone, text or email. Or, if you just want to continue your search online, the links below will help you get started.