It may be the dead of winter, but a buyer’s housing market is in full bloom in Scarsdale. Some sales statistics point to one of the best buyers markets for single family homes than has been seen in a very long time.
Coops in the coveted Scarsdale zip code (10583) showed less stress than single family homes. They were one of the bright spots in an otherwise grim quarter. Prices were down a mere 4.6% over the previous year – with an average sales price of $251,000 for the 4th quarter. There was a mild (perhaps insignificant) average price increase of $13,000 from the previous quarter. The number of units sold in 2008 was not significantly different from the 2007 numbers. But there has been a significant inventory increase of 8.4 months reflecting the season and the general weakness in the New York market.
It should be noted that for cooperatives I use the Scarsdale post office and not the municipality for these statistics. This reflects the way buyers tend to shop of for cooperatives. Buyers shop in terms location not municipality.
Scarsdale single family homes showed a marked price decrease over the previous year – down over 21% when compared to the 4th quarter of 2007. The average price for a single family home was $1,405,000. Down from $1,788,000 in the previous year. Its a precipitous drop from even the third quarter of near 20%. Roughly 8% of that change can be ascribed to seasonal pricing differences, but its still quite a swing downward. Volume was off as well – a full 47% from the previous year. Buyers have plenty to choose from as there is over 15 months of inventory currently on the market.
These statistics reflect housing conditions in the municipality and school district of Scarsdale.
Edgemont is not really part of Scrasdale at all, But it has the Scarsdale zip code as well as postal address. Buyers don’t always realize that Edgemont is really part of Greenburgh. So I thought I would include Edgemont single family homes as well.
Although the average price of a single family home was up 6% in Edgemont over the previous year toping off at $1,345,000 – the market reflects some of the same weakness seen in the Scarsdale market. Volume is down 23% from the 4th quarter of the previous year. A mere 6 homes sold in the 4th quarter, leaving a 20 month inventory should the trend of slow sales continue.
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