The housing market in Scarsdale is all over the place. Single family homes took a very heavy hit last year. Since they took their hit early, they now appear to be in recovery mode. The same can not be said for neighboring Edgemont which is now taking a drubbing and the cooperative market has also seen some difficulties.
Coops took a big hit this time around. It is somewhat surprising to see since this entry level type of housing has remained very sturdy and resistant to correction due to high demand. But it is not immune. Sales prices for the Scarsdale P.O. are down over 23%. Less so in desirable areas near the train – such as Garth Rd. But all have taken a hit since the market crash of ’08. Sales volume for Q2 2009 is down over 45% with only 18 units sold in Q2. There is currently about 15.5 months of inventory on the market – making this a buyers market by every criteria that we have.
There were so few sales that I am not including condos in my statistics except to say that volume is down by 50% and prices are up – reflecting a couple of sales at Christie Place – a new high-end 55+ luxury condo complex. It is setting a new price standard for the area – and this increase does not indicate rising prices across the board.
These homes are located in the Scarsdale school district. Sales volume has remained steady when compared with Q2 of 2008. This reflects improvement seen in White Plains as well. Single family homes took the biggest hit early in the housing recession and are now leveling off and even recovering. Prices are actually up over 2008 averages to $1,560,000 up 4.6 %. There is over 13 months of inventory on the market, so the conditions still favor buyers. But for those who want to buy, I would suggest that you get moving. Low interest rates and buyers market that might be turning around indicate that buyers should pull the trigger rather than wait for better things.
Different town, same P.O. – totally different stats. Edgemont didnt’ take a big hit early on, but it is doing so now. Sales prices are down a near whopping 40%. That does not indicate a 40% drop in the price of the average home. It indicates a price drop combined with a market that is shunning higher end properties. More modest homes are selling – while high-end homes sit – skewing the stats downward. However with more than 2 years of inventory on the market, Edgemont is a buyer’s market.
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.
© 2009 – Ruthmarie G. Hicks https://thewestchesterview.com – All Rights Reserved.
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