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.
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.
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 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.
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.
© 2010 Ruthmarie G. Hicks, https://thewestchesterview.com. All rights reserved.
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