The Westchester NY real estate market has been in turmoil over the past 18 months since the stock market crash of 2008. Many parts of the county are still in decline, but some areas are perking up with lower inventories and lower prices. A few areas in the county are starting to see minor price increases. Real estate in Scarsdale NY is one such area. In general, this should be no surprise since there has always been a demand for Scarsdale NY homes. Such homes also include Scarsdale coops which are also quite desirable.
The average price for Scarsdale homes for sale – saw an average price increase of about 14% to $1,437,000. Although prices had not truly increased in such a dramatic way. It points to health in the market because is shows that higher end homes are actually closing. The banking crisis kept the larger homes out of the market place in Q1 of 2009. So this increase reflects a broadening of the viable market and not a true price increase. The price range of solds was far broader in 2010 than in Q1 of 2009. Prices ranged from $558,000 to $3,625,000.
Looking at sold listings, the inventory on the market is considerable over 15 months. However, if you look at contracts and pendings – the picture is brighter with a little more than five months of inventory. But that assumes that everything under contract will sell. The truth lies somewhere in between. This is still a buyer’s market – but it is definitely not a fire sale.
Average housing prices increased in Edgemont as did sales volume which was up 200%. The average sales price at the end of the first quarter was $1,608,000 – up from $840,000 at the end of Q1 in 2009. Interestingly, the price of lower end homes was static, but the price increase reflects the fact that higher end homes are now selling again. For example the highest priced home that sold in Q1 of 2009 was $1.1 million. But in Q1 in 2010 the highest priced closing was $4.2 million. So prices haven’t risen dramatically – but the price range closed sales has increased dramatically. There is still considerable inventory on the market – so this is still very much a buyer’s market. With respect to closed sales in Q1 there is a 15 month inventory. But there are many contracts and pendings in the pipeline. If you use that as your benchmark – the inventory is a little over six months.
Cooperatives in Scarsdale – including Garth Road with a Scarsdale P.O. – showed moderate gains in prices – up 3.8% over Q1 in 2009. The average sales price in Q1 of 201 was $246,000. Sales volume was static from the previous year and inventory vs. closings indicates that there is a 9.7 month supply of active listings if you look at closed sales from Q1 2010. Looking at contracts and pendings that goes down to 6.5 months.
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.
© Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
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