The Scarsdale NY housing market is always set somewhat apart from the body of Westchester NY. A market unto itself – it sets the trends for the rest. How homes for sale Scarsdale NY fair is often the bellwether for the rest of the market down the road. So, I was pleased to see that the real estate market of Scarsdale did very well in Q3 2010 – at least with respect to single family homes. The condo market, that I am including for the first time due to the sales at Christie Place – is too small to draw any major conclusions from – particularly since Christie Place represents a new price point for the area. But the coop market was mixed when compared to the previous year. Even the most desirable Garth Road has significant inventory. The divergence of these two markets is something that is being seen across the board and is not unique to Scarsdale.
This was a very good year for real estate Scarsdale NY if you were selling a single family home. Median sales prices were $1,235,000 – up 23.5% over Q3 of the previous year. That price increase was in part due to the fact larger homes requiring jumbo loans started selling again. Overall sales volume was up 44% with 91 homes closing escrow. The current inventory of 112 homes is a little less than four months if you look at closed sales. However, contracts and pendings indicate a 10 month inventory. But this reflects the highly seasonal nature of that market.
I include Edgemont in this group because many buyers don’t make a distinction between Edgemont and Scarsdale since Edgemont (in the town of Greenburgh) has a Scarsdale P.O. and zip code.
Prices in Edgemont made a similar move up in price with sales prices up 36.6% over the previous year to a median price of $1,195,000. Sales volume was similar to the previous year and with 34 active listings, there is a 5.6 or 4.1 month inventory on the market depending on whether you look at closed sales or current contracts.
As previously stated, the sales volume was too low for any conclusions to be drawn. But the over 55 community at Christie Place has created a market where only a minimal market existed before. It will be interesting to see how this market develops in the future.
Price-wise the median sales price for coops rose 21.3%. But a closer look at the numbers shows a more modest 3.5% price increase which is probably insignificant. Call it flat. In 2009 1 BR units dominated the sales roster – while in 2010 it was 2 BR units. What is of concern is not the final sales price, but the high inventory in light of sales that were flat from the previous year – which was a slow year by any standards. The fact that demand hasn’t picked up combined with a 9-12 month inventory overhang indicates a buyers market is still in full force. This reflects weak demand for coops across the board. Although this market has held up better than most.
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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