Scarsdale has always been a famous Westchester location. It has a panache that is all its own. Often with very good reason, I might add. It is a lovely town and the village center has tremendous old-world charm.
As a result, Scarsdale has high home values that are very resilient. Its one of the top picks for families moving up from NYC. The limiting factors have been supply and the price points, which are high. While the rest of the market was barely on life-support following the market crash, Scarsdale was coming back into its own. It had completely erased the losses from the housing crash by 2013 and has exceeded the pre-crash high water mark since that time.
The Scarsdale market is very much dominated by single family homes.
The chart below tells the story of high growth and high demand. Developers have been busy in Scarsdale for quite some time and supply appears to be the only thing slowing the market down. Recently, there were a couple of moratoriums on development to keep the demand from getting the better of solid planning. The slightly lower volume experienced in 2015 seems likely due to supply shortage rather than a demand shortage. Median home sales prices ended the year at $1,450,000.
Although living in a condo or cooperative directly in Scarsdale village is very popular and willingly pay top-dollar for the privilege, it is difficult to write about. The supply is very constrained, so there is relatively little data to go on.
The condo market can’t even be graphed, it is so small. The primary condominium in Scarsdale is Christie Place, a 55+ community. It had a mere 3 sales in 2015 and 1 sale in 2014. The median price for 2015 was $1,300,000. I will say that it is a beautiful luxury complex and conveniently located directly in the village, steps from train and town.
The cooperative market is again a small market consisting of a very few complexes. It should be noted that the famous Garth Road with its complement of co-ops is actually located in the town of Eastchester and is not covered by the data in this post.
From the chart it might look like co-op prices have gone off a cliff, but that is definitely not the case. The inventory of 2015 simply favored studios and small 1 BR units and the drop-off in price is basically a reflection of that available inventory. With only 12 sales over the past year, random changes in supply can drastically skew the results.
If you drill down and examine the pricing of 2 BR units in one of the more popular co-op complexes (The Chateaux) you get a better picture of this market. Steady gains since 2011. This is a far better index of the current co-op market in Scarsdale. Strong, resilient and moving onwards. Sometimes you have to disseminate the data, not just report it.
Scarsdale remains a vibrant and strong market going forward. We have had a housing supply issue nation-wide and it has been quite severe in Westchester, but that’s good news for the home seller looking to profit from this market.
© 2016 – Ruthmarie G. Hicks – https://thewestchesterview.com – All rights reserved.
Please feel free to contact me anytime to request additional information or to set up an appointment so we can explore your listing or purchasing needs. I am easy to reach by phone, text or email. Or, if you just want to continue your search online, the links below will help you get started.