Did the recession hit Scarsdale residents? Believe it or not, this question is making its way around town, and it certainly seems to be a popular topic to discuss at dinners and parties. Undoubtedly, the answer is yes- but probably just in a different way.
While real estate did take a hit, and sales slowed down the past couple of years, it’s certainly on the rise again. Many residents have even joked, “The recession changed our habits, not our wallet.”
Scarsdale and Edgemont real estate is its own little world. Proving that are the third quarter home sales results.
Pricing in the Third Quarter shot up. The average price per square foot for a home sold in Scarsdale was $441. At the same time last year, it was $392. The number of homes sold in Scarsdale in the third quarter of 2010 showed a marked increase compared to the same period in 2009. There were 93 homes sold between July and September, up from 65 homes last year, for a total increase of 43%.
Looking at the totals for 2010 leading up to the end of the third quarter, 169 homes have sold. This number is also up from 2009, where 117 homes had sold, for an increase of 43%.
The average sales price in the third quarter has dramatically increased compared to last year’s numbers. The average price of a home sold was $1,520,044, with a median sales price of $1,235,000. 2009’s numbers during the same period showed an average sales price of $1,279,579 and a median price of $999,999.
The end of the third quarter puts Scarsdale’s total sales average for 2010 at $1,473,892, and a median sales price of $1,237,500. The total for the same period in 2009 was an average sales price of $1,375,658 and a median of $1,100,000.
The “Days on Market” average remained steady. Scarsdale posted a very slight increase in the number of days it took for title to pass. Third quarter results show an average of 167 DOM, whereas 2009 posted an average of 165 DOM.
The most homes sold in this quarter were in the $1,000,000- $1,249,999 sales group, with 17 homes sold. The highest selling price this year has been $5,025,000, and the lowest closing price for Scarsdale was $465,000.
The luxury home sales market in Scarsdale also increased dramatically. There have been a total of 11 sales this year for homes priced $3M+, with a median price of $3,650,000. Six of those homes sold were in the $3.5-$3.75M price range. 2009 numbers show 5 homes sold during the same time period, with a median of $3,300,000.
The number of homes sold in Edgemont in the third quarter of 2010 was somewhat similar to the same period in 2009. There were 25 homes sold between July and September, down from 26 homes in the same period last year. However, looking at the total for 2010 leading up to the end of the third quarter, 53 homes have sold. This number is dramatically up from 2009, where only 35 homes had sold, for an increase of 51%.
The average sales price in the third quarter has dramatically increased compared to last year’s numbers. The average price of a home sold was $1,231,060, with a median sales price of $1,195,000. 2009’s numbers show a different picture, where the average sales price was $1,000,750 and a median price of $875,000.
The end of the third quarter shows Edgemont’s total sales average for 2010 at $1,340,569, and a median sales price of $1,195,000. The total for the same period in 2009 was an average sales price of $938,629 and a median of $805,000.
The “Days on Market” average decreased. Edgemont, unlike other communities in Westchester, posted a decrease in the number of days it took for title to pass. Third quarter results show Edgemont has an average of 177 DOM, whereas 2009 posted an average of 200 DOM.
The most homes sold in this quarter were in the $1,000,000- $1,249,999 sales group, with 9 homes sold.
The highest selling price this year has been $4,236,250, and the lowest closing price for a home in Edgemont this year was $565,000.
The luxury home market in Edgemont is showing activity. There have been a total of 3 sales this year for homes priced $3M+, with an average of 164 Days on the Market. 2009 numbers showed no closings for luxury homes by the end of last year’s third quarter.
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