2010 FIRST HALF YEAR REAL ESTATE MARKET REPORT

By
Real Estate Agent with Coldwell Banker Residential Properties

SCARSDALE

The number of homes sold in Scarsdale in 2010 has increased dramatically versus the same period in 2009. There were 76 homes which had Title pass to new owners in the first six months of this year. That number is up from the 52 homes which sold in 2009, for an increase of over 46%.

The most homes sold, 24 of them, were in the $1,000,000- $1,499,000 price range.

Homes went into contract at a faster pace, however the “Average Days On Market” has increased from 173 days to 209 days.

“I think there is a little confusion in looking at the Days On Market numbers,” said a local realtor. “The numbers measure the amount of time it takes from the time a home is listed on the market to the moment Title is passed, or the sale is closed. The increase in Days On Market is most likely due to the fact that mortgage companies are taking much longer to close on loans, they have more paperwork, are backlogged, or have more requirements and it takes longer to complete the sales.”

The Average Sales Price has also decreased slightly. In 2009, the average home sold for $1,494,717 in the first six months, and in 2010 that number has changed to $1,471,390.

 

EDGEMONT

The Number of Homes Sold in Edgemont in 2010 has increased considerably versus the same period in 2009. There were 28 homes which had Title pass to new owners in the first six months of this year. That number is up significantly from the 9 properties that sold in 2009, an increase of 211%.

There were two distinct categories in which the most homes were sold in Edgemont, beginning with 4 homes in the $950,000- $999,999 price range and 4 homes in the $1,500,000- $1,749,999.

The Average Days on Market number did increase slightly. It took an average of 195 days for Title to pass in 2010, versus 173 for the same period in 2009.

Edgemont differs from Scarsdale in that the Average Sales Price increased in a big way. The average price of a home sold in the first six months of 2009 was $759,167. The average for the first six months in 2010 was $1,438,345, for an increase of 89%.

Many of the homes sold in both Scarsdale and Edgemont show that the current trend among Buyers seems to be the purchase of homes that are in mint condition, whereas buyers do not have to complete any or much work before moving in. Homes that needed updating were on the market for a longer period of time.

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