Scarsdale residential real estate sales are up 18.5% for January 1 – June 30, 2011 over the corresponding period a year ago. Sales of single family homes, condominiums and cooperatives increased in the Scarsdale school district though residential sales in Edgemont’s school district fell 27.5%. Second quarter sales volume accounted for the majority of activity with 66 purchases in Scarsdale and 20 in Edgemont.
In the Scarsdale School district, 96 total residences sold from January 1 – June 30, 2011. Sales of single family homes were highest in Heathcote (24), followed by Fox Meadow (19), Quaker Ridge (17), Greenacres (16) and Edgewood (15). The minimum selling price was $320,000 for a short sale of a 1922 cottage, 2 bedroom/1 bath home on 0.192 acres in Quaker Ridge. The maximum selling price was $5,250,000 for a 1927 colonial estate, 8 bedroom/6 bath on 2.623 acres, in Quaker Ridge. The average selling price of a 5 bedroom/4 bath single family home was $1,565,288 with 194 days on the market. 18 properties, or 19%, sold for $2,000,000 and above. The number of sales over $2,000,000 grew from 12 to 18 properties over the corresponding period last year. 26 properties, or 27%, sold below $1,000,000 with volume consistent from the comparable period last year. Condominium sales at Christie Place in downtown Scarsdale accounted for three transactions. Two cooperatives were sold at Chateaux Circle.
Market indicators in Scarsdale point to a continually strengthening housing market. Sales volume of all properties grew from 81 sales (1/1/10-6/30/10) to 96 sales (1/1/11-6/30/11) reflecting a strong spring market. The average sale price of a single family home, 5 bedroom/4 bath, grew from $1,417,390 to $1,565,288 in the corresponding period while the “Days on Market” average decreased from 209 DOM to 194 DOM. Single family homes sold for an average of 95.19% of their listing price in the first half 2011, up from 93.53% in first half 2010.
In Edgemont, 34 total residences sold from January 1 – June 30, 2011. Sales of single family homes were highest in Greenville (12) followed by Seely Place (6). The minimum selling price was $375,000 for a 1962 raised ranch, with 5 bedroom and 3 baths on 0.411 acres, in the Seely School District. The maximum selling price was $3,000,000 for a 1997 colonial style gated estate, with 7 bedrooms and10 baths on 2.857 acres, in Greenville. The average selling price based upon an average 4 bedroom/3 bath home was $929,917 with 181 days on the market. 6 properties, or 17.5%, sold for $1,000,000 and above as compared with 16 sales, or 34%, selling for this sum in the comparable period last year. 28 properties, or 82.5%, sold below $1,000,000 with volume consistent from the prior year.
Edgemont cooperative sales remained steady and accounted for 12 transactions. Sales of condominiums rose from one sale in the corresponding period last year to four transactions (1/1/11 – 6/30/11).
Edgemont market indicators posted mixed results. Sales volume of all properties fell from 47 sales (1/1/10-6/30/10) to 34 sales (1/1/11-6/30/11). The average sale price of a single family home, 4 bedroom/3 bath, grew slightly from $920,000 to $929,917 in the same period while the “Days on Market” average decreased from 292 DOM to 181 DOM. Single family homes sold for an average of 93.66% of their listing price in the first half 2011, consistent with first half 2010 statistics.
The outlook for real estate in Scarsdale and Edgemont remains positive. An informed buyer or seller is best served by obtaining specific competitive market information tailored to their property needs. Scarsdale 10583 will continue to monitor real estate activity of interest and we invite you to send us your questions and comments below.
(Pictured at top: 17 Oakstwain Road)