A Record Breaking Year for Home Sales in Scarsdale
- Category: Real Estate
- Published: Wednesday, 05 January 2022 15:37
- Jennifer Fischman
Across the country, realtors and consumers have been complaining about a lack of inventory in the real estate market in 2021. In the Scarsdale school district, it was no different. Only 28 single family homes were active (for sale) at the end of 2021, the lowest year-end inventory in memory, a 56% decrease from the same period in 2020. And yet paradoxically, more homes were sold in 2021 than in any year of the last 20 years.
On average, about 235 Scarsdale homes are sold each year. In 2021 an extraordinary 353 homes traded, breaking a record established just the year before by a whopping 18.5% This figure doesn’t even account for off-market sales. The median sale price climbed to $1,751,000 - an increase of 9.8% - buoyed by increased sales at the high end. 49 homes sold for over $3M in 2021, compared to 31 in that price range in 2020.
The two highest sales prices of the year were 1 Duck Pond Road for $9,850,000 and 17 Heathcote Road for $8,500,000.
In Edgemont the story was similar but without any increase in unit sales. Unlike Scarsdale, sales in Edgemont were flat year over year. Only 95 single family homes traded in 2021 as opposed to 96 in 2020. Despite flat sales, unit sales rose within every price point between $1M and $2.49M (there were no sales in Edgemont over $2.5M in 2021). Despite flat sales, the median sale price was up 12% to $1.19M compared to $1.06M in 2020. At year end only 11 homes remained available in the Edgemont market, a 17.6% decrease from end of year 2020.
How can more homes be sold, prices rise, and yet everyone be complaining about lack of inventory? The answer is simple: extraordinary demand. Homes spent unusually few days on market, snapped up on short notice in bidding wars, leading to very little inventory at any given moment. Demand did not wane at the end of the year either. The few weeks between Thanksgiving and Christmas are typically the quietest time of year. This year, Scarsdale saw 7 new properties released, 5 attracting competitive bidding followed by contract in less than 2 weeks.
As we head into 2022, the outlook appears bright for sellers in Scarsdale and Edgemont. Despite inflationary concerns, the stock market is at historic highs and unemployment is low. Even though interest rates are up a little bit over last year, they remain historically low. Meanwhile, prices are rising in New York City and Brooklyn, both for sales of residential properties and for rentals. Traditionally, increased pressure on the NYC market has led to increased interest in the suburbs. This has been amplified by an appreciation for more space as persons continue to work from home. Given these factors, we expect that Scarsdale and Edgemont homes will continue to be in strong demand well into the Spring of 2022 and perhaps beyond.
Jennifer Stone Fischman is a Platinum award winning Real Estate Salesperson at Houlihan Lawrence, and is partnered with her mother Sheila Stone, an icon in Scarsdale real estate for over 45 years.
5 Split Tree Road
Captivating new Murdock Woods construction on over .5 acre of level property. Better than new with nine foot ceilings on the first and second floors. This magnificent Center Hall Colonial with two-story entrance hall features a gourmet chef's kitchen with top of the line stainless steel appliances, breakfast room and doors to a blue stone patio and lush garden. The first floor offers a grand family room with coffered ceiling, fireplace and raised panel molding and a guest room with walk-in-closet and en-suite bath. The master bedroom boasts cathedral ceilings, large wine-sipping sunset balcony, luxury spa bath with radiant heat floor and two generous walk-in-closets. The lower level walkout features a great room, designer mudroom and powder room. This idyllic, energy-efficient home has an open layout with grand entry, custom millwork and cabinetry, en-suite and jack and jill baths, upper laundry room, a master plus four additional bedrooms and a walk-out rec room. Free buses to all the schools. Room for a pool.
Sale Price: $2,735,000
Assessed Value: $1,085,000
Real Estate Taxes: $26,571
31 Hamilton Road
4 bedroom, 2.1 bath Classic Colonial located on a quiet street in a convenient location. Two blocks to Edgewood school and close to park/playground and Scarsdale high school. About 1 mile to Scarsdale Village, including Metro North train, shops, and restaurants. The 1st floor includes an entry vestibule, large living room with 2 walls of windows, a formal dining room, eat-In kitchen with granite countertops, den/flex room with wood burning fireplace, and half bath. On the second floor, you will find a large primary bedroom with en-suite bath, 3 additional bedrooms, study/library/bonus room, and a full hall bath. Central Air, gas heat, and lawn sprinklers make for easy living. Hardwood floors throughout the house. Large basement is partially finished and comes with a pool table. A cedar closet can be found in 3 Bedrooms.
Sale Price: $999,999
Assessed Value: $950,000
Real Estate Taxes: $23,961
16 Stonehouse Road, Scarsdale
Brand new, sophisticated and modern Fox Meadow Colonial to be built by Scarsdale's premier luxury builder, Cum Laude Group. Situated in the most quintessential locale with a five minute walk to the Scarsdale village, shops, restaurants and train for a 32 minute commute to Midtown Manhattan. This home has a skillfully conceived floor plan with a seamless flow for modern living featuring nine foot ceilings on every floor including the lower level, wide plank oak floors, exquisite custom millwork throughout, gourmet kitchen with custom cabinetry, glass doors to private deck, overlooking level property, home office, five bedrooms/four bathrooms on the second floor, walk-out lower level with large open media/playroom/recreation area with an additional bedroom, full bath and gym, cedar shingle exterior with a welcoming front porch, exquisite custom masonry chimney and two car attached garage. Dream location combined with incomparable craftsmanship and design! Learn more here:
List Price: $3,650,000
69 Morris Lane, Scarsdale
69 Morris Lane is on one of the finest streets in Scarsdale. This stately home is set back down a long driveway on 1.70 acres in the heart of the Estate section of Murray Hill. This sunny, bright and open Tudor built in 1926 transcends time into 2021 with an amazing layout and details that every buyer is looking for three floors of living - 4370 interior square feet which includes seven-bedrooms, five full bathrooms and a powder room. Some of the highlights: first floor bedroom and bathroom, family room that looks out at nature from all sides, third floor with playroom/office, bathroom and bedroom. This home has land and privacy yet super convenient location - only minutes to Metro North - Scarsdale Train Station, Heathcote Elementary School and walk to Scarsdale High School and Scarsdale Middle School, Library and Parks, Shopping at both the Heathcote Five Corners and Scarsdale Village. This is the perfect house - a peaceful oasis yet in the center of town. Learn more here:
List Price: $3,650,000