Real Estate Stats 2009 vs. 2008 and this Week's Sales

How did sales of Scarsdale real estate in 2009 compare to sales in 2008? Here's a report from Anne Dowd Moretti, Associate Broker at Julia B. Fee.

In the Scarsdale school district, 160 single family home were sold in 2009, versus 142 units in 2008, representing an increase of 18 homes sold, or 12.7%. However, the average sales price, declined in 2009, to $1,472,366 from the average sales price in 2008 which was $1,596,343, representing a decline of 7.8% for 2009. As expected, the average days a home was on the market elongated to 184 days in 2009, from 166 in 2008.

The total dollar value of all single family home sales in the Scarsdale School District in 2009 was $235,578,517 in comparison to $226,680,649 in 2008. This is not surprising, given the fact that 18 extra homes sold this past year. Looking ahead to 2010, the expectation is that prices will remain somewhat stagnant, but will not erode further, except perhaps for homes in the $2 million plus market.

It is interesting to note that sales in the lower end sector, i.e. homes valued at up to $1 million, increased a whopping 52 percent over 2008, as first time home buyers and people who previously looked in other communities found Scarsdale suddenly affordable. The surrounding school districts, including Eastchester, New Rochelle, and even our sister community, Edgemont, suffered significantly more in terms of property values. Scarsdale has been relatively resilient during what has been one of the most significant economic downturns in decades. Our strong schools, combined with our community reputation continues to attract international consumers, as well as locals returning to the community where they grew up! This new mix of customers will benefit from lower interest rates and affordable prices as we gather momentum in 2010.

Anne Dowd Moretti
Associate Broker
Julia B. Fee
Sothebys International Realty
28 Chase Road
Scarsdale, NY 10583
914-815-0057

Here's what sold this week:

26 Autenreith Road: Fabulous nearly-new Colonial in prime Fox Meadow location. Amenities include oak floors, three fireplaces, large gourmet kitchen with granite island, breakfast bar and top-of-the-line appliances. Glass doors overlook stone patio & park-like yard. Spectacular master bedroom suite with sitting room, tray ceiling, and luxurious master bath.

List Price: $2,295,430
Sale Price:$2,275,000
Estimated Taxes: $46,346

176 Clarence Road: Adorable Cape Colonial in lovely Edgewood neighborhood. Perfect starter home with master bedroom on main level. Beautifully landscaped level quarter acre lot offers privacy and tranquil wooded setting. One car detached garage includes extra room with studio.

List Price: $649,000
Sale Price: $621,000
Estimated Taxes: $13,835

22 Stonehouse Road: Colonial set on beautiful corner lot on quiet cul de sac in Fox Meadow. Imported marble fireplace and beautiful hardwood floors. Great possibilities.

List Price: $1,150,000
Sale Price: $1,000,000
Estimated Taxes: $23,644

20 Quentin Road: Well maintained colonial situated on quiet .32 acres. Hardwood floors, new recessed lighting and two zone CAC. . New alarm, new garage walls and garage tech cabinets. New walkway and fence.

List Price: $1,185,000
Sale Price: $1,157,500
Estimated Taxes: $24,450
 

70 Greendale Road: Five bedroom, four bath, brick center hall colonial situated on .35 level acres; extensive plantings and mature trees for added privacy. Living room with woodburning fireplace, Cherry wood mantle, den, formal dining room and new kitchen: Silestone countertops. Hardwood floors. Each bedroom with adjoining bath.

List Price: $995,000
Sale Price: $925,000
Estimated Tax: $22,427