Year-to-Date Home Sales On Target With 2019: Inventory Sharply Declines

196 Rock Creek Lane, Scarsdale(Updated May 9, 2020) An issue with the Multiple Listing Service numbers caused Scarsdale10583 to report erroneous real estate stats last week. The corrected numbers show that year to date there have been 48 sales in Scarsdale this year, which is exactly the same number of sales as of April. 30, 2019.

However, the average price has risen 15% from $1,486,385 to $1,716,731.

There are only 120 homes on the market, an extremely low inventory for this time of year.

Anne Moretti, a realtor with Julia B. Fee Scarsdale provided the following analysis of the market.

She says, “2020 got off to a good start with the two-year market correction behind us.  The three interest rate reductions in the last five months of 2019 eventually led to reduced mortgage rates. By the end of 2019, we were already into a robust market. We began 2020 with an imbalance of more buyers than available supply of properties and we had multiple offers across the price spectrum. It was a great start to 2020.”

“March was the transition month. When New York State officially shut down on March 22 it stopped everyone their tracks. Therefore, the first quarter was looking great and any data which includes these three months will overstate the strength of the market.”

“Right now, many sellers are reluctant to allow strangers to come into their homes and many buyers are not eager to visit properties. I think any return to normal will be rolled out very slowly.”

Looking ahead, Moretti expects there will be a jump in buyers coming from NYC as lifestyle preferences shift towards less dense, suburban living and private spaces. This trend will be accelerated as companies pivot their businesses to include more telecommuting and virtual workspaces. Moretti sees a softening in international buyers, due to global economic factors, the pandemic, trade wars and fewer relocations.

She predicts that, “Our third major sector ,which is local Westchester people moving across town or between communities will soften as well. This year, people are hunkering down here and not extending financing ...unless there is an opportunity. There will be some opportunistic buyers and others who are hurting.

Moretti is still hearing from buyers and sellers. She just listed a home in Fox Meadow because the owners are making a job change and moving to Seattle. She heard from a family that was renting in the city and fled to Florida to escape the pandemic. They are looking for a home in Scarsdale online because “they are eager to beat the rush of NYC residents coming to the suburbs.” Moretti added, “They are tech savvy and happy to participate in my virtual full house tours where I show them every nook and cranny of a house, regardless of how many agents or owners I need to teach how to hold a camera for a Zoom tour!”

Sales
14 Fairway Drive
Gracious and renovated Colonial on a very quiet and picturesque street, featuring Scarsdale Schools (free bus to all schools). It has nearly a half acre of level, manicured grounds, with room for a pool. Offering five bedrooms, three and one half baths, and over 4,200 square feet with additional finished space in the lower level, it will accommodate everyone with both shared and private spaces for everyone. There is a gourmet kitchen with granite counters adjoining two separate family rooms. State of the art heating and air conditioning with full house generator. Two car garage and circular driveway. Room for six cars on the driveway. Rooms have been freshly painted and carpets have been removed. The house has been converted to gas heat. Oil tank was removed.

Sale Price: $1,600,000
Assessed Value: $1,410,000
Real Estate Taxes: $33,379

1 Leatherstocking Lane
Dramatic sun-filled Colonial totally rebuilt in 2003 ideally located near Middle School and tennis courts on over a half acre of private property with oversized rooms and custom moldings and millwork. Special features: 9+ foot ceilings in entry hall, living room, dining room, kitchen and family room, transom windows in living room and family room, wainscoting in all hallways and dining room, open floor plan, large cook's kitchen with huge granite center island, professional stainless appliances, laundry room conveniently located off of kitchen, first floor office with slate fireplace and built-ins, quality oak floors and exceptionally large rooms throughout and heated garage. Beautiful large trees and shrubs and total privacy in huge backyard.

Sale Price: $1,530,000
Assessed Value: $1,448,000
Real Estate Taxes: $36,122

19 Scarsdale Farm Road
This very bright center hall colonial is on one of Edgemont's loveliest streets. There's a private path to the Greenville elementary school and the commuter bus to the train. Across the street from pool (available to residents of Scarsdale Farm Road only)... like having your own pool that someone else takes care of. This beautiful home is situated in a perfect location with a gorgeous, quiet, and extra large backyard.

Sale Price: $1,130,000
Assessed Value: $1,568,000
Real Estate Taxes: $52,453

21 Penny Lane
Immaculate 4 bedroom, 3 bath Colonial set on a beautiful .46 acre property on a quiet street in a desirable neighborhood. This home offers an open floor plan, wonderful space, a large deck and patio for outdoor enjoyment, and numerous updates. Kitchen and bathroom renovations from 2010, bedrooms freshly painted, and the rest of the house painted within the past year, crown moldings, beautiful hardwood floors, radiant heat in the kitchen and bathrooms, attic fan, 2 zone heat, gas fireplace, organic lawn and fruit trees, raspberry bushes, dwarf peach and plum mulberry trees, protected kitchen garden, lawn sprinkler system and central ventilation and air conditioning. Edgemont school district and an easy commute into NYC.

Sale Price: $975,000
Assessed Value: $1,072,000
Real Estate Taxes: $35,590

Featured Listings

17 Heathcote Road
Scarsdale, NY 10583
A unique opportunity to own one of Scarsdale’s premiere properties in the prestigious estate section of Heathcote, this grand Georgian Colonial blends elegance and character with modern upgrades and fabulous amenities. Enjoy the outdoors on over four acres of manicured grounds including a tennis court and 50 x 20 foot pool with spa and cabana. This home offers a stunning setting for gracious entertaining including an impressive foyer, spacious formal living and dining rooms and a warm setting for everyday living in the open-plan chef’s kitchen/great room featuring marble counters, premium appliances, family dining area and large family room with French doors to a covered patio, outdoor kitchen and new gas fire pit. The second level features a luxurious master suite along with 4 bedrooms/ensuite baths, shared family room and two balconies. The third level boasts a bedroom, bath, and rec room. The lower level includes a playroom, bedroom, two baths, steam shower, sauna, and gym.
Learn more here.
Listing Price: $8,765,000

8 Dolma Road
Scarsdale, NY 10583
Georgian brick Colonial with slate roof set on a private 1.18 acres in the estate section of Murray Hill. Enter into the two-story foyer with its elegant curved staircase and detailed millwork. The first floor boasts a spacious living room with fireplace, a large sunroom, a study, a beautifully renovated eat-in kitchen that opens to the family room, and a massive mudroom with laundry and full bath. The luxurious master suite features his and her master dressing rooms with custom built-ins, enormous master bathroom, and private study. Three additional bedrooms complete the second level. There are another two bedrooms on the third level - one acts as a play space and the other an office with custom built-ins. Additional finished space over the garage boasts an impressive fitness center, guest bedroom, and full bath. The basement features a large recreation area, wet bar, and a 3400 bottle capacity wine cellar. The backyard showcases a stunning Shoreline beach-entry pool and hot tub with a full outdoor kitchen.
Learn more here.
Listing Price: $5,950,000