Edgemont Home Sales Gain With Scarsdale Steady for 1H 2012

Scarsdale residential real estate sales remained steady from January 1 through June 30, 2012 over the same period in 2011 while sales in the Edgemont school district saw significant gains. In Scarsdale, 95 homes sold in the first half of 2012 compared with 96 in 2011. However, this year, there were more property purchases in the higher end of the market in both Scarsdale and Edgemont.

In Scarsdale, though the overall volume and the average sale price of a 5 bedroom/4 bath home were even with last year, more homes above $2,000,000 sold this year than last. Homes sold more quickly as well -- with the average days on market decreasing from 193 last year to 165 in the first half of 2012.

Susan Slotnick, Vice President and Associate Broker at Prudential Centennial Realty, says “current sales indicate that when a home is priced realistically it drives buyer interest and sells quickly. When homes are over-priced they sit and lose buyer interest.”

Similarly, a 25-year veteran of the residential mortgage business, Mitchell Steinberg, commented “new lows have spurred a flurry of refinancing and purchase activity. Mortgage rates have breached record lows in recent weeks and according to Freddie Mac, the rate for a 30-year fixed mortgage dipped to 3.66 percent the week of June 22. The four-week moving average of applications for refinances has risen to its highest level since the recession ended.”

Scarsdale Sales Stats

In the Scarsdale School district, 95 total residences sold from January 1 – June 30, 2012. Sales of single family homes were highest in Quaker Ridge (23), followed by Greenacres (20), Fox Meadow (19), Heathcote (16) and Edgewood (10). The minimum selling price was $450,000 for a 1925 brick colonial, with 3 bedrooms and 3.2 baths on 0.385 acres in Greenacres. The maximum selling price was $5,300,000 for 16 Burgess Road, pictured above, a 1998 colonial estate, 6 bedroom, 7.2 bath home on 1.20 acres, in Heathcote’s Murray Hill.

The average selling price of a single family home, 5 bedroom/4.3 bath, 3,696 square feet, was $1,608,349 with 165 days on the market. 27 single family homes, or 31%, sold for $2,000,000 and above. The number of sales grew significantly from $2,000,000 - $3,000,000 from 11 to 23 properties, or a 109% gain, over the corresponding period last year. 34 single family homes, or 39%, sold from $1,000,000-$2,000,000. 27 homes, or 30%, sold below $1,000,000 with volume consistent from the comparable period last year. There was one condominium sale at Christie Place in downtown Scarsdale. Cooperative sales were up from the prior year comparable period at Chateaux Circle.

Edgemont sales rebounded from previous lows with significantly more sales in the first half of 2012. Similar to the buying pattern shift in Scarsdale, sales volume in Edgemont moved upwardly towards sales above $1,000,000 over the comparable period last year.

Scarsdale real estate attorney, Keith Schutzman, related that this June has been his busiest season by far in at least five years. He said “June is the real estate equivalent of April 15 tax season!”

Edgemont Sales Stats

260 Fort Hill Road

Information provided by Angela Manson, licensed real estate salesperson with Prudential Centennial, Scarsdale..Contact her at 914-420-9878 or amanson@prucentennial.com.

Keith Schutzman, real estate attorney, may be reached at 914-713-0001 or keith@shutzmanlaw.net.